Key stock indices bounced back sharply from yesterday’s fall mainly taking cues from strong global markets. US market and Asian markets went up after US President Donald Trump backed off his September 1 deadline for 10 per cent tariffs on remaining Chinese imports.
Media and Banking shares were the major gainers of the day while Pharma share were the major losers of the day.
Glencore on Wednesday lost its case to stop Australian tax authorities using business information that was leaked as part of the so-called Paradise Papers.European shares fell on Wednesday, as a shrinking German economy and weak industrial data from China stoked fears of a global slowdown, forcing investors to turn defensive and overshadowing a temporary U.S.-China tariff truce.
Sun Pharma falls despite strong operational performance, Markets fear sustainability of performance; stock down over 5%.
Kaveri Seed has reported good numbers for June quarter 2019. On a standalone basis, net sales reported growth of 12.6 per cent, Y-o-Y and profit growth was 8.7 per cent.
Hero Cycles aims to manufacture 500,000 electric bicycles by the end of FY22, with most of the line utilisation planned for exports.
Bosch Ltd whose net profit has nosedived 35 per cent to 279.95 crore for the quarter ended June 2019. The company also said it has set up a provision of 82 crore towards restructuring, reskilling and redeployment, which has been disclosed as an exceptional item for the quarter.
Oil and Natural Gas Corporation (ONGC) has reported a 3.90 per cent decline in standalone net profit at 5,904.25 crore for the first quarter of financial year 2019-2020 as against 6,143.88 crore in the same quarter of the financial year 2018-19
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 0.98%.
Hong Kong’s Hang Seng HSI, +0.08% also gave up early gains, and were up 0.6%, while the Shanghai Composite SHCOMP, +0.42% edged up 0.8%.
Australia stocks were higher after the close on Wednesday, as gains in the Healthcare, Energy and IT sectors led shares higher. The S&P/ASX 200 added 0.42%.
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