Domestic market spurted on Wednesday led by rally in financial and auto sector shares. Moreover, Gains were supported by value buying after recent steep fall in share prices. The central bank’s decision to inject liquidity into the system through purchase of government bonds also improved sentiment. The overall health of the market was strong.
The Nifty 50 gained 159.05 points and settled the day at 10460.10. IT sector were the major loser of the day and PSU Bank and media sector were the major gainers of the day.
European shares fell on Wednesday as investors assessed whether worries about global growth warranted the caution that led Wall Street and Asian markets to trade sideways the day before. Debt-laden retailer Sears Holdings Corp has hired advisers to prepare for a possible bankruptcy that could come ahead of a debt payment due next week.
National Aluminium Company (Nalco) share prices surged up 6% after the company said that its board will meet on 12 October 2018 to consider the proposal for buyback of the fully paid-up equity shares of the company.
Share price of Graphite India were trading 5% higher after Bank of America Merrill Lynch (BofAML) initiated coverage of the company with a buying call.
Bharat Forge initiated a voluntary liquidation process of its JV with NTPC for business of manufacturing, buying, and selling equipment relating to the power sector.
State Bank of India (SBI) share prices jumped 5.92%. SBI reportedly said it will increase its portfolio purchase of loans from non-banking finance companies (NBFCs) this year as it looks to provide the much needed liquidity to the funds-starved sector, and simultaneously fulfil its priority-sector obligationsMerck’s share gained 5% after the government approved a proposal of Procter & Gamble Overseas India BV (P&G) to acquire up to 77.80% of the paid-up equity share capital of the company.
Philippines equities were lower at the close on Wednesday, as losses in the Banking & Financials, Holding Firms and Property sectors propelled shares lower. The PSEi Composite lost 0.83% to hit a new 3-month low.Japan equities were higher at the close on Wednesday, as gains in the Construction, Real Estate and Railway & Bus sectors propelled shares higher. The Nikkei 225 added 0.08%.Australia stocks were higher after the close on Wednesday, as gains in the Consumer Discretionary, Healthcare and Telecoms Services sectors led shares higher. The S&P/ASX 200 rose 0.14%.
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