At 10:28 IST, the barometer index, the S&P BSE Sensex, rose 4.28 points or 0.01% to 54,878.45. The Nifty 50 index rose 0.30 points or 0.001% to 16,354.85.
In the broader market, the S&P BSE Mid-Cap index lost 0.04% while the S&P BSE Small-Cap index rose 0.04%.
Market breadth is positive. On the BSE, 1,580 shares rose and 1,347 shares fell. A total of 130 parts were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 2,484.25 crore, while domestic institutional investors (DII) and net buyers worth Rs 1,904.33 crore in the Indian equity market on 7 June 2022, showed interim data.
economy:
The Organization for Economic Cooperation and Development (OECD) has rapidly reduced growth for India to 6.9% growth in FY23 from 8.1% estimated earlier and to 6.2% in 2023. This is lower than the Reserve Bank’s estimate. of India by 7.2% increase. India’s Gross domestic product (GDP) will grow by 8.7% in 2021-22, making it the fastest growing major economy in the world.
The RBI on Wednesday raised the key repo rate by 50 basis points (bps) to 4.9% in a bid to tame rising inflation in the country. It began tightening monetary policy in May, aimed at anchoring inflation expectations and limiting second-round effects.
The OECD expects the policy rate to increase to 5.3% by the end of 2022 and remain there until 2023. On Tuesday, the World Bank drastically reduced India’s FY23 forecast to 7.5% from 8.5% in its April review.
Buzzing Index:
The Nifty PSU Bank index fell nearly 1% to 2,559.30. The index rose 0.71% in the previous trading session.
The index components include Nifty PSU Bank, Canara Bank (down 1.3%), State Bank of India (down 0.93%), Punjab National Bank (down 0.64%), Bank of Baroda (down 0.53%) and Union Bank of India (down 0.53%) were the top losers.
Spotlight stocks:
BLS International Services rallied 7.82% to Rs 190.95 after the company announced that it would acquire Zero Mass (ZMPL) for a total cash consideration of Rs 120 crore. Incorporated in 2007, Zero Mass Private Limited (ZMPL) operates as the largest Business Correspondent (“BC”) network for the State Bank of India (“SBI”) with approximately 11,500 active Customer Service Points (“CSP”) (about 15 % of all SBI BC). The company has a pan-India presence with CSPs located in all States and Union Territories of India. Besides SBI, ZMPL has contracts with Utkal Grameen Bank and Karur Vysya Bank.
Wipro fell 0.40% to Rs 468.55. The company along with ServiceNow, will contribute to Petrobras to advance its digital journey. The project aims to raise the level of service for internal users and reduce costs by modernizing and aligning business IT infrastructure processes through modern cloud solutions focused on automation and integration. Petrobras of Brazil is one of the largest oil, natural gas and derivatives exploration, production and distribution companies in the world.
Tata Power Company rose 0.45% to Rs 234.05 after the company said Tata Power Solar Systems had commissioned 450 MW DC solar plant capacity for Brookfield Renewable India. The installation required setting up over 800,000 modules and was completed within a record 7 month timeline. The project will generate more than 800GWh of clean energy annually and help prevent up to 600,000 tonnes of annual CO2 emissions. Tata Power Solar is one of the largest integrated solar companies in India and a wholly owned subsidiary of The Tata Power Company.
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(This story was not edited by Business Standard staff and was automatically generated from a syndicated feed.)
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