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Market Update: SENSEX Trades Lower
The BSE SENSEX shed 128 points or 0.3% to 52,202 in early trade on Tuesday, retreating from a record high close in the prior session, amid growing concerns that a steep rise in prices in the US could crimp the recovery and prompt the Fed to withdraw some of its support for the economy. The latest US CPI reading will due later on Thursday. Traders paid little attention to Prime Minister Narendra Modis’s remarks Monday that the government will offer free COVID-19 vaccines to all adults. Meantime, local media reports said that parts of the country ease restrictions as daily virus cases have been on a downward trend since early May with 86,498 infections in the last 24 hours, the lowest in 66 days. In business news, market regulator barred Franklin Templeton Mutual Fund from launching any new debt schemes for two years after a probe into its sudden closure of six credit funds last year found serious violations. Oil and Natural Gas Co and Indusind Bank Ltd lost 1.4% and 1.2%, each. [/s2If]
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