Domestic market extended yesterday’s steep decline on broder selling pressure by market participants. Rising global trade tensions spooked investors after US President Donald Trump said he will impose tariffs on an additional $200 billion worth of Chinese imports, escalating the trade conflict between the world’s two biggest economies.
The Nifty 50 lost 98.85 points and settled the day at 11278.90. FMCG were the major gainers and PSU banks were the major losers of the day.
European shares followed their Asian peers upwards after U.S. President Donald Trump imposed 10% tariffs on an additional $200 billion worth of Chinese imports and warned of duties on more products if China took retaliatory action. Oracle reported first quarter earnings that beat analyst’s expectations and revenue that fell short of forecasts.
Aurobindo Pharma has received approval from the South African Health Products Regulatory Authority (SAHPRA) for its Dolutegravir, Lamivudine and Tenofovir Disoproxil Fumarate (DLT) tablets, 50mg/300mg/300mg, the first-line preferred regimen for HIV patients as per latest WHO guidelines.
McLeod Russel India has signed MoUs with Amgoorie India and Goodricke Group for disposal of tea estates in Assam. As per agreements, the company will dispose its estates and bearer plants and other assets of Bargang tea estate to Amgoorie India at a cost of Rs59.65cr.
Share prices of Gujarat Alkalies and Chemicals were trading 7% up amid commissioning of 14,000 MTPA Hydrogen Peroxide plant at Dahej.
Strides Pharma Science announced that the formulations facility in Bangalore recently underwent pre- approval product inspection by the USFDA. The inspection ended on August 25, 2018 and the company has been issued a Form 483 with 3 observations.
Larsen and Toubro (L&T) annouced that the company has bagged orders worth Rs2,048cr across two business segments.
Philippines stocks were lower after the close on Tuesday, as losses in the Banking & Financials, Mining & Oil and Property sectors led shares lower. At the close in Philippines, the PSEi Composite declined 1.72% to hit a new 1-month low.
Taiwan stocks were lower after the close on Tuesday, as losses in the, Optoelectronic and Electronic Parts/Components sectors led shares lower. At the close in Taiwan, the Taiwan Weighted lost 0.63%.
Japan stocks were higher after the close on Tuesday, as gains in the Electrical/Machinery, Precision Instruments and Machinery sectors led shares higher. The Nikkei 225 gained 1.44% to hit new 6-months high.
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