Indices dropped sharply as investors booked profits after the Reserve Bank of India (RBI) cut repo rate by 25 basis points, as expected, and changed policy stance to accommodative from neutral. The Nifty 50 index lost 177.90 points or 1.48% at 11,843.75. Shares of index heavyweights L&T, Reliance Industries and HDFC dropped.All sectoral indices traded in the red with PSU Bank being the biggest loser with 5 percent loss after a rate cut.
British insurer Aviva will change the structure of its UK business and cut costs across the firm, with the loss of 1,800 jobs to cut down the cost of 300 million pounds over three years. European shares rose more than half a percent on Thursday, bolstered by expectations of stimulus from the European Central Bank and a rise for Fiat-Chrysler shares after the shock collapse of its merger with Renault-Nissan. European STOXX 600 index rose 0.6%.
DHFL Ltd.’s commercial papers were downgraded to ‘D’ (Default) by CRISIL and ICRA owing to liquidity concerns. This comes a day after the non-bank lender delayed interest payments to investors.
Wipro signed definitive agreement to acquire International TechneGroup.
Eros International Media hits 52-week low: CARE revised its rating to CARE D from CARE BBB- for the long term bank facilities of the company.
Oriental Bank of Commerce clarified that there is no proposal w.r.t merger with one or two banks sought or approved by the board
Aurobindo Pharma Ltd. said it had received Form 483 with ten observations from USFDA for its formulation manufacturing facility in Hyderabad.
Natco Pharma filed ANDA with the USFDA for generic version of Bosentan tablets (Tracleer) for the US market.
Japan stocks were lower after the close on Thursday, as losses in the Gas & Water, Power and Chemical, Petroleum & Plastic sectors led shares lower. The Nikkei 225 fell 0.01%.
Australia stocks were higher after the close on Thursday, as gains in the Utilities, A-REITs and Consumer Discretionary sectors led shares higher. The S&P/ASX 200 added 0.39%.
The Shanghai Composite and the Shenzhen Component were down 0.7% and 0.8%. Hong Kong’s Hang Seng Index was little changed at 26,910.50.
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