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Key equity benchmarks ended the volatile session with strong gains on Friday. Rate sensitive realty and auto stocks were in demand. Investors’ sentiment got a boost as improving US-China trade relations and a rate cut from the European Central Bank eased fears of a global economic slowdown. Nifty opened lower and dropped below 11,000 level in morning session. Buying resumed in afternoon trade, which pushed the index above 11,000. The index faced its psychological resistance at 11,100.

Global Markets

A driver for Uber has sued the company for misclassifying its drivers as independent contractors, hours after California legislators voted to help thousands of those workers become, and enjoy the benefits of being, employees.

In March, Uber agreed to pay $20 million to settle a nearly six-year-old lawsuit by California and Massachusetts drivers over their classifications.

Stock Snippets

Pharma major Lupin said it has received approval for its Propranolol Hydrochloride extended-release (ER) capsules from Health Canada.

Biocon licensed three Generic Formulations Products to China Medical System Holdings.

Dr. Reddy’s Laboratories received EIR from the USFDA indicating closure of audit for its Vizag’s formulations plant

SBI stated that it will exercise the over-subscription option of 1cr share in the SBI Life Insurance offer for sale.

Power Grid Corporation was declared successful bidder for two transmission projects in Madhya Pradesh and Rajasthan.

SEBI imposed a penalty of Rs10 lakh on ICICI Bank and Rs2 Lakh Penalty from Bank’s ED Sandeep Batra regarding disclosure norms regarding agreement signed between dominant shareholders of the Bank and Bank of Rajasthan.

Shares of Gravita India rallied 5 percent intraday after the increase in production capacity of lead recycling plant in Ghana

Global Markets

Japan stocks were higher after the close on Friday, as gains in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares higher. At the close in Tokyo, the Nikkei 225 added 1.05% to hit new 3-months high.

Australia stocks were higher after the close on Friday, as gains in the Industrials, Financials and Utilities sectors led shares higher. At the close in Sydney, the S&P/ASX 200 added 0.21% to hit a new 1-month high.

U.S. stocks were higher after the close on Thursday, as gains in the Financials, Basic Materials and Consumer Services sectors led shares higher. At the close in NYSE, the Dow Jones Industrial Average added 0.17% to hit a new 1-month high.

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