Key equity market barometers corrected on Friday on worries of slower economic growth in the September quarter. Rising uncertainty over a US-China trade deal also kept sentiment in check. After hitting an intraday low of 12,017.40, the Nifty index managed to close above the 12,050 level. Mid and small-cap stocks bucked weak market trend. All the sectoral indices ended in the red led by the metal, auto, pharma, PSU bank, FMCG, IT and infra.
The cost of cars equipped with ultra-fast 5G wireless technology is likely to go up if microchip supplier Qualcomm Inc’s patent licensing practices fail to change. Stocks fell on a holiday-shortened trading day ostensibly because of new worries about the long-awaited phase one U.S.-China trade deal. The S&P 500 and Dow Jones industrials fell 0.4%. The Nasdaq Composite dropped 0.46%. The Nasdaq 100 dropped about 0.5%.
Hindustan Construction Company won a challenge in the Supreme Court of lndia for setting aside Section 87 of the Arbitration and Conciliation Act. Shares of Indiabulls Housing Finance (IBHFL) extended its yesterday’s rally after the Ministry of Corporate Affairs (MCA) has informed the Delhi HC that it is examining the inspection reports of Indiabulls Housing Finance and Indiabulls Venture and did not find an irregularity in loans given to the five companies as alleged by a PIL.
NTPC Ltd. informed the exchanges that a 250MW unit of Barauni Thermal Power Station has been added to the installed apacity of NTPC on successful completion of trial operation.
Rajesh Exports Ltd has bagged another prestigious order worth Rs863cr of designer range of gold jewellery from Germany. The said order is to be completed by February 28, 2020.
Shares of Future Retail surged in the morning trade after the CCI has approved Amazon’s proposed Rs1,500cr deal to acquire a 49% stake in Future Coupons Ltd (FCL).
Germany stocks were mixed as gains in the Utilities; Software and Food & Beverages sectors led shares higher while losses in the Basic Resources, Construction and Insurance sectors led shares lower. The DAX declined 0.07%, while the MDAX index declined 0.16%, and the TecDAX index added 0.42%. France stocks were lower after the close on Friday, as losses in the Foods & Drugs, Gas & Water and General Financial sectors led shares lower. The CAC 40 lost 0.13%, while the SBF 120 index fell 0.19%. Denmark stocks were lower after the close on Friday, as losses in the Personal & Household Goods, Industrials and Consumer Goods sectors led shares lower. The OMX Copenhagen 20 declined 0.60%.
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