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Market Update: SENSEX Hits Fresh High
The BSE SENSEX went up 267 points or 0.5% to a new top of 52,802 in early trade on Tuesday, tracking the S&P 500 and the Nasdaq that ended at record highs overnight, on optimism that any tapering by the US Federal Reserve will not occur soon even as the inflation rate in May surged to a 13-year high of 5%. The central bank will start its two-day monetary policy meeting later in the day, with no major decisions are expected Wednesday. Investors welcomed reports that many Indian states eased coronavirus restrictions on Monday including the capital Delhi, where authorities allowed all shops and malls to open, as the number of new infections dropped to the lowest in over two months. In recent data, wholesale annual inflation in India hit its highest since December 1998 of 12.94%, amid low base effect last year. Traders also await US monthly retail sales data due later in the day. Oil and Natural gas Co jumped 2.2%, while Asian Paints Ltd climbed 2.1%. [/s2If]
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