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Equity indices show gains; Sensex and the Nifty both rise by more than 1 pc

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Domestic equity benchmark indexes extended their gains from Tuesday’s session. They rose substantial in Tuesday morning session, largely due to value-buying after a persistently sharp fall earlier in the month.
After six sessions of consecutive losses, the indices ended Monday’s trade with a positive note. This was due to good buying support from IT and banking stocks.
Not surprisingly, domestic indices were down during most of the sessions in June. Sensex has lost more than 4 percent over the past month.
“Indian markets ended a six-day losing streak on Monday,” said Mohit Nigam, Head – PMS at Hem Securities. Investors were still concerned about aggressive rate hikes and the impact they would have on economic growth. “Today, the markets are likely make a positive beginning taking gains in Asian peers,” stated Mohit Nigam (Hem Securities Head – PMS).

Sensex reached 52,166.10 points at 9.56 a.m. This was an increase in 568.26 points, or 1.10 percentage, and nifty stood at 15,545.50, which was up 195.35 point 1.27 percent.
The top five individual stocks were Titan, JSW Steel and Tata Motors. Adani Ports was the loser in the opening session. However, National Stock Exchange data revealed that there were no losers among the Nifty50 companies.
Nigam stated that some support would be provided by the southwest monsoon, which will enter Madhya Pradesh and Chhattisgarh on Monday.
The finance ministry warned of the reemergence of the twin deficit problem in Egypt. This is a result of higher commodity prices and rising subsidies, which could lead to an increase in both the fiscal deficit and the current account deficit.
In its Monthly Economic Review, Department of Economic Affairs stated that an increase in the fiscal deficit could cause the current account deficit (and compound the effect of more expensive imports) to widen. This would further aggrave external imbalances, and create the risk of a cycle of larger deficits and a weaker rupee.

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