Benchmark indices witnessed selling pressure on the second trading session of the week ahead of Union Budget to be announced tomorrow in parliament. There was little impact from the Economic Survey on markets by the finance ministry forecasting India’s economy would grow by between 6.75 and 7.5 percent in the coming fiscal year. Global cues also remained subdued on worries of US President’s immigration policy. Nifty ended the session to close lower at 8584.30.FMCG stocks were the major gainers of the day while IT stocks were the losers for the day.
Global Markets Update
Wal-Mart Stores Inc will offer U.S. shoppers free two-day shipping on a minimum order of $35 starting Tuesday, its latest attempt to compete with rival Amazon.com Inc’s popular Prime shipping program.
Japan’s Nikkei share average posted the biggest daily decline since November on Tuesday as uncertainty over U.S. President Donald Trump’s policies weighed on investor sentiment.
Stocks of IT companies such as TCS, Infosys, and Wipro decline up to 5 percent on the back of reports that a legislation has been introduced in the US House of Representatives, which among other things, calls for more than doubling the minimum salary of H-1B visa holders to $130,000.
IOC posted 28 percent rise in its Q3 net profit which stood at to Rs 3,995 crore but missed analysts’ expectations due to higher other expenses, excise duty and tax cost. Revenue up 15.3% stood to Rs 1.15 lakh crore, which is better-than-expected.
Syndicate Bank net profit stood at Rs 93.56 crore for Q3 against the loss of Rs 119.67 crore on the back of lower tax expenses. Total income has increased 5.91% to Rs 6,554.04 crore against Rs 6,188.25 crore.
Bharti Infratel shares tanks for the second consecutive day on NSE on the back of huge trading volumes as well as after Vodafone on Monday said it is in talks to merge its unlisted Indian subsidiary with Idea Cellular.
Dabur India Q3 net profit tanks 7.5% which stood at Rs 293.76 crore on demonetization and currency fluctuations woes. Net sales were also down 6.08 percent to Rs 1847.67 crore.
European shares climbed on Tuesday and headed for their third straight month of gains, with a rally in firms such as British online supermarket Ocado and Swedish engineer Alfa Laval after their encouraging earnings updates supporting the market.
Australia stocks were lower, as losses in the Metals & Mining, Resources and Energy sectors led shares lower.
Indonesia stocks were lower after the close on Tuesday, as losses in the Basic Industry, Consumer Industry, and Manufacturing sectors led shares lower.
Philippines stocks were lower as losses in the Services, Industrials and Holding Firms sectors led shares lower.
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