Domestic market ended lower led by weakness in index heayweight Reliance Industries and select banks shares. The Nifty 50 lost 50.05 points and settled the day at 11385.05. Pharma sector were the major gainer and Metal sector were the major loser of the day.
On the economic front, India’s merchandise exports increased 14.3% to US$ 25.77 billion in July 2018 and imports moved up 28.8% to US$ 43.79 billion. The trade deficit jumped 57.3% to US$ 18.01 billion in July 2018.
European shares recovered after Beijing said it would hold trade talks with the U.S. this month, spurring a risk appetite recovery, although Italian shares fell sharply as Atlantia sank. Europe’s STOXX 600 rose 0.2%. China’s Tencent Holdings lost more ground on Thursday after it logged its first quarterly profit decline in nearly 13 years and said it is uncertain about Chinese approval to make money off its popular game.
money off its most popular game.
Reliance Industries (RIL) share prices plunged 0.68% as the company informed that it has taken short shutdown of one of the Fluid Catalytic Cracking Units (FCCU) at Jamnagar complex to assure reliability and integrity of operations. The unit is expected to restart within two weeks.
Indiabulls Real Estate share prices droped 3.5% after it reported 5.31% fall in consolidated profit after tax to Rs 117.50 crore on 38.47% rise in revenue from operations to Rs 810.90 crore in Q1 June RBI has rejected Kotak Mahindra Bank’s move to dilute promoter shareholding by allotting preferential shares.This lead to fall in share prices of Kotak Mahindra’s bank to 3.60%.
With reference to a news item titled, “Madras HC issues notice to Vedanta’s Sterlite on plea for Rs7.5 bn relief,” Vedanta gave clarification that it is yet to receive the notice as well as the copy of the petition from the court and will evaluate further course of action upon study of the same.
Bharti Airtel share prices were up 1.13% as the company announced that Bharti AXA Life Insurance and Airtel Payments Bank announced an alliance to offer the ‘Pradhan Mantri Jeevan Jyoti Bima Yojana, a government-backed life insurance scheme.
Philippines stocks were lower after the close on Thursday, as losses in the Industrials, Holding Firms and Services sectors led shares lower. The PSEi Composite fell 0.31%.
Japan stocks were lower after the close on Thursday, as losses in the Paper & Pulp, Glass and Chemical; Petroleum & Plastic sectors led shares lower. The Nikkei 225 lost 0.05%
Taiwan stocks were lower after the close on Thursday, as losses in the, Hotels and Electricity sectors led shares lower. The Taiwan Weighted fell 0.31% to hit a new 1-month low.
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