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DAILY MARKET INSIGHTS – 8th Feb 2019

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Indian Indexes

Indian local indices plunged sharply on February 8, as risk appetite dwindled on worries over ongoing trade spat between the US and China amid concerns over global economic health after European Commission slashed GDP forecasts for Eurozone. The Sensex fell by 1.15% or 424.61 points to 36546.48 . The Nifty declined by 1.14% or 123.80 points to 10,943.60.

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8Currency

Stocks in the news

1. Excel Crop Care Q3 net profit fell by 81.3% y-o-y to Rs.24 crore.

2. Marksans Pharma net profit rose by 44% y-o-y to Rs.25 crore.

3. VIP Industries net profit fell by 11.4% y-o-y to Rs.23.8 crore.

4. AIA Engineering rose by 11% y-o-y to Rs.129 crore.

Buzzing stocks on BSE

1. Tata Motors lost 14.9% at Rs 155.65 at 09:18 IST on BSE after the company reported consolidated net loss of Rs 26992.54 crore in Q3 December 2018 as compared to net profit of Rs 1198.63 crore in Q3 December 2017.

2. Sun Pharma Advanced Research Company fell 1.21% to Rs 146.50 at 10:01 IST on BSE after the company received a demand order worth Rs 46.04 crore for payment of Service Tax.

3. Shipping Corporation of India jumped 6.65% to Rs 40.10 at 11:12 IST on BSE after net profit surged 119.72% to Rs 180.54 crore on 25.02% rise in total income to Rs 1237.30 crore in Q3 December 2018 over Q3 December 2017.

Global Signals

Asian stock markets tumbled on February 08, after President Donald Trump said he doesn’t plan to meet Chinese leader Xi Jinping before a tariffs truce ends in March.

European stocks traded mixed as investors await developments in US-China trade talks.

 

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