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STOCK TRADING

Key benchmark indices logged modest losses on selling pressure in index pivotals. Domestic stocks drifted lower in early trade as most Asian stocks declined. Key benchmark indices extended losses and hit intraday low in morning trade. Stocks cut losses in mid-morning trade. Indices traded near day’s low in afternoon trade. Key equity indices hovered in negative zone in late trade. The Nifty 50 lost 54.80 points and settled at 10888.80. Media sector were major gainer and PSU Banks were major loser of the day. 

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Global Markets

Al Jazeera Media Network would partner with Bloomberg Media Distribution as part of a content license agreement to expand its global business news coverage. Gain in heavyweight mining and banking stocks helped European shares recover from one-week lows on Monday as investors turned their focus to the start of a new round of trade talks between Beijing and Washington. The STOXX 600 index was up 0.7%

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Stock Snippets

Dr Reddy’s Laboratories dropped 5.5%. Dr Reddy’s Laboratories announced that the audit of its formulations manufacturing plant – 3 at Bachupally, Hyderabad by the US Food and Drug Administration (USFDA) completed on 8 February 2019. The company has been issued a Form 483 with 11 observations

Shares of Aurobindo Pharma gained 1% after the company completed the acquisition of Apotex’s commercial operations and certain supporting infrastructure in five European countries.

Glenmark Pharmaceuticals Inc., USA (Glenmark) has been granted final approval by the United States Food & Drug Administration (USFDA) for Sevelamer Hydrochloride Tablets, 400mg and 800mg, a generic version of Renagel tablets, 400mg and 800mg, of Genzyme Corporation.

 REC announced that its board approved the proposal for incorporation of five project specific special purpose vehicles (SPVs), as wholly owned subsidiary companies of REC Transmission Projects Company for construction of projects.

Global Markets

Asian shares barely moved on Monday as investors were unable to shake worries about global growth, U.S. politics and the Sino-U.S. trade war, keeping the safe haven dollar near a six-week top against major currencies.

China’s blue-chip index surged 1.6 percent while Shanghai’s SSE Composite climbed 1.2%

Australia stocks were lower after the close on Monday, as losses in the Financials, Healthcare and Telecoms Services sectors led shares lower. The S&P/ASX 200 fell 0.18%.

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