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Market Update: India Shares Trade Slightly Lower
The BSE SENSEX fell 74 points or 0.1% to 52,697 in early trade on Wednesday after closing at a new peak in the prior session, as traders were cautious ahead of the outcome of the FOMC meeting later in the day. While the US central bank is not expected to make any policy moves, it may signal that its beginning to taper supports. Tuesday’s data showed that US wholesale price inflation accelerated to 6.6%, the highest since November 2010, while retail sales in the country fell at a faster-than-expected 1.3% mom in May, also rattled sentiment. In India, meantime, May’s trade gap was revised slightly lower to USD 6.28 billion from a preliminary of USD 6.32 billion, but it nearly doubled from USD 3.51 billion a year earlier. On the pandemic front, several states and districts have eased restrictions, while some continue to impose strict norms to curb the spread of the infection. Power Grid Corp fell 1.2%, while HCL Technologies Ltd dropped 0.7%. [/s2If]
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