Domestic bourses slides for a fifth straight session as the political situation in Karnataka left investors uneasy. After starting on a weak note, the market bounced back for a brief period in morning trade. Gains were unable to sustain at higher levels and the indices slipped into negative terrain as the session progressed. PSU Banks were the major gainers and Realty and Pharma sectors were the major losers of the day.
Global Markets Update
European shares rose on Monday as easing trade war worries lifted the dollar, supporting exporters, while selling pressure on Italian stocks calmed down after a painful week. Microsoft has bought Semantic Machines, an artificial intelligence startup based in Berkeley, California. Microsoft will establish an AI research centre in Berkeley.
Board of Ashok leyland approved scheme of amalgamation of Ashok vehical, Ashley Powertrain and Ashok technology with company.
Indian Metals & Ferro Alloys announced unplanned shutdown of plant for 90 days; production loss of around 12000 tonnes & company initiated the process under insurance.
Tata Steel took over the Bhushan Steel by paying Rs 35,200 crore to financial creditors. The stock rallied nearly 18 percent in the passing week.
The Reserve Bank of India allowed non-resident Indians to raise their stake in Parag Milk foods up to 24 percent from earlier limit of 10 percent.
UltraTech Cement board approved scheme of arrangement wherein the company acquires cement business of Century Textiles and Industries.
Glenmark Pharmaceuticals receives ANDA approval for Colesevelam Hydrochloride Tablets, 625 mg
According to ET, Hindalco plans to raise Rs 5000 crore to repay bank loans.
Stock Snippets Japan stocks were higher after the close on Monday, as gains in the Chemical, Petroleum & Plastic, Mining and Marine Transport sectors led shares higher. The Nikkei 225 rose 0.31% to hit new 3 months high. Philippines stocks were lower after the close on Monday, as losses in the Banking & Financials, Industrials and Services sectors led shares lower. The PSEi Composite declined 0.19%. Indonesia stocks were lower after the close on Monday, as losses in the Financials, Infrastructure and Consumer Industry sectors led shares lower.
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