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Market Snippet

Domestic stocks nudged lower due to negative global cues. A bout of volatility was seen in early trade as domestic bourses hovered in positive and negative zone. Though, fresh selling pulled the indices to fresh intraday low in late trade. The Nifty 50 lost 55 points and settled at 10633.30. Correction in global stocks amid political turmoil in Italy & Spain and sharp fall in the rupee dented investor’s sentiment. IT sector were the major gainers and PSU Banks were the major losers of the day.

Global Markets

A deepening political crisis in Italy provoked a second day of heavy selling on European financial markets, with the euro cut to a 6-1/2 month low.

Nestle plans to eliminate up to 500 information technology jobs at its Swiss home base as its shifts work to an existing tech hub in Spain and other locations.

Stock Snippets

Vedanta Limited share prices plunged 2% as the company today termed as the Tamil Nadu government’s order to close down the Sterlite copper plant at Tuticorin.

For fabricating formula electric, Wipro ties up with Indian Institute of Technology at Bombay.

Idea cellular, a telecom operator company announced it has rolled out 4G VoLTE service in 15 telecom circles covering all the district headquarters.

A demand notice from Canara Bank given to Vardhman Polytex to repay the outstanding principal amount of loan taken along with the interest due till date.

On 25 May, Government of India increased its stake in IDBI Bank by 5 per cent to 85.96 per cent by acquiring 109.73 crore shares via preferential allotment

Yesterday, Avenue Supermarts has incorporated a wholly owned subsidiary named ‘Reflect Wholesale and Retail’.

Essar signs Memorandum of Understanding with Russia’s Inter Rao-Export.

Global Markets

Japan stocks were lower after the close on Tuesday, as losses in the Chemical, Petroleum & Plastic, Mining and Shipbuilding sectors led shares lower. At the close in Tokyo, the Nikkei 225 declined 0.55% to hit a new 1-month low.

Philippines stocks were lower after the close on Tuesday, as losses in the Holding Firms, Mining & Oil and Industrials sectors led shares lower. The PSEi Composite lost 0.53%.

Taiwan stocks were lower after the close on Tuesday, as losses in the , Cement and Other Electronic sectors led shares lower. At the close in Taiwan, the Taiwan Weighted lost 0.22%.

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