Benchmark indices closed flat after volatility throughout the session as banking stocks dragged the indices lower while as investors remained cautious ahead of key corporate earnings as Tata Consultancy Services is due to post December-quarter results tomorrow followed by Infosys on Friday. Nifty managed to settled above 10600 mark. IT and Realty shares were the major gainers of the day while PSU bank and auto shares were the losers of the day.
Global Markets Update
Superdry has reported a double-digit rise in sales but its shares fell after profits were knocked by currency fluctuations. The fashion brand’s sales soared 20pc to £402m in the 26 weeks to October 28, boosted by a jump in wholesale revenues of a third.
Major Asian markets closed mostly lower despite a solid lead from Wall Street overnight, but Hong Kong stocks bucked the trend and closed higher for a 12th straight day.
Motherson Sumi gains after the company through its subsidiary Samvardhana Motherson Automotive Systems Group BV announced the formation of a joint venture with Ossia Inc.
Coal India said its board had approved a hike in non-coking coal prices for both power and non-power consumers with immediate effect. Coal India sources indicated that the average price hike could be around 10 per cent.
The board of Power Grid Corporation has accorded investment approval for ‘Transmission System for Ultra Mega Solar Power Park at Tumkur (Pavagada), Karnataka Phase II Part C’ at an estimated cost of Rs92cr with commissioning a schedule of 20 months from the date of investment approval.
Telecom stocks were in focus as Telecom Commission has decided to relax spectrum holding caps, giving a boost to M&As and spectrum sale, as carriers try to sell assets, including airwaves, to repay debt.
Infosys announced the successful conclusion of an advance pricing agreement with the US IRS. Under the APA, the company and the IRS have agreed on the methodology to allocate revenues and compute the taxable income of the company’s US operations.
Japan’s Nikkei share average took a breather after sharp gains, with some index-heavy stocks losing ground after the index hit a 26-year high in the previous session.
Indonesia stocks were lower after the close on Wednesday, as losses in the Basic Industry, Property and Agriculture sectors led shares lower.
Taiwan stocks were lower, as losses in the , Semiconductor and Electronic Parts/Components sectors led shares lower.
Sri Lankan shares ended lower slipping from a near seven-week high hit in the previous session, as investors booked profits in blue chip stocks, while foreign traders continued buying the island nation’s risky assets.
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