Key indices were trading lower on weak Asian stocks. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 484.74 points or 1.18% at 40,685.38. The Nifty 50 index was down 146.10 points or 1.21% at 11,934.75.
The S&P BSE Mid-Cap index was down 0.97%. The S&P BSE Small-Cap index was down 0.79%.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 368 shares rose and 907 shares fell. A total of 85 shares were unchanged.
Stocks in news:
Bharti Infratel rose 1.61%. Bharti Infratel said the Department of Telecom on Friday approved the merger of the country's largest mobile tower company Indus Towers with Bharti Infratel. Bharti Infratel said its board will meet on 24 February 2020 to chart out the future course of action.
Dr Reddy's Laboratory fell 1.34%. Dr Reddy's Laboratory said it has received the Establishment Inspection Report (EIR) from the USFDA, for its formulations manufacturing plant at Duvvada, Visakhapatnam, indicating closure of the audit. As intimated earlier, the facility has been classified as V AI (Voluntary Action Indicated).
Axis Bank was down 1.81%. Axis Bank, Max Financial Services (MFS) and its subsidiary Max Life Insurance Company (Max Life) signed a confidentiality and exclusivity arrangement to explore the possibility of Axis Bank entering into a long-term strategic partnership with Max Life.
Aurobindo Pharma crashed 10%. Aurobindo Pharma said that the USFDA inspection at its Unit IV is still open and under review. The drug regulator has also rescinded the Voluntary Action Initiated (VAl) status given to the facility.
GMR Infrastructure gained 3.60%. GMR Infrastructure (GIL) signed a share purchase agreement pursuant to which Groupe ADP will hold 49% stake in GMR Airports (GAL) for an equity consideration of Rs 10,780 crore. The first tranche of Rs 5,248 crore will be received by GMR Group immediately. This money will help deleverage the Group further and result in improved cash flows and profitability.
Biocon fell 1.32%. Biocon said the USFDA has completed a pre-approval inspection of Biocon Sdn. Bhd's Insulins manufacturing facility based in Malaysia and issued a Form 483 with 3 observations. The company will respond to the FDA with an appropriate Corrective and Preventive Action Plan (CAPA).
Global Markets:
Overseas, Asian stocks were trading lower on Monday as the number of coronavirus cases outside of China increased and concern grew that global economic growth could take a more sustained hit.
In US, stocks slumped on Friday as the spread of the COVID-19 epidemic from China to neighboring countries amplified worries about the impact on supply chains and global economic growth.
Stocks also came under pressure after IHS Markit reportedly said business in the US contracted in February for the first time in four years owing to disruptions caused by the coronavirus and growing angst over the outcome of the 2020 presidential election.
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