Indices opened the week on a weak note on growing concerns due to the rapid spread of novel coronavirus. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 818.00 points or 2.74% at 28,997.59. The Nifty 50 index was down 216.35 points or 2.50% at 8,443.90.
The S&P BSE Mid-Cap index was down 2.73%. The S&P BSE Small-Cap index was down 2.15%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 254 shares rose and 743 shares fell. A total of 76 shares were unchanged.
Stocks in news:
Tata Power Company was down 2.50%. Tata Power Company said Adjaristsqali Georgia LLC (AGL), a Joint Venture (JV) between Tata Power, Norway's Clean Energy Invest (CEI) and International Finance Corporation (IFC) announced the start of commercial operation of the 178 MW Shuakhevi Hydro Power Project (Shuakhevi HPP) located in southwest Georgia. Tata Power holds 40% shares in the Joint Venture
Sun Pharmaceutical Industries fell 4.91%. Sun Pharmaceutical Industries informed that the company received a communication from the USFDA indicating that the Halol facility has been classified as Official Action Indicated (OAI). The OAI classification implies interalia that the USFDA may withhold approval of any pending product applications or supplements filed from this facility till the outstanding observations are resolved. The company continues to manufacture and distribute existing products for the US market, thereby not likely to have any adverse impact on current business from the facility.
Lupin shed 1.38%. Lupin and Mylan N.V. announced that the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) has adopted a positive opinion recommending the approval of Nepexto, a biosimilar to Enbrel (etanercept), for all indications of the reference product including rheumatoid arthritis, juvenile idiopathic arthritis, psoriatic arthritis, axial spondyloarthritis (including ankylosing spondylitis and non-radiographic axial spondyloarthritis), plaque psoriasis and paediatric plaque psoriasis.
Deepak Fertilisers & Petrochemicals dropped 3.29%. Corporation Deepak Fertilisers & Petrochemicals Corporation announced that it was forced to stop production in its fertiliser unit at Taloja in Maharashtra for last two days due to evacuation problems arising out of non-availability of transport and manpower for evacuation of finished goods from the plant.
Delta Corp was locked in upper circuit of 4.96%. Delta Corp said its board approved a proposal to buyback shares worth up to Rs 125 crore at a price not exceeding Rs 100 per share.The company said it will utilise at least 50% of the amount earmarked as the maximum buyback size for the buyback. Based on the minimum buyback size and maximum buy-back price, the company would purchase a minimum of 62.50 lakh equity shares.
Global Markets:
Overseas, most Asian markets were trading sharply lower on Monday on weak risk appetite as the death toll from coronavirus pandemic surged, threatening the global economy as roughly one-third of the planet is on lockdown.
In US, stock indexes ended sharply lower on Friday, failing to get a lasting lift from approval by Congress of a $2 trillion economic stimulus package to counter the effects of the coronavirus pandemic, but equities booked double-digit weekly gains to take back a chunk of losses seen this month.
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