Local stocks settled with modest losses on first trading day of the week tracking negative global stocks. Sensex provisionally settled below the psychological 36,000 level after sliding below that level in early trade. Domestic stocks drifted lower in early trade on negative Asian stocks. Data showing a sharp drop in IIP in November 2018 also dented early sentiment. Key indices cut losses and extended recovery in late trade. The Nifty 50 lost 57.35 points and settled at 10737.60.Pharma sector were major gainer and Metal sector were major loser of the day.
Overseas, European markets were lower on Monday morning, after a shock contraction in Chinese exports heightened fears of a slowdown in the world’s second-largest economy. In Europe, British Prime Minister Theresa May reportedly warned Sunday that lawmakers risk undermining the public’s faith in democracy if they reject her divorce deal with the European Union in a vote set for Tuesday.
Yes Bank gained 4.06% after the bank announced the appointment of Mr. Brahm Dutt as non-executive part-time chairman of the board.
Cadila Healthcare rose 0.95%. Zydus Cadila has received the final approval from the US Food and Drug Administration (USFDA) to market Betamethasone Dipropionate Cream USP (US RLD – DIPROLENE AF), 0.05%.
Tejas Networks fell 0.3%. Tejas Networks announced that it has signed a memorandum of understanding with Government of Kerala as its first telecom knowledge partner and is establishing a Center of Excellence (CoE) for next-generation telecom technologies in the state.
IL&FS Engineering and Construction stock in focus as Gujarat Metro Rail Corporation terminated contract with company for construction of metro rail corridor in Ahmedabad citing slow progress.
Shakti Pumps extended its production shut down till January 12. The company’s operation has been shut down since January 9 .
China stocks were lower after the close on Monday, as losses in the Travel & Leisure, Life Insurance and Technology Hardware & Equipment sectors led shares lower. At the close in Shanghai, the Shanghai Composite lost 0.71%.
Australia stocks were lower after the close on Monday, as losses in the Consumer Discretionary, Energy and Resources sectors led shares lower. At the close in Sydney, the S&P/ASX 200 lost 0.02%.
Taiwan stocks were lower after the close on Monday, as losses in the Cement and Cement & Glass sectors led shares lower. At the close in Taiwan, the Taiwan Weighted fell 0.52%.
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