The market corrected sharply on Wednesday, amid broad based selling pressure. Banks, auto and metals tumbled while most IT shares sailed through the tide.
Selling was triggered by the Asian Development Bank (ADB) on Wednesday slashing its growth forecast for India for fiscal 2019-20 to 6.5% from 7% projected in July, following weaker growth in the first quarter due to a slowdown in consumption and investment activities that hit manufacturing and sectors.
Saudi Aramco asked banks to submit proposals for a project finance loan of more than $1 billion.Saudi Arabia has restored its oil production capacity to 11.3 million barrels per day after the attacks on oil facilities.World stocks fell to a two-week low and risk assets dipped lower after U.S. lawmakers called for an impeachment inquiry into President Donald Trump. European STOXX 600 dropping 1.4% as technology stocks lead the losses.
Shares of Tata Consultancy Services (TCS) climbed over 2 percent after the company announced QNB Group has selected the company to support digital transactions.
Shares of Dewan Housing Finance Corporation (DHFL) jumped nearly 9 percent on September 25 ahead of the company’s meeting with its lenders.
IRCTC IPO price band set at Rs 315-320 per share. The IPO will open on September 30, closes on October 3.
Shares of Zee Entertainment Enterprises rose 5 percent on September 25 after company received an extension from some of lenders to repay the outstanding loans.
Shares of Maruti Suzuki slipped more than 2 percent intraday on September 25 after the company decided to reduce the price of select models. In order to share the benefits of corporate tax reduction with its customers, the company has decided to reduce the price of select models by Rs 5,000/- (on ex-showroom price).
Japan stocks were lower after the close on Wednesday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares lower. The Nikkei 225 lost 0.36%.
Australia stocks were lower after the close on Wednesday, as losses in the Energy, Telecoms Services and Resources sectors led shares lower. The S&P/ASX 200 declined 0.57%.
China’s Shanghai Composite and the SZSE Component fell 0.7% and 1.1%. South Korea’s KOSPI dropped 0.6%.
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