Stocks hovered with minor losses in early trade. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 5.65 points or 0.01% at 38,694.88. The Nifty 50 index was down 6.70 points or 0.06% at 11,597.80.
The S&P BSE Mid-Cap index was down 0.29%. The S&P BSE Small-Cap index was down 0.16%. Both these indices underperformed the Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 647 shares rose and 633 shares fell. A total of 67 shares were unchanged.
Overseas, most Asian shares were trading lower as investors braced for key events later in the week, including the kick-off of the US earnings season and a crucial Brexit summit. In US, the Dow ended the session lower while the S&P 500 and the Nasdaq settled higher on Monday, as investors braced for the first quarter of contracting earnings since 2016.
Among stocks, Sun Pharmaceutical Industries (Sun Pharma) shed 0.12%. Sun Pharmaceutical Industries (Sun Pharma) announced that its subsidiary, Sun Pharma Distributors (SPDL), will commence distribution of the company's formulation products in India from April 2019, on the same terms as was with Aditya Medisales, in a phased manner upon receipt of requisite regulatory approvals. This phased transition is expected to be fully completed by the first quarter of financial year ending March 2020. The above-mentioned transition and consequential one-time reduction in sales and profit will impact Sun Pharma's financial results for the period ended 31 March 2019.
Further, Atlas Global Trading has completed assignment of its business rights and obligations, including those arising from the supply contract with Sun Pharma to a wholly owned subsidiary of Sun Pharma. This has no material impact on the profit or loss for the year ended 31 March 2019. The announcement was made after trading hours yesterday, 8 April 2019.
Asian Paints dropped 2.05%. Asian Paints announced that a fire broke out at its paint manufacturing facility in Vishakhapatnam, Andhra Pradesh, in the afternoon yesterday, 8 April 2019. The fire has been brought under control. The company is in the process of assessing the extent of damage. The manufacturing operations of the plant have been affected. This will not have any impact on the business operations of the company. The announcement was made after trading hours yesterday, 8 April 2019.
Yes Bank fell 0.31%. Yes Bank said its board will meet on 26 April 2019, to consider borrowing/raising funds in Indian/foreign currency by issue of debt securities including but not limited to non-convertible debentures, bonds, MTN. The board will also consider raising of funds by way of issuance of equity shares including but not limited through preferential issue and/or qualified institutions placement (QIP)/ global depository receipts (GDRs)/ American depository receipts (ADRs)/ foreign currency convertible bonds (FCCBs)/ or any other methods on private placement basis, subject to regulatory approvals, as may be required. The board will also consider audited financial statements of the bank for the quarter and year ended 31 March 2019. The announcement was made after trading hours yesterday, 8 April 2019.
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