Domestic market edged higher, boosted by IT stocks as the rupee hit an all-time low, while market participants awaited the outcome of a no-confidence motion against the government. The market breadth was negative. The Nifty 50 gained 53.10 points and settled the week at 11010.20. Apart from this, on global front, Trump was not “thrilled” that the Federal Reserve was hiking interest rates. Worries about a potential trade war also weighed on investor sentiment. Pharma sector were the major gainers and media sector were the major loser of the day.
Euro zone shares tumbled on Friday as autos and banks stocks gave up their gains amid rising trade tensions which caused a selloff in the Chinese yuan and U.S. stock markets overnight. U.S. industrial conglomerate General Electric Co reported a 28% drop in quarterly profit on Friday, as weakness in its power business offset gains in aviation and healthcare businesses.
Jain Irrigation has received a Letter of Intent from Water Resources Department, Government of Madhya Pradesh to execute the Mohanpura Major Project. Moreover, it bags India’s largest major irrigation project worth Rs 975 crore.
MEP Infrastructure Developers enunciated that its subsidiary – MEP Sanjose Nagpur Ring Road 2, has achieved the Milestone II for the project of Four Lane Stand Alone Ring Road/ Bypasses for Nagpur City, in the State of Maharashtra on BOT (Hybrid Annuity) basis as per the Concession Agreement.
Alembic Pharmaceuticals rose 2.3% after the company informed that it has received Establishment Inspection Report (EIR) from USFDA for the inspection carried out by them at our API Facility at Karakhadi during the period from 14 May 2018 to 18 May 2018.
Gujarat Sidhee Cement plunged 3.08% after the company said that it has halted operations of Kiln and upstream equipment in cement factory due to heavy rainfall in entire Gir Somnath district.
NCLT approves JSW Steel-AION’s resolution plan for Monnet Ispat with some modifications.
Japan stocks were lower after the close on Friday, as losses in the Gas & Water, Chemical and Paper & Pulp sectors led shares lower. The Nikkei 225 fell 0.29%.
Taiwan stocks were higher after the close on Friday, as gains in the Semiconductor, Optoelectronic and Electronics sectors led shares higher. The Taiwan Weighted rose 0.89%.
Philippines stocks were higher after the close on Friday, as gains in the Property, Mining & Oil and Banking & Financials sectors led shares higher. The PSEi Composite added 0.16%.
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