Top Highlights of Daily Equity Market 21 Nov’18

Market Outlook

Key benchmark indices suffered sharp losses weighed by slide in index heavyweights HDFC, Infosys and Reliance Industries. Domestic stocks opened on a negative note tracking lower Asian stocks. Stocks hovered in negative zone in morning and mid-morning trade. Indices weakened in mid- trade tracking slide in European stocks. Weakness continued in late trade. The Nifty 50 lost 107.20 points and settled the day at 10656.20. Realty sector were the major gainer and Metal sector were the major losers of the day.

Global Markets

Nissan Motor Co’s shares fell nearly 6 percent on Tuesday as Chairman Carlos Ghosn’s arrest a day earlier sent shockwaves through the business world and threw into doubt the future of Japan’s No.2 automaker and its global alliance. European stocks dragged as a drop in Apple shares on Wall Street, after a report the consumer tech giant is cutting production for its new phones, sapped appetite for the sector globally.

Stock Snippets

SRF informed that damage to its Tamil Nadu textile unit due to Cyclone Gaja is Rs28cr. It, however, stated that the damages were covered by adequate insurance.

Kridhan Infra’s Singapore arm wins Rs195cr construction order for link sewers from Singapore’s Public Utilities Board.

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Azelaic Acid Gel, 15%, a generic version of Finacea Gel, 15%, of Leo Pharma A/S.

GAIL India and Gujarat Energy Transmission Corporation (Getco) have moved to the National Company Law Tribunal (NCLT) for the rejection of ArcelorMittal’s bid for Essar Steel.

Production at NMDC’s Donimalai mine suspended. Suspension of production at the mine is reportedly temporary.

Yes Bank share prices plunged 6% after the bank announced that Rentala Chandrashekhar, independent director has tendered his resignation from the bank’s board, with immediate effect, due to personal reasons.

Global Markets

Japan stocks were lower after the close on Tuesday, as losses in the Communication, Chemical, Petroleum & Plastic and Mining sectors led shares lower. The Nikkei 225 declined 1.09%. China stocks were lower after the close on Tuesday, as losses in the Technology Hardware & quipment, Gas, Water & Multi utilities and Technology sectors led shares lower. The Shanghai Composite fell 2.13%, while the SZSE Component index lost 2.83%. Taiwan stocks were lower after the close on Tuesday, as losses in the, Semiconductor and Electricity sectors led shares lower. The Taiwan Weighted fell 0.86%.

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