Domestic stocks began trading for the day on a weak note as US and Asian shares declined amid rising geopolitical tensions in the Korean peninsula. Volatility ruled the roost in mid-afternoon trade as key benchmark indices once again extended losses on fresh selling after erasing almost entire intraday losses. The undertone of the market was negative due to political uncertainty in Karnataka and subdued Asian stocks. Realty sector were the major gainers while PSU Banks were the major losers of the day.
Global Markets Update
Australia stocksinched higher as gains in the Energy, Resources and Consumer Discretionary sectors led shares higher. At the close in Sydney, the S&P/ASX 200 gained 0.29%. Nordea’s decision to move its headquarters from Stockholm to Helsinki increases vulnerabilities in the Finnish economy and makes the country more exposed to problems in the Nordic region
Glenmark Pharmaceuticals announced grant of substitution and successful launch of generic Seretide Accuhaler in Denmark.
Multi Commodity Exchange of India (MCX) commenced options trading in crude oil contract.
On May 18, Indiabulls Real Estate board to consider the proposal of buy-back of equity shares of the company
Ruchi Soya clarified on letter received from Ministry of Corporate Affairs (MCA) regarding investigation into company’s affairs.
Tata Steel rose 2% on report to acquire Bhushan Steel through its step-down subsidiary Bamnipal Steel
ICICI Bank acquires nearly 18% stake in Gammon Infrastructure
National Thermal Power Corporation Limited(NTPC) sings MoU to buy three power plants in Bihar
Faced with bankruptcy proceedings, beleaguered firm Reliance Communications plunged as much as 9.63 per cent early on Wednesday.
Japan stocks were lower after the close on Wednesday, as losses in the Shipbuilding, Real Estate and Finance & Investment sectors led shares lower. At the close in Tokyo, the Nikkei 225 fell 0.44%.
Philippines stocks were lower after the close on Wednesday, as losses in the Holding Firms, Industrials and Services sectors led shares lower. At the close in Philippines and the PSEi Composite lost 0.21%.
Taiwan stocks were higher after the close on Wednesday, as gains in the Cement, Cement & Glass and Plastic sectors led shares higher. The Taiwan Weighted added 0.21%.
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