Profit booking after seven-day gains and negative global stocks pulled the key domestic key benchmark indices modestly lower. Domestic stocks opened on a subdued note as the key benchmark indices dropped on negative Asian stocks. Indices hovered in a small range with negative bias in mid-afternoon trade. Stocks cut losses in late trade.
The Nifty 50 lost 15.60 points and settled the day at 10951.70. Pharma sector were the major gainer and PSU Banks were the major loser of the day.
Asian shares slid on Thursday after the U.S. Federal Reserve raised rates, as expected, and kept most of its guidance for additional hikes over the next two years, dashing investor hopes for a more dovish policy outlook. Sweden’s AB Volvo (ST:VOLVb) has triggered its hard Brexit contingency plans, with the truckmaker building “safety stock” with its British dealers and considering alternative shipping routes.
Tata Consultancy Services launched Cloud Solutions Program in Canada. This solution provides cloud infrastructure and secured functioning between premise and public cloud environment.
Vakrangee announced the launch of its Domestic Money Transfer service in partnership with Eko India Financial Services, an authorised Prepaid Instrument License holder from RBI, through its nation-wide network of Nextgen Vakrangee Kendras.
ICICI Lombard has launched industry’s first Artificial Intelligence (AI) based solution to facilitate instant renewals of expired or lapsed motor insurance policies.
KPIT Technologies said that NCLT approved the merger plan with Birlasoft, which will then split into two-publicly traded companies.
Pfizer Inc entered into a joint venture agreement with GlaxoSmithKline Plc to create a global consumer company.
Alembic Pharma received zero observations under Form 483 from the USFDA for its API facility in Gujarat.
China stocks were mixed after the close on Thursday, as gains in the Media, Technology Hardware & Equipment and Technology sectors led shares higher while losses in the Banking, Life Insurance and Financial sectors led shares lower. At the close in Shanghai, the Shanghai Composite declined 0.52% to hit a new 1-month low.
Australia stocks were lower after the close on Thursday, as losses in the Metals & Mining, Gold and Materials sectors led shares lower. At the close in Sydney, the S&P/ASX 200 lost 1.34% to hit a new 52-week low.
Japan stocks were lower after the close on Thursday, as losses in the Shipbuilding, Manufacturing and Warehousing sectors led shares lower. At the close in Tokyo, the Nikkei 225 lost 2.84%.
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