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Market Snippet

Benchmark indices witnessed another round of volatile trade session and did not sustain on higher side amid weak global cues before the Donald Trump entry in the white house as Dollar is expected to hold strong. Investors are cautious ahead of Union Budget of 2017 as they hope for incentives to support an economy hit by cash shortages after a ban on higher-value banknotes. Nifty ended the session to close at 8417.

The Metal stocks were the major gainers of the day while auto and auto ancillary stocks were the losers for the day.

Nifty

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Global Markets Update

Global consulting firm McKinsey & Co signed a long-term lease for a new office in London, signaling its commitment to Britain at a time when the country’s coming withdrawal from the EU means some groups are relocating staff away from the UK.

European shares edged lower on Wednesday as a slump in education publisher Pearson’s shares weighed on media stocks, though ASML and Novozymes gained after robust updates.

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Stock

Delta Corp posted lower than expected Q3 numbers as net profit tanks 68.8% which stood at Rs 10 crore on lower casino business but year-on-year growth was 37.2 percent in bottom-line. Total income from its operations tanks 22.9% to Rs 103.6 crore.

Tata Elxsi shares rallied more than 6 percent today on NSE (National Stock Exchange) on reports of the company looking to test driverless cars first time on Indian roads.

Hindustan Zinc shares moved higher on reports that the government has demanded around Rs 15,000 crore in dividend payout from the company as the partly state-owned mining firm is sitting on the surplus cash reserve.

United Spirits shares gains for the third consecutive day NSE (National Stock Exchange) after a Bloomberg report suggested that Diageo Plc is considering increasing its majority stake in the company.

Zydus Cadila has got nod from USFDA to market Methotrexate Tablets USP, 2.5 mg. This drug is used to treat leukemias, lymphomas, lung cancer, head and neck cancers and other cancers. The drug will be produced at the group’s formulation manufacturing plant located at the Pharma SEZ in Ahmadabad.

Global Markets

Japanese stocks rose on Wednesday after recovering from five-week lows as the yen weakened against the dollar and helped restore investor sentiment.

Asian stock markets stabilized near three-month highs on Wednesday, helped by Hong Kong and Chinese shares, as investors judged U.S. President-elect Donald Trump’s concerns over a stronger dollar to be beneficial to some of the regional bourses.

Indonesia stocks were higher after the close on Wednesday, as gains in the Agriculture, Miscellaneous Industry and Consumer Industry sectors led shares higher.

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