Benchmark indices adopted cautious approach today after global sell of as the rising inflation and bond yield in US economy sparked the fear of tight monetary policy around globe. Investors also remained cautious ahead of RBI MPC credit policy decision due on Wednesday. Nifty ended at 10684.60.
Auto shares were the major gainers of the day while Private Bank shares were the major losers of the day.
Global Markets Update
Japan’s Suzuki Motor Corp. on Monday announced a 68% jump in operating profit in the third quarter due to ongoing growth in automobile and motorcycle sales in India, its biggest market, as well as in Europe and at home.
Growing inflation expectations and rising bond yields took their toll on equity markets as European equity markets suffered a sharp sell-off at the open on Monday.
Indian Oil Corporation will invest Rs 3,400 crore in Assam over the next five years to expand its operations by setting up new units as well as upgrading the existing ones.The company will sign a memorandum of understanding (MoU) with the Assam Government to this effect at the two-day ‘Advantage Assam – Global Investors Summit 2018.
Strides Pharma Global, the wholly-owned subsidiary of Strides Shasun, has received approval for Nystatin and Triamcinolone Acetonide ointment and Piroxicam capsules, used to treat fungal skin infections.Strides got the nod from the US Food and Drug Administration (FDA) a few days after receiving an approval to market the Hepatitis and HIV drug in the US.
Employees of Bhushan Steel in partnership with a Singapore-based fund have placed a bid for acquiring the stressed asset of Bhushan Steel.The deadline, which was extended twice, ended at 6 pm on Saturday. The winning bid will be announced on Tuesday.
Reliance Communications has opposed the telecom regulator’s directive asking the company to refund unspent balance of mobile subscribers, in the wake of discontinuation of its voice services.
U.S. stocks faced renewed selling pressure Monday, after suffering their biggest single-session declines in more than a year.Dow Jones Industrial Average futures slid more than 120 points, as bond yields continued to climb, dulling the appeal of equities for traders.
Japan’s Nikkei share average fell sharply on Monday as fear that U.S. inflation may be finally gathering pace pound global equities, with investors dumping small-cap shares.
Philippines stocks were lower after the close on Monday, as losses in the Property, Industrials and Mining & Oil sectors led shares lower.
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