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Market Snippet
Benchmark indices edged lower as investors remained cautious as the government is likely to introduce the long-term capital gains tax in the Union to be announced on Thursday. Global cues also remained bearish as Asian shares headed lower. Nifty ended at 11055.40.
Banking stocks were the major gainers of the day while Pharma stocks were the major losers of the day.

Global Markets Update
Printer and copier maker Xerox Corp reported a quarterly loss on Wednesday as tumbling demand for office printing took a toll on its results.The company reported a net loss from continuing operations of $196 million.
European stocks opened slightly higher as investors monitored the release of economic data and corporate earnings. The pan-European Stoxx 600 was up 0.15 percent shortly after the opening bell, with most sectors and major bourses in positive territory.

Stock Snippets

Strides Pharma Global Pte. Limited has received approval for Piroxicam capsules 10mg and 20mg from the United States Food and Drug Administration (USFDA). Piroxicam is indicated for the symptomatic relief of rheumatoid arthritis, osteoarthritis or ankylosing spondylitis.

Intellect Design Arena posted a poor set of earnings in Q3 as margins took a hit while revenue growth remained flattish.

Jubilant Life Sciences gains after the company announced that it has received Abbreviated New Drug Application (ANDA) approval for Clonidine Hydrochloride Extended-Release Tablets.

Adani Power has sought approval from the commerce ministry for setting up of a special economic zone for the power sector in Jharkhand, entailing an investment of Rs15,002cr.

Mphasis aims to grow faster than the industry in 2018-19, after crossing a run rate of $1 bn in the third quarter of the current financial year, as it has started bagging an increasing number of deals in newer areas of business.

Syndicate Bank board meet on Feb 2 to approve revised capital plan pf bank from earlier Rs3500cr to Rs 3990cr through QIP/ Rights issue/ Follow on public offer.

Global Markets

Asia stocks pulled further back from record highs as the recent rise in global bond yields weighed on equities, while the dollar steadied ahead of the Federal Reserve’s policy decision.

Japan’s Nikkei recouped early losses and ended slightly higher on Friday as expectations that the Bank Of Japan would buy more exchange-traded funds offset drops in automakers.

MSCI’s broadest index of Asia-Pacific shares outside Japan added to the previous day’s losses and dipped 0.1 percent.

Australian stocks shed 0.4 percent, South Korea’s KOSPI lost 0.3 percent and Japan’s Nikkei dropped 0.3 percent.

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