 "Nifty settles below 7,600 dragged by pharma shares; Lupin cracks 6%")
Markets ended the session on a weak note, amid choppy trades, weighed down by selling pressure in pharma shares with Lupin leading the decline.
The S&P BSE Sensex ended at 24,900, down by 66 points while the Nifty closed at7,597, down by 18 points.
Among the broader markets, BSE Midcap and Smallcap indices closed 0.2% lower each.
Investors across the globe are waiting for a speech by the US Fed Chair to get some clues on interest rates following a weak US data.
Meanwhile, participants remain edgy ahead of the March series futures and options contracts expiry due on Thursday.
Also, market players are anxiously awaiting the announcement of first bi-monthly monetary policy of the Reserve Bank of India (RBI) for FY16-17 amid clamours for a 25 bps rate cut.
In the commodity space, the crude oil prices fell in today’s trade as concerns mount that a rally since January is fizzling out, while analysts forecast another rise to record levels for US crude stockpiles.
KEY STOCKS
Lupin was the biggest talking point in today’s trade. The stock plummeted nearly 14% in intraday trade before ending 6% down after the drug major’s Mandideep unit in Madhya Pradesh was inspected by United States Food and Drug Administration (USFDA) in February.
Following a crash in Lupin, pharma peers came under pressure as well. Dr. Reddy’s, Cipla, Glenmark Pharma, Sun Pharma, all plunged between 3%-5% each.
ONGC has approved an investment of Rs 340 billion over the next few years in its east coast oil and gas asset, in a bid to boost production and benefit from a change in government policy. However, the stock ended 0.6% lower.
HDFC Bank dropped 1.5% after the country's second largest private sector lender, is set to raise up to Rs 5,000 crore by way of infrastructure bonds.
NTPC announced the commissioning 660 MW unit-3 at Mouda Super thermal power station. However, the stock slipped 1.5%.
Wipro announced a five-year partnership with the country's top food service company Jubilant FoodWorks to deliver energy management services and help reduce energy and operational costs. Jubilant FoodWorks gained 1% while Wipro dropped 0.4%
Tech Mahindra, the IT arm of the Mahindra Group, said it joined General Electric's Digital Alliance Program and will use GE's industrial internet platform to build more solutions in the power, oil & gas and transportation industries. The stock closed 1.5% lower.
Ashok Leyland on Monday sold shares worth Rs 299 crore in IndusInd Bank through an open market transaction. Asok Leyland gained 2% while IndusInd Bank ended flat.
IDBI Bank ended flat after it allotted 158 million equity shares, equivalent to 7.16 per cent stake, on preferential basis to Life Insurance Corporation of India (LIC), which now holds over 14 per cent stake in the state-run lender.
The S&P BSE Sensex ended at 24,900, down by 66 points while the Nifty closed at7,597, down by 18 points.
Among the broader markets, BSE Midcap and Smallcap indices closed 0.2% lower each.
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According to Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services,"Trading ranges were constrained again, with weak f&o rollovers so far pointing towards a subdued derivatives expiry this Thursday. Cues from global markets also pointed towards caution, as commodities, and major stock indices remained largely flat to negative ahead of Fed chair’s speech scheduled later in the day. Traders hope to have more insight on the US rate trajectory, which had sharply turned bullish since last Monday, on improved chances of rate hike as early as next month."
Investors across the globe are waiting for a speech by the US Fed Chair to get some clues on interest rates following a weak US data.
Meanwhile, participants remain edgy ahead of the March series futures and options contracts expiry due on Thursday.
Also, market players are anxiously awaiting the announcement of first bi-monthly monetary policy of the Reserve Bank of India (RBI) for FY16-17 amid clamours for a 25 bps rate cut.
In the commodity space, the crude oil prices fell in today’s trade as concerns mount that a rally since January is fizzling out, while analysts forecast another rise to record levels for US crude stockpiles.
KEY STOCKS
Lupin was the biggest talking point in today’s trade. The stock plummeted nearly 14% in intraday trade before ending 6% down after the drug major’s Mandideep unit in Madhya Pradesh was inspected by United States Food and Drug Administration (USFDA) in February.
Following a crash in Lupin, pharma peers came under pressure as well. Dr. Reddy’s, Cipla, Glenmark Pharma, Sun Pharma, all plunged between 3%-5% each.
ONGC has approved an investment of Rs 340 billion over the next few years in its east coast oil and gas asset, in a bid to boost production and benefit from a change in government policy. However, the stock ended 0.6% lower.
HDFC Bank dropped 1.5% after the country's second largest private sector lender, is set to raise up to Rs 5,000 crore by way of infrastructure bonds.
NTPC announced the commissioning 660 MW unit-3 at Mouda Super thermal power station. However, the stock slipped 1.5%.
Wipro announced a five-year partnership with the country's top food service company Jubilant FoodWorks to deliver energy management services and help reduce energy and operational costs. Jubilant FoodWorks gained 1% while Wipro dropped 0.4%
Tech Mahindra, the IT arm of the Mahindra Group, said it joined General Electric's Digital Alliance Program and will use GE's industrial internet platform to build more solutions in the power, oil & gas and transportation industries. The stock closed 1.5% lower.
Ashok Leyland on Monday sold shares worth Rs 299 crore in IndusInd Bank through an open market transaction. Asok Leyland gained 2% while IndusInd Bank ended flat.
IDBI Bank ended flat after it allotted 158 million equity shares, equivalent to 7.16 per cent stake, on preferential basis to Life Insurance Corporation of India (LIC), which now holds over 14 per cent stake in the state-run lender.