Benchmark indices headed for its biggest drop in five months on Thursday, extending last months 4.9% retreat, as the disappointment with the country’s new budget, muted corporate earnings and the ongoing credit crunch remained a drag on sentiment. Markets also remaines concerns over weak core industrial growth data and sustained foreign fund outflows. Nifty fut settled the weekly expiry at 11026.95. All sectors ended lower except Auto shares with Maruti being the top gainer of the day.
London Stock Exchange has agreed to buy financial information provider Refinitiv in a $27 billion deal aimed at offering trading across regions and currencies and positioning the company as a competitor to Bloomberg. European shares recovered from early losses as a solid batch of bank earnings outweighed the impact of falling expectations of U.S. interest rate cuts and a slump in Shell shares after its worst results in more than two years.
Maruti Suzuki India (MSI) on Thursday reported 33.5 per cent decline in total sales at 1,09,264 units in July.The company had sold 1,64,369 in July last year.Domestic sales declined by 36.3 per cent at 98,210 units last month as against 1,54,150 units in the year ago month.
Bajaj Auto on Thursday reported a 5 per cent fall in total sales at 3, 81,530 units in July, 2019.The company had sold 4,00,343 units in the same month a year ago.Domestic sales in July this year were at 2,05,470 units as against 2,37,511 units, down 13%.
Cognizant Technology Solutions reported a 12 per cent rise in the net profit, to $509 million, in the second quarter ended June 30, 2019.In the year-ago quarter; it had reported a net profit of $456 million.
Subhash Chandra-backed Essel Group has decided to sell 11 per cent promoter stake in Zee Entertainment (ZEEL) to Invesco Oppenheimer Developing Markets Fund.Invesco Oppenheimer, one of the oldest investors in the company, already holds 8 per cent in ZEEL and has been an investor for about 17 years.
Asian shares slipped to six-week lows on Thursday while the dollar jumped to two-year highs as the U.S. Federal Reserve rattled markets by signaling that its first rate cut in more than a decade was not the start of a lengthy easing cycle.
China’s Shanghai Composite and the Shenzhen Component were down 0.8% and 0.7% respectively
Japan stocks were higher after the close on Thursday, as gains in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares higher. The Nikkei 225 gained 0.09%.
Australia stocks were lower after the close on Thursday, as losses in the Gold, Metals & Mining and Resources sectors led shares lower. The S&P/ASX 200 fell 0.35%.
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