Six of the 13 major sectoral indexes fell with pharma index losing nearly 1%. Cipla, the second highest weighted stock in the pharma index, tumbled nearly 7%, to a near-seven-month low after the company’s Pithampur unit received eight observations from U.S. drug regulator after inspection. The stock was the top Nifty 50 loser.
Beating the weak sentiment, Hindustan Unilever rose nearly 1% and was among the top Nifty 50 gainers after the FMCG major agreed to sell and divest brands in its foods business, including “Annapurna” and “Captain Cook.” Samvardhana Motherson climbed as much as 5.7% after French car parts maker Faurecia agreed to sell its SAS cockpit modules arm to Motherson Group.
The ongoing concerns over the future rate hiking path in the U.S. remained an overhang after official data showed a rise in export prices in January.
Investors await the minutes of the Fed’s meeting, due on Wednesday, to assess the U.S. central bank’s future rate hiking path. U.S. markets will be closed on Monday for a local holiday.
Meanwhile, North Korea fired two more ballistic missiles off its east coast earlier in the day after the country fired an intercontinental ballistic missile into the sea off Japan’s west coast on Saturday and warned U.S. forces to halt their military drills in the pacific, keeping investors on edge.
Asian markets recovered from a mixed start, with the MSCI’s broadest index of Asia-Pacific shares outside Japan rising 0.65%.
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Adani Group stocks trade mixed; Adani Enterprises down 4%, Transmission at 5% lower circuit
Price as on 20 Feb, 2023 10:22 AM, Click on company names for their live prices.
NMDC STEEL LISTING
One of India’s biggest state-backed lenders is willing to consider lending additional money to the beleaguered Adani Group including for a project to remodel a slum that is among the world’s largest. Bank of Baroda will extend loans to the conglomerate if it meets the lender’s underwriting standards, said Sanjiv Chadha, chief executive officer and managing director, adding that he’s not concerned about the market volatility around Adani stocks.
Price as on 20 Feb, 2023 09:58 AM, Click on company names for their live prices.
Market LIVE Updates: All IT stocks trade in the green
There is a growing concern that the equity markets are ignoring the risk of high inflation which is declining only very slowly. Comments from some Fed officials that they might have to remain hawkish for an extended period of time and might support even a 50 bp rate hike in the March Fed meet are negative for equity markets. US bond yields and the dollar index have inched up from their recent lows in response to this concern. In India, it appears that the period of sustained selling by FIIs is over and they have started buying on some days. The negative sentimental impact of the Adani issue appears to be behind us. The likely hawkish stance from the Fed will restrain the rally in the US market and this will also keep the Indian market in a range, attracting selling at higher levels and buying at lower levels. Valuations of the leading banking names, large-cap IT and capital goods companies are reasonable now and may be accumulated on declines.
– Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Kalpataru Power Transmission got orders worth Rs 3185 crore
Price as on 20 Feb, 2023 09:36 AM, Click on company names for their live prices.
SENSEX TODAY | Index erases opening gains, slips below 61,000
India’s federal government has opposed state-backed Hindustan Zinc’s proposed $2.98 billion acquisition of zinc assets from Vedanta Ltd , a letter from the government to the company showed on Monday.
Price as on 20 Feb, 2023 09:29 AM, Click on company names for their live prices.
Drug major Cipla on Saturday said the US health regulator has issued Form 483 with eight observations after inspecting its Pithampur-based manufacturing facility in Madhya Pradesh.
Price as on 20 Feb, 2023 09:24 AM, Click on company names for their live prices.
Opening Bell: Sensex rises over 100 pts, Nifty above 17,950; Cipla sheds 5%, IDBI Bank gains 2%
Pre-open session: Sensex rises over 100 points; Nifty above 17,970
Surya Roshni gets orders worth Rs 114 crore
Asia shares muted by unease over Fed, BOJ policy
Asian shares got off to a subdued start on Monday as a U.S. holiday made for slow trading ahead of minutes of the last Federal Reserve meeting and a reading on core inflation that could add to the risk of interest rates heading higher for longer.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 26.5 points, or 0.15 per cent, higher at 17,963.50, signaling that Dalal Street was headed for a positive start on Monday.
Tech View: Charts hint tug-of-war between bulls & bears
Following a gap-down opening in trade, the Nifty 50 index failed to hold and end above the psychologically-crucial 18000-level on Friday.
Wall Street drops as investors fret about interest rates
Wall Street dropped on Friday, weighed down by Microsoft and Nvidia as investors worried that inflation and a strong U.S. economy could put the Federal Reserve on pace for more interest rate hikes.
Oil prices little changed, nurse last week’s losses on improved supplies
Oil prices were little changed in early Asian trade on Monday, after settling down $2 a barrel on Friday, as rising supplies in the United States and forecasts of more interest rate hikes cooled optimism over China’s demand recovery.
Rupee falls 12 paise to close at 82.82 against US dollar on FII outflows
The rupee depreciated by 12 paise to close at 82.82 against the US currency on Friday as a stronger greenback in the overseas market and a muted trend in domestic equities weighed on investor sentiments.
Sensex, Nifty on Friday
The 30-share BSE benchmark Sensex fell 317 points or 0.52% to settle at 61,002. The broader NSE Nifty dropped 92 points or 0.51% to end at 17,944.