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The domestic stock market sharply came off day’s low and ended with modest losses on Wednesday. Shares slumped in the afternoon after India’s Health Minister Harsh Vardhan said that a total of 28 cases of coronavirus have been confirmed in India. The media reports of United States conducting an airstrike against Taliban in Nahr-e Saraj of Helmand district also triggered selling. However, as the day was drawing to close, investors resorted to aggressive buying at lower levels helping the bellwether indices recover most of their losses.

Global Markets  

Hong Kong-based Bank of East Asia would carry out a comprehensive review of its portfolio of businesses and assets with the support of activist investor Elliott Management. European shares struggled for direction on Wednesday as investors wondered if the European Central Bank and euro zone governments would green light stimulus measures after the U.S. Federal Reserve cut interest rates in an emergency move.

Stock Snippets

BASF India as received demand notices for the periods i.e. 2010-13 aggregating to Rs 211.25 crore and a notice for Rs 46.39 crore for the period 2015-16 from Commercial Tax Department, Karnataka.

Raymond share price rose nearly 4 percent on March 4 after company received NCLT approval for consolidation of its FMCG business.

Shares of aviation players InterGlobe Aviation (IndiGo) and SpiceJet continued reeling under pressure as rising coronavirus cases have made the sky gloomier of aviation players.

Shares of Bharti Airtel climbed over 2 percent after the company paid Rs 1,950 crore to government towards deferred spectrum dues.

HFCL received the purchase order worth Rs 196 crore from Larsen & Toubro for the supply of optical fibre cables (OFC) for construction of Telangana fibre grid (T-Fiber) under Bharat Net Phase-II programme of GoI, in Telangana

Global Markets

Japan stocks were higher after the close on Wednesday, as gains in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares higher.The Nikkei 225 added 0.08%.

Australia stocks were lower after the close on Wednesday, as losses in the IT, Financials and Energy sectors led shares lower.The S&P/ASX 200 declined 1.71% to hit a new 6-months low.

Asian markets were mixed on Wednesday morning as the U.S. Federal Reserve cut its benchmark rates as expected.China’s Shanghai Composite inched up 0.1%.

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