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Market Outlook

Key benchmark indices settled with modest losses on first trading day of the week. Local stocks drifted lower on account of negative Asian stocks. Fresh selling dragged the key benchmark indices to intraday low in mid-morning trades and then hovered in narrow range with small losses in afternoon trade.  Indices cut losses in late trade. The Nifty 50 lost 29 points and settled the day at 10524. PSU Banks were the major gainer and media sector were the major losers of the day.

Global Markets

Japan’s Subaru Corp recalled vehicles sold in the domestic market on new cases of inspection cheating, and cautioned that rising recall costs would lop off about a quarter from its annual profit forecast. European shares dipped on Monday after markets in Asian again suffered from investor nervousness over fast-rising interest rates in the United States and its trade dispute with China. The European STOXX 600 was down 0.1%.

Stock Snippets

Strides Pharma Science announced successful completion of USFDA inspection at its flagship facility in Bangalore with zero observations.

TeamLease has signed addendum to the Investment Agreement to acquire stake in Avantis Regtech Private Limited.

Dr Reddy’s Labs completed sale of API manufacturing business unit in Jeedimetla, Hyderabad.

Share price of Adani Transmission were trading 2% after the company inked an agreement with KEC International for purchasing entire stake in KEC Bikaner Sikar Transmission.

Lupin announced that it has received approval for its Doxercalciferol Injection, 4 mcg/2 ml (2 mcg/ml) Multi-dose Vials from the USFDA to market a generic version of Sanofi Genzyme’s Hectorol Injection.

Sterlite Tech has won a Rs1,512 crore MahaNet-I project for the implementation of BharatNet- II in Maharashtra.

JB Chemicals and Pharmaceuticals has received USFDA approval for Midodrine HCL Tablets

Global Markets

Japan stocks were lower after the close on Monday, as losses in the Paper & Pulp, Transportation Equipment and Precision Instruments sectors led shares lower. The Nikkei 225 declined 1.63%. China stocks were lower after the close on Monday, as losses in the Real Estate Investments & Services, Travel & Leisure and Life Insurance sectors led shares lower. The Shanghai Composite fell 0.41%, while the SZSE Component index lost 0.36%. Taiwan stocks were lower after the close on Monday, as losses in the, Cement and Cement & Glass sectors led shares lower. The Taiwan Weighted fell 0.17%.

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