Benchmark indices were trading with small losses in early trade amid negative global cues. Persistent selling by FIIs also dented sentiment. Pharma, healthcare and oil & gas shares were in demand. The Nifty was trading below the 16,300 level. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 225.26 points or 0.41% at 54,667.23. The Nifty 50 index fell 64.85 points or 0.40% at 16,291.40. In the broader market, the S&P BSE Mid-Cap index lost 0.35% while the S&P BSE Small-Cap index was down by 0.07%. The market breadth, indicating the overall health of the market, was positive. On the BSE, 1,209 shares rose and 1,111 shares fell. A total of 107 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,484.25 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,904.33 crore in the Indian equity market on 7 June 2022, provisional data showed.

Stocks in Spotlight:

Wipro fell 0.40% to Rs 468.55. The IT major together with ServiceNow, will contribute to Petrobras, the largest publicly traded company in Brazil and one of the largest oil, natural gas and derivatives exploration, production and distribution companies in the world, to advance its digital journey. The project aims to raise the level of service for internal users and reduce costs by modernizing and aligning IT infrastructure processes with the business through a modern cloud solution focused on automation and integration. The project scope is related to maintaining IT assets, systems updates, and digitizing processes.

Tata Power Company rose 0.41% to Rs 233.95. Tata Power Solar Systems, a wholly-owned subsidiary of Tata Power, commissioned a 450 MW DC capacity solar pant for Brookfield Renewable India in Rajasthan. The installation entails set up of over 800,000 modules and was completed within record 7 months timeframe. The project will produce over 800GWh of clean energy annually and will help avoid up to 600,000 tons of annual CO 2 emissions.

Rail Vikas Nigam rose 0.94% to Rs 32.25. The company has entered into an agreement with "Kyrgyzindustry" for execution of infrastructure projects in Kyrgyz Republic particularly Railway Line Network on mutual agreed terms and conditions.

Global Markets:

Most Asian shares declined on Thursday. China is set to announce its trade data for May later on Thursday.

The European Central Bank is also expected to signal a July rate hike at its policy meeting later on Thursday.

US stocks dipped overnight ahead of May's consumer price index reading slated for Friday. The S&P 500 shed 1.08% to 4,115.77. The Dow Jones Industrial Average slipped 269.24 points, or 0.81%, to 32,910.90. The Nasdaq Composite shed 0.73% to 12,086.27.

In the commodities market, Brent crude for August 2022 settlement was up 11 cents or 0.09% at $123.69 a barrel.