Local stocks trimmed initial gains triggered by buying demand in index pivtoals. At 9:19 IST, the barometer index, the S&P BSE Sensex, was up 29.11 points or 0.08% at 37,702.42. The Nifty 50 index was up 11.30 points or 0.1% at 11,186.05. Asian markets were trading mixed
The S&P BSE Mid-Cap index was down 0.65%. The S&P BSE Small-Cap index was down 0.06%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 346 shares rose and 489 shares fell. A total of 45 shares were unchanged.
Among stocks, BEML rose 0.95%. BEML has bagged further orders in Metro from M/s Delhi Metro Rail Corporation (DMRC) for 'RS15' - design, manufacture, supply, testing and Commissioning of 80 units Broad Gauge Intermediate Cars compatible with existing 'RS1' type trains for conversion of 6-car train set to 8-car train set valuing Rs 729 crore approx. The announcement was made after market hours on Friday, 4 October 2019.
Lupin fell 0.31%. Lupin announced the launch of Mycophenolate Mofetil Capsules USP, 250 mg. Lupin's alliance partner Concord Biotech (Concord) had received an approval from the United States Food and Drug Administration (U.S. FDA) earlier. The announcement was made after market hours on Friday, 4 October 2019.
Glenmark Pharmaceuticals dropped 4.78%. Glenmark Pharmaceuticals informed that in relation to an inspection conducted by USFDA between 15 to 20 April 2019 at the company's Baddi facility in Himachal Pradesh, the company had earlier informed that the inspection was classified as 'Official Action Indicated' vide a letter by USFDA. With regards to the same inspection, USFDA has now issued a 'Warning Letter' to the Baddi facility. The company is committed to work along with USFDA to implement all the necessary corrective actions required to address the concerns raised in the letter and is in the process of preparing a detailed response to USFDA within 15 working days. The announcement was made on Saturday, 5 October 2019.
Wipro rose 1.22%. Wipro said the company has completed acquisition of International TechneGroup Incorporated (ITI), a global digital engineering and manufacturing solutions company. The announcement was made after market hours on Friday, 4 October 2019.
Dr Reddy's Laboratories rose 0.44%. Dr Reddy's Laboratories informed that the company has received the Establishment Inspection Report (EIR) from US FDA, for the its API manufacturing plant 2 at Bollaram, Hyderabad, indicating closure of the audit and the inspection classification of this facility is determined as Voluntary Action Initiated (VAI). The announcement was made on Saturday, 5 October 2019.
Yes Bank gained 4.26%. Yes Bank has lodged a complaint with Mumbai Police and Cyber Cell against the dissemination of fake news and spread of rumors about the bank's financial health on WhatsApp and other social media platforms. The announcement was made on Sunday, 6 October 2019.
Ashok Leyland dropped 3.3%. Ashok Leyland informed that to align production in line with sales, the company's plants at various locations will be observing non-working days ranging from 2-15 days, during the month of October 2019. The announcement was made after market hours on Friday, 4 October 2019.
Overseas, Asian markets were trading mixed on Monday as investors awaited a fresh round of U.S.-China trade negotiations set to begin later this week.
Principal-level trade negotiations between the United States and China are reportedly set to begin on Thursday in Washington. Tariffs on $250 billion worth of Chinese goods are scheduled to rise to 30% on 15 October 2019. Both countries have slapped tariffs on billions of dollars worth of each other's goods, which has roiled global markets, created uncertainty and dampened economic growth outlooks around the world.
US markets rallied on Friday after data showed the U.S. unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world's largest economy.
U.S. jobs data released Friday showed moderate growth as the jobless rate in September fell to a 50-year low while nonfarm payrolls rose by 136,000 in September.
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