Benchmark indices witnessed another round of selling tracking global sell off due to the risk of rising inflation and bond yield in US economy kept the major equities indices around the globe lower. Nifty however pared the losses, still ended in red lower by 1.60% to close at 10513.30. Auto stocks were the major gainers of the day while Pharma, IT and Banking stocks were the major losers of the day.
Global Markets Update
German prosecutors searched offices at Audi’s headquarters and its car plant in Neckarsulm, Germany early on Tuesday in connection with suspected manipulation of emissions on diesel vehicles, the Munich prosecutors. European shares fell to their lowest level since August 2017 on Tuesday as a global sell-off in equities deepened and volatility spiked on growing worries over inflation and rising bond yields. European STOXX 600 index down for the seventh straight session.
Tata Motors has reported consolidated profit of 1,214 crore for the quarter ended December 31 compared to a profit of 111 crore in the corresponding quarter last year.
Home-grown FMCG company Emami Ltd will look to enter the professional care space through a “strategic investment” in Brillare Science Pvt Ltd.Emami will invest through compulsory convertible preference shares (CCPS), which on conversion will result in 26 per cent equity stake in Brillare.
Auto parts’ major Bosch Ltd has posted a 29 per cent increase in net profit to ₹281 crore during the third quarter on a year-on- year basis due to higher sales volume and marginal increase in effective tax rate.Bosch will continue to develop technologies tailored to the requirements of the Indian market and enable the electrification of the powertrain.
Bharti Airtel announced that Singapore Telecommunications Limited (Singtel), will invest Rs 2,649 crore in Bharti Telecom Limited.Singtel is Asia’s leading communications and ICT solutions group and a long term partner of Airtel.
The shareholders of NACL, formerly known as Nagarjuna Agrichem Ltd, have approved a proposal to raise 300 crore.
Asian stocks plunged for a second day as investors continued to flee riskier assets, though U.S. equity futures attempted a comeback as European trading began.
Japanese stocks suffered their biggest point drop on Tuesday, after Wall Street tumbled the previous day on fears about rising U.S. bond yields and a potential pick-up in inflation.The Nikkei 225 share average ended down 4.73 percent at 21,610.24.
Philippines stocks were lower on Tuesday, as losses in the Mining & Oil, Holding Firms and Banking & Financials sectors led shares lower. At the close in Philippines, the PSEi Composite lost 0.76% to hit a new 1-month low.
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