Key benchmark indices dropped sharply led by slide in index pivotal Reliance Industries, HDFC and HDFC Bank. Volatility was high. Trading for the day began on a subdued note as the key benchmark indices drifted lower in early trade on negative Asian stocks. Shares extended intraday fall in early afternoon and afternoon trade. Indices hit intraday low in mid-afternoon trade. Stocks cut losses in late trade. The Nifty 50 lost 117.60 points and settled the day at 10792.50. Metal and Auto sector were the major losers of the day.
European and Asian shares fell after data showed Chinese factory activity contracted in December. China’s factory activity contracted for the first time in 19 months in December as domestic and export orders continued to weaken, data released today showed. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 49.7 in December from 50.2 in November, marking the first contraction since May 2017.
Glenmark Pharma completed the transfer of the company’s API business to its wholly owned arm Glenmark Life Sciences.
LIC Housing Finance fell 0.75% after the announcement made that V. K. Sharma has resigned as chairman of the company with effect from 31 December 2018 consequent to attainment of superannuation from the services of Life Insurance Corporation of India.
Jet Airways (India) plunged 2% after the company said it has delayed the payment of interest and principal installment to a consortium of Indian banks.
Vedanta plunged 4% after Tamil Nadu government reportedly moved Supreme Court for closure of the company’s copper plant in Thoothukudi.
Ashoka Buildcon announced the declaration of 01 October 2018 as the CoD for its Hybrid Annuity Mode (HAM) Project of Karnataka Road Development Corporation (‘KRDCL’) executed by its Subsidiary viz. Ashoka Hungund Talikot Road (‘SPV’), entitling the SPV to receive annuity payments.
China stocks were lower after the close on Wednesday, as losses in the Life Insurance, Electricity and Banking sectors led shares lower. At the close in Shanghai, the Shanghai Composite lost 1.15% to hit a new 3-years low.
Australia stocks were lower after the close on Wednesday, as losses in the Energy, Telecoms Services and Financials sectors led shares lower. At the close in Sydney, the S&P/ASX 200 lost 1.57%.
Taiwan stocks were lower after the close on Wednesday, as losses in the Oil, Gas & Electricity and Plastic sectors led shares lower. At the close in Taiwan, the Taiwan Weighted lost 1.78%.
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