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Key equity benchmarks surged higher after six sessions of non stop selling as the rate cut by RBI didn’t cheer the market. Global cues remains supportive for the domestic indices as the European shares were trading in green. Nifty surged more than one and half percent to close at 11362.30.

Banking shares were the major gainers of the day while IT shares were the major losers of the day.

Global Markets

Kansai Electric Power Co Inc’s chairman and president would resign to take responsibility for a graft scandal that has rocked Japan’s second-largest utility. European stocks edged lower in quiet trading as tensions heightened between the United States and China ahead of their crucial trade negotiations, while more uncertainty over Britain’s EU exit also weighed on sentiment. European STOXX 600 index was down 0.2%.

 

Stock Snippets

Glenmark Pharmaceuticals has received tentative nod from the US health regulator for dimethyl fumarate delayed-release capsules used for treating multiple sclerosis.

GMR Energy Limited (GEL), a subsidiary of GMR Infrastructure Limited, has entered into exclusive discussions with JSW Energy Limited (JSW) for potential divestment of its entire stake in its subsidiary company

Auto components supplier Minda Industries Limited (MIL),part of Uno Minda Group has entered into definitive agreement with shareholders of Germany based Delvis Gmbh, to acquire 100 per cent interest in the company in a multi-million Euro deal.

Shares of Titan Company slipped 6 per cent to Rs 1,178 on the BSE in early morning deals on Wednesday after the Tata Group company said that its revenue from the jewellery business could decline for the first time in the past four years in the September quarter

Global Markets

Japan stocks were lower after the close on Wednesday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares lower. The Nikkei 225 declined 0.61%.

Australia stocks were lower after the close on Wednesday, as losses in the Consumer Discretionary, Energy and Consumer Staples sectors led shares lower. The S&P/ASX 200 lost 0.71%.

Asian stocks fell the most in a week on Wednesday as the United States and China’s broadening dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth

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