The market declined for the fifth straight trading session on Thursday. Trading was volatile due to monthly expiry of the February series of derivatives contracts. The Nifty ended below its 200-day simple moving average placed at 11,685.62. The undertone of the market was weak as investors were concerned that the global economy could slow down as China struggles to contain the coronavirus outbreak. Except pharma, all other indices ended in the red. Nifty PSU Bank index fell 2.5 percent, followed by the IT, energy, metal, infra and auto.Global Markets
Online fashion retailer Zalando plans to offer more premium and luxury ranges and move into the vintage clothing market as it predicted slower sales growth in 2020 after a strong final quarter to 2019.U.S. stock index futures slid after American health authorities said they’ve identified the first case of coronavirus that doesn’t have known ties to an existing outbreak.Euro Stoxx 50 futures declined 2.7%.
TVS Motor Companyannounced their partnership with Motomundo SA, one of the largest, respected business groups in Honduras.
Glenmark Pharmaceuticals‘ Swiss subsidiary, Glenmark Specialty S.A., has entered into an exclusive licensing agreement with Hikma Pharmaceuticals PLC for commercializing its novel nasal spray Ryaltris in the US.
Shares of RITES fell 5.7 percent as government would sell its 10 percent equity stake through two-day offer for sale.
The construction arm of L&T has secured orders from prestigious clients for its varied businesses in India and abroad.
Biocon share price declined 2 percent after the pharma company received observations for its Bengaluru facility from the US drug regulator.
Adani Ports and Special Economic Zone Limited has incorporated a wholly owned subsidiary namely “Adani Bangladesh Ports Private Limited” in Bangladesh.
Asian markets were mixed on Thursday morning. South Korea’s central unexpectedly left rates unchanged, dashing hopes for a cut.The KOSPI lost 0.9%.
Japan stocks were lower after the close on Thursday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares lower.The Nikkei 225 declined 2.13% to hit a new 3-months low.
Australia stocks were lower after the close on Thursday, as losses in the IT, Energy and Telecoms Services sectors led shares lower.The S&P/ASX 200 declined 0.75% to hit a new 1-month low.
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