Indian share markets witnessed selling pressure in the afternoon session as investors booked profits in recent outperformers, due to soft US economic data, a relatively hawkish Federal Reserve and worries of political turmoil in America.
At the closing bell, the BSE Sensex stood lower by 80 points, while the NSE Nifty finished down by 40 points. Meanwhile, the S&P BSE Mid Cap finished down by 0.1% and the S&P BSE Small Cap finished up by 0.4%. Gains were largely seen in realty stocks, and pharma stocks. Oil & gas stocks, PSU stocks and software stocks witnessed selling pressure.
Retail Inflation on a Downward Trajectory
Retail inflation, measured by the Consumer Price Index (CPI), slowed to 2.18% in May from 2.99% in April. Food prices entered a deflationary zone in May, with the consumer food price index at negative 1.05% as against an increase of 0.61% in April and 7.47% in May last year.
It is important to note that May’s retail inflation is the lowest since the government began issuing data based on the CPI in 2012.
Aurobindo pharma share price surged 6.9% in today’s trade after the company received USFDA nod to make oral suspension used for controlling serum phosphorus in patients with chronic kidney disease on dialysis.
According to IMS April 2017 data, the approved product has an estimated market size of US$ 140 million.
Asian stock markets finished most lower as of the most recent closing prices. The Shanghai Composite gained 0.1%, while the Hang Seng & the Nikkei 225 fell 1.20% and 0.26% respectively. European markets are lower today with shares in France off the most. The CAC 40 is down 0.86% while London’s FTSE 100 is off 0.74% and Germany’s DAX is lower by 0.73%.
The rupee was trading at Rs 64.28 against the US$ in the afternoon session. Oil prices were trading at US$ 45.81 at the time of writing.
In news from economic sector, in an attempt to fight against rising global protectionism, India and Republic of Korea have agreed upon the need to stimulate investments flows to push infrastructure development and bilateral trade among others.
Leave A Comment