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Key indices logged modest gains after a volatile session of trade. A bout of volatility was seen in early trade as the key indices regained positive zone soon after erasing early gains. The Nifty 50 gained 40.50 points and settled at 11341.70. PSU Banks were major gainer and Media sector were major loser of the day.

On the macro front, the all-India general CPI inflation rose to 2.57% in February 2019. India’s industrial production (base year 2011-12=100) rose at slower pace of 1.7% in January 2019.    

Global Markets

European shares traded flat on Wednesday as uncertainty prevailed on Britain’s plan to leave the European Union and no corporate or economic news appeared strong enough to shake the risk-off mood spreading from Asia overnight. European STOXX 600 index was down 0.05%. Chinese telecom equipment maker ZTE Corp’s controlling shareholder plans to reduce its stake by as much as 3 percent.

Stock Snippets

Axis Bank rose 0.23% in early trade after the bank appointed Rakesh Makhija as the non-executive (part-time) chairman of the bank for three years.

ROKiT Williams Racing has chosen Tata Communications as the team’s Official Digital Transformation Partner

Biocon has received USFDA Form 483 with two observations. First observation stated procedures designed to prevent microbiological contamination is not being followed.

Jet Airways said that four more aircraft had been grounded due to non-payment to lessors.

TCS announced that Digitate’s cognitive automation solution, ignio, has been successfully deployed by Tata Steel Europe (TSE) as its AI platform for IT operations.

Unichem Laboratories announced that it has received abbreviated new drug application (ANDA) approval for its Allopurinol tablets, USP 100 mg and 300 mg, from the United States Food and Drug Administration (USFDA)

Global Markets

Japan stocks were lower after the close on Wednesday, as losses in the Chemical, Petroleum & Plastic, Shipbuilding and Insurance sectors led shares lower. The Nikkei 225 declined 0.99%.

Shanghai blue chips slipped 0.5% following two days of gains. E-Mini futures for the S&P 500 (ESc1) were off 0.2 percent and spread betters pointed to opening losses for the main European bourses.

Australia stocks were lower after the close on Wednesday, as losses in the Energy, Healthcare and Industrials sectors led shares lower. The S&P/ASX 200 fell 0.22%.

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