Domestic market snapped recent rally after the Reserve Bank of India’s monetary policy committee raised repo rate by 25 basis points to a two-year high of 6.5%. Though trading was volatile, the market opened higher and hit fresh intraday high in early trade. Selling emerged at higher levels, which dragged the market lower in late trade. The market breadth was positive. The Nifty 50 lost 10.30 points and settled the day at 11346.20. Pharma and IT sectors were the major gainers and on the other side Private Banks and Auto sectors were the major losers of the day.
European shares were flat on Wednesday as a fresh batch of corporate earnings offset mixed signals on the U.S.-China trade conflict. The pan European STOXX 600 was flat, Germany’s DAX had gained 0.1% and France’s CAC 40 was up 0.3%. Tesla plans to invest $5 billion to produce cars in China and avoid possible tariffs as trade tensions between the U.S. and Beijing remain on edge.
Cadilah Healthcare limited has received the final approval from the USFDA to market Azithromycin for Oral Suspension USP (USRLD – Zithromax), 100 mg/5 mL and 200 mg/5 mL. It is used to treat different types of bacterial infections such as respiratory infections, skin infections, ear infections and sexually transmitted diseases.
Parag Milk Foods enunciated that the company will be commencing manufacturing at the Sonipat plant in Haryana by end of this week.
Bajaj Auto has reported total sales of 400,343 units in July 2018 compared to 307,727 units in July 2017, recording a growth of 30%. Total sales include exports of 162,832 units, higher by 34% over corresponding month of previous year.
Jindal Steel & Power Limited today emerged as a winner in the prestigious first-ever global tender for supply of Rails by Indian Railways.
Maruti Suzuki India fell 1.75% after the company said that its total sales fell 0.6% to 164,369 lakh units in July 2018 over July 2017.
Japan stocks were higher after the close on Wednesday, as gains in the Warehousing, Rubber and Transportation Equipment sectors led shares higher. The Nikkei 225 gained 0.86%.
Philippines stocks were higher after the close on Wednesday, as gains in the Mining & Oil, Holding Firms and Property sectors led shares higher. The PSEi Composite gained 2.17% to hit a new 1-month high.
Taiwan stocks were higher after the close on Wednesday, as gains in the Cement, Cement & Glass and Electricity sectors led shares higher. The Taiwan Weighted added 0.37% to hit a new 1-month high.
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