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Domestic Markets snaps 2-day losing streak; Sensex ends 369 points up & Nifty gains 0.65%

Domestic Markets snaps 2-day losing streak; Sensex ends 369 points up & Nifty gains 0.65%
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Domestic Markets snaps 2-day losing streak; Sensex ends 369 points up & Nifty gains 0.65%

Highlights

Equity indices ended with strong gains on Thursday, June 10, 2021, amid positive global cues. The gains were led y the broad-based buying amid weekly options expiry. The S&P BSE Sensex rose 358.83 points or 0.69 per cent to close at 52,300.47.

Equity indices ended with strong gains on Thursday, June 10, 2021, amid positive global cues. The gains were led y the broad-based buying amid weekly options expiry. The S&P BSE Sensex rose 358.83 points or 0.69 per cent to close at 52,300.47. The Nifty 50 index gained 102.40 points or 0.65 per cent to settle at 15,737.75. The Nifty Bank index closed 330.70 points or 0.95 per cent higher at 35,131.20.

Meanwhile, the broader markets extended their outperformance. The S&P BSE MidCap gained 1.26 per cent and SmallCap indices ended the session 1.73 per cent higher.

Buyers outpaced sellers. On the BSE, 2,390 shares rose and 749 shares fell. On the Nifty 50 index, 34 shares advanced while 15 shares declined and one share remains unchanged. The top five gainers on the Nifty index were Bajaj Finance (up 7.67 per cent), Bajaj Finserv (up 3.82 per cent), State Bank of India (up 2.60 per cent), Divi's Laboratories (up 2.43 per cent) and IndusInd Bank (up 2.15 per cent). The top five losers were Bajaj Auto (down 0.96 per cent), Eicher Motor (down 0.73 per cent), UPL (down 0.66 per cent), Adani Ports (down 0.50 per cent) and Shree Cement (down 0.42 per cent).

COVID-19 Update

Total COVID-19 confirmed cases worldwide were at 17,44,32,190 with 37,58,217 deaths. India reported 11,67,952 active cases of COVID-19 infection and 3,59,676 deaths while 2,76,55,493 patients have been discharged, data showed. The Secretary of the Department of Commerce Dr Anup Wadhawan today said that huge growth has been witnessed in the export of cereals like non-basmati rice, wheat, millets, maize and other agricultural products.

He said, exports of spices like ginger, pepper, cinnamon, cardamom, turmeric, and saffron have also grown. The largest markets for the country's agricultural products are the USA, China, Bangladesh, UAE, Vietnam, Saudi Arabia, Indonesia, Nepal, Iran and Malaysia.

India's agriculture exports

India has registered tremendous growth in agriculture exports during the last financial year. The Ministry of Commerce and Industry has said, exports of agriculture and allied products jumped to 41.25 billion US dollars and registered an increase of 17.34 per cent during the fiscal year 2020-21. Organic exports registered a whopping growth of nearly 51 per cent during the same fiscal year.

Inflation in China

China's central bank Governor Yi Gang said consumer inflation will likely stay below the government's target this year and monetary policy must remain stable, seeking to downplay concerns of rising prices in the economy. Inflation is expected to stay under 2 per cent, Mr Yi said in Shanghai, below the government's official target of about 3 per cent. The economy is operating within a reasonable range close to its potential level of output, and prices are overall manageable, he said. Consumer inflation accelerated to 1.3 per cent in May, government data showed on Wednesday, below economists' estimates of 1.6 per cent.

Producer prices have been surging at a faster pace though, largely due to commodity prices, fuelling concerns that inflation pressures could spread more broadly in the economy. So far, there is little evidence of that happening as factories have been absorbing rising costs. Mr Yi's comments were seen as relatively dovish and an attempt to curb inflation expectations that may have been stoked by rising producer prices.

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