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Domestic stocks closed in the red for second day in a row as the key benchmark indices ended with strong losses led by slide in index pivotals HDFC, Reliance Industries and L&T. Intraday volatility was high. Key benchmark indices edged lower in early trade. Indices reversed losses to regain positive zone in morning trade. Indices extended losses thereon to hit fresh intraday low in late trade. The Nifty 50 lost 120.25 points and settled at 10672.25. All the sectorial indices ended in negative zone among them Metal sector were major losers of the day.

Global Markets

European and Asian stocks fell after Apple Inc. included global growth concerns by cutting its guidance. Apple lowered its first-quarter revenue guidance to $84 billion, down from the $89 billion to $93 billion that had previously been forecast. Apple blamed a number of factors for the climb down in guidance, including weakness in China’s economy and disappointing iPhone revenue.

Stock Snippets

The construction arm of Larsen & Toubro has won orders worth Rs 1,060 crore.

Shares of Dena Bank and Vijaya Bank dropped while Bank of Baroda gained after the Union Cabinet approved the amalgamation of Dena Bank and Vijaya Bank with Bank of Baroda.

Tata Power Company share price surged 0.60% after the company said  Maharashtra Electricity Regulatory Commission gave the green signal to Mumbai Transport Undertaking ‘BEST’ to extend its existing 667MW power purchase agreement with the company  for a period of five years from 1 April 2019 to 31 March 2024.

Alembic Pharmaceuticals has received approval from the USFDA for its Abbreviated New Drug Application (ANDA) Pramipexole Dihydrochloride Extended-Release Tablets.

TCS announced that Emirates NBD, has chosen TCS BaNCS for Payments as its core processing platform to standardize and streamline payments operations across multiple geographies.

Global Markets

China stocks were lower after the close on Thursday, as losses in the Technology Hardware & Equipment, Travel & Leisure and Gas; Water & Multi-utilities sectors led shares lower. At the close in Shanghai, the Shanghai Composite lost 0.04% to hit a new 3-years low.

Taiwan stocks were lower after the close on Thursday, as losses in the Other Electronic and Semiconductor sectors led shares lower. At the close in Taiwan, the Taiwan Weighted fell 0.65%.

Australia stocks were higher after the close on Thursday, as gains in the Gold, Energy and Telecoms Services sectors led shares higher. At the close in Sydney, the S&P/ASX 200 gained 1.36%.

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