In early trade after opening higher, Key indices declined. Though Indices recovered and hovered near flat line but in late trade local stocks hit intraday low as selling pressure intensified. Domestic bourses settled with modest losses as weakness in FMCG and Banks pivotal weighed.The market breadth of the market was weak. The Nifty 50 lost 67 points and settled at 10628.50. IT sector were the major gainers and Realty sectors were the major losers of the day.
European shares extended their recovery rally on Monday thanks to bank stocks as dealmaking took centre stage again after a week of political tension in Italy and Spain. Germany’s Bayer will wrap up the $63 billion takeover of Monsanto on Thursday and also retire the U.S. seeds maker’s 117 year-old name.
In 2018-19, Dr Reddy’s Laboratories expects to launch over 15 products in the US market. Moreover, the audit of API Srikakulam plant in Andhra Pradesh has been completed by the US Food and Drug Administration with zero observations.
Cadila Healthcare receives final approval from the USFDA for Doxycycline Hyclate Capsules USP, antibiotic used for treating bacterial infections.
According to Mint report, the government is considering merging at least four state-run banks, including Bank of Baroda, IDBI Bank, Oriental Bank of Commerce and Central Bank of India
Future Retail completed acquisition of the Retail Business Undertaking operated under the brand name Foodworld from Foodworld Supermarkets.
Whirlpool share prices jumped to 2.11% as board of the company approved a proposal to enter into a strategic joint venture with Elica and acquire 49% equity in Elica PB India.
HeroMotoCorp share prices were up 0.44%. The company’s sales rose 11% to 7.06 lakh units in May 2018 over May 2017.
Japan stocks were higher after the close on Monday, as gains in the Chemical, Petroleum & Plastic, Finance & Investment and Paper & Pulp sectors led shares higher. The Nikkei 225 added 1.37%.
Philippines stocks were lower after the close on Monday, as losses in the Industrials, Holding Firms and Banking & Financials sectors led shares lower. The PSEi Composite declined 0.66%.
Taiwan stocks were higher after the close on Monday, as gains in the Cement, Cement & Glass and Electronic Parts/Components sectors led shares higher.
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