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Domestic shares corrected sharply on Thursday amid weak global cues triggered by rising death toll from coronavirus spreading in China. Meanwhile, India on Thursday reported its first case of the novel coronavirus in Kerala, the government said in a statement. The patient, a student of the Wuhan University, is stable and in isolation at a hospital, a statement from the Health Ministry said. All the sectoral indices ended lower led by the pharma, metal, bank, energy, FMCG and infra.

Global Markets  

Truck maker AB Volvo reported a smaller than expected fall in fourth-quarter earnings in the face of slowing demand and announced plans for a payout to shareholders that exceeded market expectations. European shares dropped as concerns mounted about the economic impact of an epidemic in China that has now claimed 170 lives. The STOXX dropped 0.9% heading for its sharpest weekly decline in nearly four months.

Stock Snippets

Aurobindo Pharma has received a letter from the USFDA classifying the inspection conducted Unit VII, an oral solids formulation manufacturing facility as Official Action Indicated (OAI).

JSW Steel subsidiary sell 39% equity stake in Geo Steel LLC to GeoSteel Group Holdings

Infosys has signed a multi-year, multi-million contract with ABN AMRO Bank to accelerate its cloud and DevOps transformation journey.

The Reserve Bank of India (RBI) on Wednesday said that it has imposed a monetary penalty of Rs1cr on HDFC Bank for non-compliance with Master Direction on Know Your Customer dated February 25, 2016 (updated as on December 08, 2016) (Direction).

Larsen & Toubro informed that the Water Effluent Treatment Business of L&T Construction has secured a prestigious EPC order from Narmada Valley Development Authority (NVDA), Government of Madhya Pradesh to execute the Indira Sagar – Parwati Phase III & IV Lift Micro Irrigation Project.

Global Markets

Asian markets fell on Thursday morning as the death toll from the coronavirus rose to 180 and the number of confirmed cases also continued to climb.Hong Kong’s Hang Seng Index dropped 1.9%.

Japan stocks were lower after the close on Thursday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares lower. At the close in Tokyo, the Nikkei 225 lost 1.72% to hit a new 1-month low.

Australia stocks were lower after the close on Thursday, as losses in the Healthcare, Metals & Mining and IT sectors led shares lower. At the close in Sydney, the S&P/ASX 200 lost 0.33%.

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