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Indices trade near flat line; breadth remains positive

Capital Market 

Equity indices traded with tiny losses near the flat line in mid afternoon trade. The Nifty hit record high of 15,778.80 in early trade, encouraging traders to book profits.

At 14:30 IST, the barometer index, the S&P BSE Sensex, slipped 52.8 points or 0.1% at 52,275.68. The Nifty 50 index was down 13.75 points or 0.09% at 15,738.90.

The broader market traded higher. The S&P BSE Mid-Cap index rose 0.35% while the S&P BSE Small-Cap index added 1.07%.

Buyers outpaced sellers. On the BSE, 1,805 shares rose and 1,353 shares fell. A total of 141 shares were unchanged.


Ratings agency CRISIL has lowered India's gross domestic product (GDP) growth forecast to 9.5% for the current fiscal compared to 11% projected earlier. The downward revision reflects the major hit the two engines of growth - private consumption and investment - have taken due to the second COVID-19 wave.

Meanwhile, the World Bank has said it has approved a $500 million program to support MSMEs in India to increase liquidity access for viable small businesses impacted by COVID-19. The World Bank's Board of Executive Directors has approved a $500 million program to support the Government of India's nationwide initiative to revitalize the MSME sector, which has been heavily impacted by the COVID-19 crisis.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 17,36,31,312 with 37,36,961 deaths. India reported 13,03,702 active cases of COVID-19 infection and 3,51,309 deaths while 2,73,41,462 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

India reported less than 1 lakh new daily COVID-19 cases for the first time in 63 days. The 86,498 cases are also the lowest in 66 days. The number of deaths, on the other hand, remained above the 2000-mark over the past 24 hours. The country reported 2,123 deaths.

Prime Minister Narendra Modi on Monday announced that the Government of India will provide free vaccines to states for all people above 18 years, starting 21st June. Modi said no state government of the country will have to spend anything on the vaccine and the Government of India will provide free vaccines to all the countrymen.

The government has decided that 25% of the vaccine responsibilities that were looked after by the state governments, will now be looked after by the Centre.

Modi said though the government will provide free vaccines to all the countrymen, those who want to pay for the same can get vaccinated at private hospitals. He said, 25% of vaccines can be purchased by the private hospitals. He added that private hospitals will be able to charge a maximum service charge of Rs 150 for a single dose after the fixed price of the vaccine. Modi further said seven companies are working on developing vaccines and three trials are underway. He said research is also underway on nasal vaccines.

The Prime Minister informed that Pradhan Mantri Garib Kalyan Anna Yojana has been extended till Diwali. He said, in this time of pandemic, the government is standing with the poor. Modi said free food grains will be available in fixed quantity every month to more than 80 crore countrymen till November.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee fell to 72.88 compared with its previous closing of 72.8025.

MCX Gold futures for 4 June 2021 settlement shed 0.16% to Rs 49,063.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.15% to 90.09.

The yield on 10-year benchmark federal paper fell to 6.023% from 6.028% recorded at the close of the previous trading session.

In the commodities market, Brent crude for August 2021 settlement fell 55 cents to $70.94 a barrel. The contract had fell 0.56% to settle at $71.49 in the previous trading session.

Stocks in Spotlight:

Indiabulls Housing Finance rose 2% after the company said that it has entered into a strategic co-lending partnership with Central Bank of India to offer secured retail loans and secured MSME loans respectively at competitive rates. Co-lending tie-up with Central Bank of India will be a key partnership in IBH's new balance-sheet light growth business model. Moreover, technology led co-lending will help IBH offer convenient and seamless experience to its customers as well as help expand its reach to Tier III and IV towns of the country apart from strengthening its foothold in Tier I and Tier II towns, the housing finance lender said in a statement.

Minda Corporation surged 1.26% after the company announced a joint venture with Republic of Korea's INFAC Elecs Co. to bring its range of automotive antenna solution in India. The partnership aims to capitalize on the opportunities for growth in automotive safety, connected & autonomous technologies. Connectivity-based safety features such as remote keyless entry, V2V & V2X communication will spur demand for devices like antennas products and solutions. The joint venture will offer multiple antenna products like rod antenna, micro pole antenna, shark fin antenna, LF antenna, etc.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, June 08 2021. 14:29 IST