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Market Snippet

Benchmark indices traded lower on the third trading session of the week after the RBI in its first monetray policy review after demonetization kept the rate unchanged and surprised the market as there was most likey chace to lower the rates. RBI also lowered the gdp growth forcast of India to 7.1%.Nifty ended the session to close at 8102.05.

Auto stocks were the major gainers of the day while Banking and Pharma stocks were the major loses of the day.

Global Markets Update

Credit Suisse pledged to cut another 1 billion Swiss francs ($991 million) in costs and pared back profit targets amid challenging markets which have made it harder for banks to make money.

Asian shares rose on Wednesday as investors covered short positions and looked to the coming policy meeting of the European Central Bank for comfort after a referendum defeat tipped Italy into political turmoil.

Nifty

nifty

Indian Market

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Stock

JSW Steel shares gains after company reported Crude Steel production at 12.27 lakh tonnes for November 2016 and achieved a growth of 45 percent. The company stated that it produced 8.87 lakh tonnes of Flat rolled products and 2.21 lakh tonnes of long rolled products in the month of November.

Sun Pharma shares tanks nearly 6 percent on NSE after the drug maker confirmed that its Halol facility had undergone an inspection by USFDA (US Food and Drug Administration) recently.

Suven Life Sciences shares tanks despite announces that the grant of one product patent from India (2770440) corresponding to the NCEs (New Chemical Entities) for the treatment of disorders associated with Neurodegenerative diseases and the Patent is valid through 2024.

Adani Enterprises shares gains after the company has incorporated a wholly-owned subsidiary namely “Adani Cementation Ltd” (ACL) on December 06, 2016.

Lupin gets tentative approval for its generic version of Diclofenac capsules, used in pain management of osteoarthritis, from US health regulator USFDA.

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