Benchmark indices snapped three-day winning streak amid broad based selling pressure. Barring IT and realty stocks, heavy selling was witnessed across all segments with metal stocks declining the most. The Nifty opened above 11,100 mark but soon gave up that level amid selling pressure. The Nifty opened above 11,100 mark but soon gave up that level amid selling pressure. The Nifty made lower lows in the intraday and briefly slipped below the crucial 11,000 mark.
Overseas, European markets were trading lower while Asian stocks were mixed on Wednesday, as deeper worries about the global economy kept a lid on sentiment. US stocks slipped on Tuesday, weighed down by financial stocks as a deepening of the Treasury yield curve inversion raised US recession worries and uncertainty over any progress in trade negotiations between the United States and China took a toll.
Shares of Kalpataru Power Transmission plunged more than 12 percent after the company said that the World Bank had issued it a notice over alleged irregularities in its Africa business.
Indian Oil Corporation, the country’s top refiner, plans to invest Rs 2 lakh crore ($27.98 billion) in five-seven years to meet energy needs of diverse user groups, Chairman Sanjiv Singh told a shareholders meeting.
Coffee Day Enterprises Locked in 5 percent Lower Circuit after CARE downgraded credit rating on Coffee Day Global’s long term bank facilities to BBB from A and continued on credit watch with negative implications.
PVR informed exchanges the opening of 3 screens multiplex at Riddhi Siddhi Mall in Sri Ganganagar, Rajasthan. The multiplex is equipped with BARCO 2K projection system, Ultra-High Brightness 3D technology and 7.1 Digital Dolby surround sound
Toyota plans to acquire 4.9 percent stake in Suzuki worth 96 billion yen and Suzuki plans to acquire stake in Toyota worth 48 billion yen.
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