Local stocks snapped two-day losing streak and ended with modest gains on positive global cues. The market breadth was positive. IT and Pharma stocks traded with a positive bias while metals and banking stocks are expected to remain volatile with downside pressure. On the domestic macro front, data released today showed that the IHS Markit India Services Business Activity Index declined to 52.4 in August from 53.8 in July, pointing to a slower rate of increase in output.
RBS Group Plc plans to set aside as much as 900 million pounds more for the ongoing payment protection insurance scandal, taking the British lender’s bill to 6.2 billion pounds. Italian stocks led a rebound in European shares as political tensions eased after Rome moved closer to forming a new government, while hopes of avoiding a no-deal Brexit improved overall investor sentiment.European STOXX 600 index rose 0.75%.
Canara Bank board meeting is scheduled to be held on September 13, 2019 to consider the amalgamation of Syndicate Bank into Canara Bank and to consider capital infusion upto Rs 9000 crore by Government of India by way of preferential issue of equity shares subject to necessary approvals.
GE T&D India received a grid upgradation order from West Bengal State Electricity Transmission Company (WBSETCL).
Shares of Maruti Suzuki India fell nearly 4 percent after the company said it has decided to shut down passenger vehicle manufacturing plants for two days.
Boehringer Ingelheim and Lupin announced a licensing, development and commercialization agreement for Lupin’s MEK inhibitor compound (LNP3794) as a potential targeted therapy for patients with difficult-to-treat cancers.
Shares of Ashok Leyland cracked over 6 percent on September 4, after the company reported a massive fall of 70 percent in M&HCV (medium and heavy commercial vehicles) truck sales in the domestic market in August 2019.
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 rose 0.18%.
The Shanghai Composite Index added 0.3% while the blue-chip CSI300 index gained 0.25% after activity in China’s services sector expanded at the fastest pace in three months in August, according to a business survey.
Australia stocks were lower after the close on Wednesday, as losses in the Healthcare, Telecoms Services and Utilities sectors led shares lower. The S&P/ASX 200 fell 0.31%.
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