Key benchmark indices were trading lower in early trade. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 47.45 points or 0.13% at 36,794.15. The Nifty 50 index was down 25.70 points or 0.23% at 11,117.40.
Among secondary barometers,the BSE Mid-Cap index was down 1.13%. The BSE Small-Cap index was down 0.89%.
The market breadth, indicating the overall health of the market, was negative. On BSE, 447 shares rose and 853 shares fell. A total of 61 shares were unchanged.
Overseas, the markets in Japan, South Korea and China are closed for public holidays on Monday.
The US-China trade war remains in focus Monday, with tariffs from both parties due to go into effect. Washington has announced 10% duties on $200 billion of Chinese imports, which prompted Beijing to respond with tariffs on $60 billion of US goods. On Friday, the media reported that China had called off planned trade talks with the US in the wake of a new round of duties.
In US, the Dow Jones Industrial Average on Friday notched a second straight all-time high, but a slump in technology and internet-related stocks weighed on the broader market, pressuring the Nasdaq.
More From This Section
In the latest US data, a reading on the manufacturing sector rose to 55.6 in September from the previous reading of 54.7. A report on the services sector dipped to 52.9 from 54.8. Both are from IHS Markit.
Back home, Tata Steel was down 0.57%. The company announced that it has executed definitive agreements for acquisition of the steel business of Usha Martin (UML) through a slump sale on a going concern basis. The closing of the acquisition is subject to fulfilment of various conditions under the agreements. At the closing, Tata Steel or any of its subsidiaries or affiliates may carry out this acquisition. The parties shall jointly work towards fulfilment of conditions precedent which are largely regulatory approvals required for the transfer of the business undertaking. All the employees pertaining to the steel business will transfer as part of the acquisition.
The steel business undertaking of UML inter-alia comprises of a specialized ~1.0 mtpa alloy based manufacturing capacity in long products segment based in Jamshedpur, a producing iron-ore mine, a coal mine under development and captive power plants. The acquisition is part of the overall strategy to build capability in long products and expand product offerings including high-value added products. The announcement was made on Saturday, 22 September 2018.
Biocon was up 1.16%. The company announced that the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has issued a positive opinion recommending approval of Fulphila, a biosimilar to Amgen's Neulasta (pegfilgrastim). The CHMP positive opinion will now be considered by the European Commission. The decision on approval is expected by November 2018. Fulphila was approved by the US Food and Drug Administration (FDA) earlier this year and is the first FDA-approved biosimilar for Neulasta in the US Regulatory applications for Fulphila also have been submitted in Australia, New Zealand, Canada and several other countries. The announcement was made made after market hours on Friday, 21 September 2018.
In a separate announcement, Biocon announced that the US Food and Drug Administration (USFDA) conducted a periodic Current Good Manufacturing Practice (cGMP) inspection of the company's drug substance manufacturing site at Bangalore Campus from 17 - 21 September 2018. The weeklong audit concluded without any observations and no Form 483 was issued. The successful audit of this site reflects our strong commitment to cGMP compliance. The announcement was made on Saturday, 22 September 2018.
Reliance Industries was up 0.42%. The company said its telecom unit, Reliance Jio Infocomm, announced a 5-year partnership with India's leading broadcaster, Star India to unleash a new era in sports entertainment. Jio and Star will make all televised India-cricket matches available to users of JioTV and Hotstar in India. Reliance Industries signed an agreement in this regard with Star India. This partnership will cover T20, One Day Internationals (ODI), International Test Cricket, Premier Domestic Competitions of the BCCI. The announcement was made made after market hours on Friday, 21 September 2018.
ITD Cementation India was up 2.60%. The company has received LOA/LOI aggregating Rs 845 crore for upgrading of passenger terminal building and Airside facilities at Tiruchirapalli (Trichy) International Airport by Airports Authority of India. Development of Refit Jetty and Allied facilities at Port Blair by The Ministry of Shipping, Government of India for Andaman Lakshadweep Harbour Works. The announcement was made made after market hours on Friday, 21 September 2018.
Powered by Capital Market - Live News