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Key indices advanced for third straight trading sessions on Wednesday. After a shaky start, the equity benchmarks turned volatile and hit the day’s low by noon. The indices, however, bounced back and ended near the high point of the day. The Nifty managed to close slightly above the 12,000 level. The sentiment got a boost after India’s Services PMI in January rose at quickest rates in seven years.  Investors, however, remained cautious ahead of the Reserve Bank of India (RBI)’s policy outcome tomorrow.

Global Markets  

Britain’s Metro Bank has hired a law firm to help it investigate payments routed through the bank that breached U.S. sanctions, a regulatory filing showed.European shares retreated from recent gains on Wednesday as concerns over the virus outbreak in China persisted, while markets also waited for service-sector activity data from the bloc.The pan-European STOXX 600 (STOXX) index fell 0.2%.

Stock Snippets

Sun Pharma launched Absorica LD capsules in US for acne.

Granules India jumped 5 percent after the company received USFDA approval for Valganciclovir Hydrochloride for oral solution. The USFDA approved the ANDA filed by Granules Pharmaceuticals, a wholly-owned foreign subsidiary of Granules India Limited for Valganciclovir Hydrochloride for Oral Solution, 50 mg/mL.

USFDA clears Cadila Healthcare subsidiary’s Ahmedabad unit with no observation.

REC board approved amalgamation of company’s two arms REC Transmission Projects and REC Power Distribution.

DCB Bank revised MCLR across various tenors with effect from Feb. 6. One Month marginal cost of lending at 8.62% and One Year MCLR at 10.22%.

NCLT Kolkata has approved amalgamation of Vedanta’s arm Vedanta Star with Electrosteel Steels. Post the amalgamation Vedanta will hold 95.48% stake in the target company.

Global Markets

Asian stocks steadied on Wednesday as Chinese shares moved higher on hopes of additional stimulus to cushion the economic blow from a coronavirus outbreak, but risks remain as the illness continued to spread and the death toll neared 500.

Japan stocks were higher after the close on Wednesday, as gains in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares higher.The Nikkei 225 rose 1.02%.

Australia stocks were higher after the close on Wednesday, as gains in the IT, Metals & Mining and Materials sectors led shares higher.The S&P/ASX 200 added 0.39%.

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