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Sensex gains over 50 points, Nifty tests 10,600; Dilip Buildcon hits lower circuit

The Central Bank may deliver its first interest rate hike in nearly 4.5 years.|
Jun 06, 2018, 09.31 AM IST
Dilip Buildcon plunged 5 per cent to Rs 777.60 on BSE.
Domestic equity markets opened in the green on Wednesday ahead of the RBI policy outcome scheduled for later in the day.

The BSE Sensex was trading 53.41 points, or 0.15 per cent, up at 34,956.62 in early trade, whereas NSE Nifty index was up 1.10 points, or 0.01 per cent, at 10,594.25.

Foreign portfolio investors stood net buyers in domestic equity markets in the previous trading sessions as they bought shares worth Rs 2978.97 crore with gross purchases and gross sales at Rs 9,642.39 crore and Rs 6,663.42 crore, respectively.

The Central Bank may deliver its first interest rate hike in nearly 4.5 years, says a Reuters report. However, there are others who feel that RBI may hold rates this time to hike them in the August and October policy reviews.

As many as 30 stocks in the Nifty index were trading higher in early deals with BPCL, Sun Pharma, Bajaj Finance, Indiabulls Housing Finance and HCL Technologies gaining between 0.66 per cent and 1.07 per cent. On the other hand, Zee Entertainment, Asian Paints, HDFC Bank, Power Grid and Axis Bank were down between 0.40 per cent and 1.40 per cent.

Choice Broking in a report said, "With the ongoing structure, we are expecting a bounce back movement in the index where support is at 10,530 level while upside resistance comes at 10,660 level."

Dilip Buildcon plunged 5 per cent to Rs 777.60 on BSE.

Mutual Fund industry body Amfi on Tuesday asked asset management companies (AMCs) to pass on to investors the benefit of steep reduction in additional expenses charged for schemes, according to a report by PTI.

The market watchdog, through a notification issued on May 29, drastically slashed the 'additional expense' charged by mutual funds to just 5 basis points from 20 basis points, as part of its effort to help increase the penetration of such products among investors.

One basis point is one-hundredth of a percentage point.

The move is aimed at reducing the cost of investing in mutual funds (MFs).

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