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Key benchmark indices tumbled for second consecutive day on Tuesday, following a surge in global crude oil prices after attacks on Saudi Arabia’s oil facilities. Selling was seen across all sectors.

After opening at 11,000 mark, the 50-unit Nifty quickly descended in the morning trade. The index continued its downtrend and breached 10,900 mark in the afternoon trade. The Nifty managed to stabilize at 10,800 level and closed above that level. NSE India VIX jumped 6.97% to 15.995.    

Global Markets

Apple challenged a $14 billion tax charge from the European Commission in the EU’s second-highest court on Tuesday, escalating the landmark tax fight between the iPhone maker and EU regulator. European shares fell on Tuesday, dragged by Germany’s Zalando, while energy stocks gave up some gains as crude prices eased slightly after surging in the aftermath of attacks on oil facilities in Saudi Arabia.

Stock Snippets

Shares of State Trading Corporation were locked in a lower circuit of 20% at Rs 106.9 while MMTC tumbled 16.77% after media reports suggested that the government is looking to shut operations. The government is also planning to shut operations of unlisted Project and Equipment Corporation of India.

Shares of Tata Communications fell as much as 39 percent to Rs 260 on September 17 after its land bank was demerged into a separate company.

BEML and Wipro Infrastructure Engineering entered into strategic partnership to collaborate on aerospace, industrial automation, SD printing, artificial intelligence & hydraulic system engineering.

Tata Consultancy Services and General Motors have launched a new partnership with General Motors for Global Vehicle Engineering.

State Bank of India’s Staff Unions has called for a strike by Bank Employees from Sept. 26-27. Bank’s work maybe impacted to some extent because of the strike.

Global Markets

Japan stocks were higher after the close on Tuesday, as gains in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares higher.The Nikkei 225 added 0.06% to hit new 3-months high.

China’s Shanghai Composite and the Shenzhen Component were down 0.8% and 0.7% respectively

Australia stocks were higher after the close on Tuesday, as gains in the Utilities, Healthcare and A-REITs sectors led shares higher.The S&P/ASX 200 rose 0.33% to hit a new 1-month high

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