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Key domestic benchmarks declined for third straight session on Wednesday. Large-caps witnessed selling pressure due to concerns over stretched valuations. Investors also turned cautious ahead of the Union Budget on 1 February 2020.

The Nifty 50 index lost 62.95 points or 0.52% to 12,106.90, as per the provisional closing data. After hitting an intraday low of 12,087.90, the index recovered to close above its 50-day daily SMA placed at 12,104.99.

Global Markets

Bank of America Corp will recruit about 50 bankers for its investment team in Asia this year, as it pushes to bulk up its dealmaking business. Germany’s DAX index posted a record high shortly after the start of trading Wednesday, helped by the improved sentiment emerging from Asia regarding the new pneumonia-like virus in China.STOXX 600 (STOXX) was up 0.2%.

Stock Snippets

HCL Tech launches a dedicated microsoft business unit.

Biocon received the subscription money aggregating to Rs 536.25 crore from Activ Pine LLP (an affiliate of True North Fund VI LLP).

JLR is likely to cut jobs at UK Halewood plant, comprising of over 10 percent of workforce, quoting Reuters, reported CNBc-TV18. Tata Motors share price declined 3 percent on January 22.

Edelweiss Finance & Investments announced the public issue of Secured Redeemable Non-Convertible Debentures (NCDs) of a face value of Rs 1,000 each, amounting to Rs 125 crore, with an option to retain over-subscription up to Rs 125 crore aggregating to a total of Rs 250 crore.

Power Mech has received letter of award/work orders worth Rs 351 crore from BHEL and Jayprakash Power Ventures.

Themis Medicare started receiving orders for supply of Feracrylum 1% Gel 15 gms To be included in first aid kit and is likely to receive similar such orders in future.

Global Markets

Asian markets rebounded in morning trade on Wednesday in Asia, but sentiment remained fragile as the mysterious Wuhan Coronavirus continued to spread and had reached the U.S.The Shanghai Composite dropped 0.2%

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 added 0.70%.

Australia stocks were higher after the close on Wednesday, as gains in the Consumer Staples, IT and Healthcare sectors led shares higher.The S&P/ASX 200 rose 0.94% to hit a new all time high.

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