Benchmark indices headed lower losing the opening gains amid firm global cues. The corporate result session staring from next week is keeping the market under pressure besides, release of minutes of Federal Reserve’s December policy meeting later today too kept the market lower. Nifty ended the session at 10469.40. Metal stocks were the major gainers of the day while Auto and Pharma shares were the losers of the day.
Global Markets Update
Brazil’s state-controlled oil company, Petroleo Brasileiro SA said that it has agreed to pay $2.95 billion to settle a U.S. class action brought by investors who claim they lost money as a result of a corruption scandal.
World stocks hit fresh highs with European markets joining the party as early indications suggest 2018 will be another year of synchronized global growth led by a shining European economy.
NMDC has taken a steep increase in prices of fines and lumps, taking prices to nearly three year highs Rao said we have hiked prices owing to strong demand from steel industry. We saw 16 percent growth in steel production this year. He further said that prices of all end used products have gone up substantially in domestic industry.
Titan gains after the company’s jewellery vertical reported strong growth in retail sales during October-December. Jewellery sales were supported by the government’s decision to suspend the application of stringent customer information norms under the Prevention of Money Laundering Act.
Tata Power announced that its subsidiary, Tata Power Renewable Energy has commissioned its 50 MW DCR Solar plant at Pavagada Solar Park in Karnataka.
Public sector lender UCO Bank today said its Board has approved a proposal to issue equity shares on preferential basis to the government for capital infusion of Rs 1,375 crore. The government had on October 24 unveiled a Rs 2.11 lakh crore two-year road map for strengthening NPA-hit public sector banks, which includes re-capitalisation bonds, budgetary support and equity dilution.
European markets were higher on Wednesday morning, as investors reacted to a string of robust economic data and monitored the release of sweeping reforms for the continent’s financial sector.
Asian stocks closed with moderate gains on Wednesday, tracking sizable increases seen on Wall Street overnight as the dollar traded near three-month lows.
Indonesia stocks were lower after the close on Wednesday, as losses in the Consumer Industry, Manufacturing and Infrastructure sectors led shares lower.
Taiwan stocks were higher as gains in the Oil, Gas & Electricity, Semiconductor and Cement sectors led shares higher.
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