Key indices are trading lower in early trade on selling in index pivotals. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 118.58 points or 0.31% at 38,703.99. The Nifty 50 index was down 27.85 points or 0.24% at 11,484.55. Most Asian stocks were trading lower.
The S&P BSE Mid-Cap index was down 0.18%. The S&P BSE Small-Cap index was down 0.02%.
The market breadth, indicating the overall health of the market, was just about negative. On the BSE, 471 shares rose and 476 shares fell. A total of 66 shares were unchanged.
Overseas, most Asian stocks were trading lower on Monday. China's factory activity shrank for the fifth straight month in September. The official Purchasing Managers' Index (PMI) was at 49.8 in September, slightly higher than 49.5 in August, data from the National Bureau of Statistics (NBS) showed.
US stocks fell on Friday after reports that the Trump administration was considering delisting Chinese companies from US stock exchanges, raising worries about a further escalation in the US-China trade war.
Back home, Cipla lost 2.95% after the company informed that the United States Food and Drug Administration (USFDA) conducted a cGMP inspection at our Goa manufacturing facility from 16 to 27 September 2019. The inspection ended with 12 observations, none of which are related to data integrity. The company will respond to the agency within the stipulated timeline. The announcement was made on Saturday, 28 September 2019.
Tata Power Company shed 0.24%. Tata Power Company said its wholly-owned subsidiary Tata Power Solar Systems has won bid of one of the largest floating solar plants in the world worth approx. Rs 343 crore to be installed at NTPC Kayamkulam in Kerala. The announcement was made after market hours on Friday, 27 September 2019.
Kajaria Ceramics advanced 2.03%. Kajaria Tiles (formerly known as Kajaria Floera Ceramics) [KTPL], a wholly-owned subsidiary of the Kajaria Ceramics, will start the commercial production of tiles on 29 September 2019 at its manufacturing facility situated at Survey No. 129, Industrial Park, Opp. Bhavanisankarapuram, Thatiparthi( V), Thottambedu(M), Near Srikalahasti, Chittoor Dist., A.P. The announcement was made on Saturday, 28 September 2019.
IDBI Bank lost 2.24%. The Board of Directors of IDBI Bank has granted in-principle approval to divest 6.23 crore equity shares (19.18%) of Asset Reconstruction Company (India). The announcement was made after market hours on Friday, 27 September 2019.
Lakshmi Vilas Bank dropped 4.92%. Lakshmi Vilas Bank said that prompt corrective action plan is initiated by Reserve Bank of India with effect from 27 September 2019. The announcement was made on Saturday, 28 September 2019.
Punjab & Sind Bank rose 1.03%. Punjab & Sind Bank has received an amount of Rs 787 crore from the Government of India in connection with the capital infusion. The announcement was made after market hours on Friday, 27 September 2019.
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