Indices opened higher and hit fresh intraday high in morning trade supported by recovery in other Asian stock markets. Benchmarks held firm near day’s high in mid-morning trade. After briefly slipping into the red in afternoon trade, the indices bounced back in mid-afternoon trade. Sudden selling pressure dragged the market lower in late trade.The Nifty 50 lost 65.05 points and settled at 11157. Investors continued to be plagued by doubts surrounding slowing global growth and US-China trade relations.
Tencent Holdings Ltd booked a 17% profit rise for the three months ended March, and revealed it made more revenue from FinTech and business services.A global equity bounce stemming from softer rhetoric by U.S. President Donald Trump on the trade dispute with Beijing waned on Wednesday as grim China data and fresh Italian debt woes cast a shadow over global markets.
Glenmark denied all allegations against lawsuit filed by U.S. states against generic drug firms.
NTPC won 100MW of solar capacities in SECI’s 250MW tender in Maharashtra, at a levelized tariff of Rs2.91 per unit, applicable for 25 years.
Vodafone Idea board approved the amalgamation of its arms Vodafone India Digital and Idea Telesystems with the company.
Mangalore Chemicals & Fertilizers shut down Ammonia, Urea and ABC plants in Mangalore City with effect from May 14, due depletion of reservoir level at Thumbe dam and delay in pre-monsoon showers.
Dr. Reddy’s Laboratories has launched Daptomycin for Injection, 500mg/vial single-dose vial, a therapeutic equivalent generic version of Cubicin for Injection, approved by the US Food and Drug Administration (USFDA).Lupin clarified on media reports that stated ‘Pharma stocks bleed as US States file lawsuit against generic drug unit’
Asian markets rose in morning trade on Wednesday, recovering from a slump earlier this week amid intensifying trade tensions between the U.S. and China.
Japan stocks were higher after the close on Wednesday, as gains in the Mining, Chemical, Petroleum & Plastic and Paper & Pulp sectors led shares higher. The Nikkei 225 gained 0.58%.
China’s Shanghai Composite and the Shenzhen Component gained 1% and 1.1% respectively
Australia stocks were higher after the close on Wednesday, as gains in the Energy, Resources and Metals & Mining sectors led shares higher. The S&P/ASX 200 rose 0.71%.
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