Key equity barometers resumed uptrend after a day’s breather. The Nifty ended tad above the 11,600 level. Public sector bank stocks advanced while IT stocks bounced back after yesterday’s selloff.Unless the immediate trend decider level of 11,050 is breached, the uptrend shall remain in force and 12,100 levels are expected. We advise initiating fresh long positions on any retracement up-to 11,400-11,250 levels, with a final stop loss of 11,050.
Nissan Motor Co Ltd is likely to axe its Datsun brand, drop some unprofitable products and close a number of assembly lines worldwide as it seeks to boost profits by getting smaller.World stock markets fell on Wednesday, as hopes faded that a Brexit deal would be wrapped by next week and a profit warning from Texas Instruments pulled down tech shares.
Engineering and construction major Larsen & Toubro on Wednesday said its arm LTHE has won a mega project from Hindustan Petroleum Corporation. As per the company’s scheme classification, the mega project bagged by L&T Hydrocarbon Engineering Ltd (LTHE) is worth over Rs 7,000 crore.
Dr Reddys Laboratories has received Establishment Inspection Report (EIR) from USFDA, for the Formulations Manufacturing facility at Shreveport, Louisiana, USA, indicating closure of the audit and the inspection classification of this facility is determined as No Action Indicated (NAI).
Shares of Affle India rallied 14 percent intraday to hit a record high of Rs 1,385 on October 23 after company filed 14 technology patents in Singapore and USA.
RBL Bank fell nearly 20 percent intraday on October 23 as global brokerage houses remained bearish on the stock after steep fall in profit and weak asset quality during July-September quarter.
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 gained 0.34% to hit a new 52-week high.
China’s Shanghai Composite and the SZSE Component dropped 0.3% and 0.2% respectively. Hong Kong’s Hang Seng Index lost 1.0%.
Australia stocks were higher after the close on Wednesday, as gains in the A-REITs, Utilities and Industrials sectors led shares higher. The S&P/ASX 200 gained 0.01%.
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