Domestic stocks began trading for the day on a firm note as initial trends showed BJP taking huge lead in Karnataka. Key indices hit fresh intraday high in morning trade as results showing the BJP is set to form the government in Karnataka. Stocks trimmed gains in afternoon trade and ended session a tad lower, erasing strong intraday gains, after BJP lead decreased from the halfway mark. Metal sector were the major gainers of the day while PSU Banks were the major losers of the day.
Global Markets Update
On Tuesday, European shares slipped after weak data from China and Germany added to a spate of less encouraging news on the global economy, but the banking sector. Thyssenkrupp (TKAG.DE) shares tumbled 5 percent after the German steel-tosubmarines group reported a surprise loss at its Industrial Solutions business.
As the demand for affordable apartments surges in the world’s fastest expanding major economy, Dewan Housing Finance (DHFL) is set to launch this year’s largest retail bond sale, raising up to Rs 15,000 crore for funding home loans.
Bharti Airtel’s acquisition of Telenor India, which had been stalled by a legal dispute over the requirement of furnishing a bank guarantee has been approved by Telecom department.
Vedanta received the approval from the Competition Commission of India (CCI) for the application made by it for the acquisition of Electrosteel Steels Ltd.
Reliance Infrastructure Board has approved issue of shares through rights issue or QIP for up to Rs 3,000 crore.
Fortis Healthcare receives revised offer from Manipal and TPG with a proposal to invest in the company.
On May 24, Kaveri Seeds board meeting plan to consider March quarter results and proposal for buyback of shares.
Hubtown enters into one-time settlement scheme (OTS) with DenaBank.
Stock Snippets On Tuesday, Australia stocks were lower after the close, as losses in the Telecoms Services, Utilities and Gold sectors led shares lower. At the close in Sydney, the S&P/ASX 200 lost 0.50%.
Japan stocks were lower after the close on Tuesday, as losses in the Shipbuilding, Paper & Pulp and Textile sectors led shares lower.
At the close in Tokyo, the Nikkei 225 declined 0.21%. Taiwan stocks were lower after the close on Tuesday, as losses in the, Electricity and Other Electronic sectors led shares lower. At the close in Taiwan, the Taiwan Weighted declined 0.71%.
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