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The S&P 500 steadily added to gains from late morning, while investors took weak data in their stride. The University of Michigan Surveys of Consumers said its Consumer Sentiment Index slumped further in May while one-year inflation expectations surged to 7.3% from 6.5% last month.
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The brokerage said it cut its FY25 Profit after Tax (PAT) estimates by 22% due to this 6.74 billion reversal. It also slashed the FY26 and FY27 PAT estimates by 13%-17%, citing Net Interest Margin (NIM) compression and lower growth.
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Shares of Rites (Rail India Technical and Economic Service) jumped 15.7%, followed by Titagarh Rail Systems, which gained 12.8%. Shares of Rail Vikas Nigam(RVNL), BEML and Indian Railway Finance Corporation (IRFC) went up between 6% and 9% at close.
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