Benchmark indices traded lower for the second continuous trade session on account of the selling pressure in all PSU banks after the central bank slashed the repo rate by 25 basis points to 6% a more than 6-1/2 year low. A survey report showed India’s service sector activity contracted at its sharpest rate in nearly four years in July. Nifty ended the session to close at 10043.00. The cements stocks were the major gainer of the day while Pharma and PSU banks stocks were the losers of the day.
Global Markets Update
U.S. retail giant Amazon.com unveiled the site of its first Australian warehouse on Thursday and named a German executive as country manager, signaling it is prepared for industrial strife in the world’s 12th-biggest economy.
European stocks were steady to lower as fresh round of corporate earnings was set to be released and as investors eyed the Bank of England’s monetary policy decision due later in the day.
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