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India's benchmark equity indices settled in the red on Thursday, snapping four straight days of gains, as banks, IT, and pharma stocks declined.
At close today, the Sensex was down 148.82 points or 0.37% at 40558.49, and the Nifty was down 41.20 points or 0.35% at 11896.50. About 1,412 stocks advanced, 1,188 declined, and 159 were unchanged.
IndusInd Bank, Hero MotoCorp, Infosys, ICICI Bank and Cipla were among the worst hit on the Nifty, while gainers included Bharti Airtel, Tata Motors, IOC, NTPC and Bajaj Finance.
Among sectors, Nifty Pharma, IT, Private Bank and Financial Services fell the most while Nifty Metal, Media, Nifty FMCG and Nifty Realty ended higher.
BSE Midcap and Smallcap indices outperformed the broader market, rising 0.5-0.8%.
The initial public offer of Equitas Small Finance Bank was fully subscribed on 22 October - the final day of bidding. Response to the ₹518 crore IPO has seen weak so far.
The company raised ₹140 crore through anchor investors 19 October.
European stocks hit their lowest level in almost a month on Thursday, as a fall in German consumer morale, worries about soaring coronavirus cases in the continent and a U.S. stimulus impasse weighed on sentiment.
The German DAX fell 0.9% and lagged its European peers, as a survey showed consumer morale in Europe's largest economy dropped heading into November.
The pan-European STOXX 600 was down 0.7%, after falling as much as 1.2% to hit its lowest since 25 September.
Bajaj Auto Ltd has reported a 19% year-on-year decline in its September quarter standalone net profit to ₹1,402 crore.
The company attributed the fall in profit to lower interest rates during Q2 FY21, resulting in lower treasury income.
Bajaj Auto has also reported an improvement in its Ebidta margins during the September quarter at 18.2% as against 16.9% during the year-ago period. Optimisation of fixed cost helped improve the margin profile, it said in a note.
Aurobindo Pharma has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Acetaminophen Injection, 1,000 mg/ 100 mL single-dose vial (SDV), the company said in a BSE filing.
Acetaminophen Injection is a generic equivalent of Mallinckrodt’s Ofirmev® Injection. The product will be launched in December 2020.
Acetaminophen Injection is indicated for the treatment of mild to moderate pain in adult and paediatric patients 2 years and older. The injection is also set to treat moderate to severe pain with adjunctive opioid analgesics in adult and paediatric patients 2 years and older, and reduction of fever in adult and paediatric patients. The approved product has an estimated market size of $339 million for the twelve months ending August 2020 according to IQVIA.
OCI, PIO card-holders, foreign nationals intending to visit India for any purpose, except on a tourist Visa, are permitted to enter by air or water routes through authorised airports and seaport immigration check posts: Ministry of Home Affairs.
Foreign portfolio investors raised their stake in Reliance Industries (RIL) to 25.20% in the September quarter from 24.72% in the quarter ended June, as per BSE shareholding data.
The State Department has proposed not to issue temporary business visas for H-1B speciality occupations which allowed several companies to send their technology professionals for a short stay to complete jobs on site in the US, a move which could affect hundreds of Indians.
Flipkart and Amazon have held talks with fashion retailer Aditya Birla Fashion and Retail Ltd (ABFRL) for a minority stake in the company, which continues to seek investments either through a hive-off or partnerships, said people aware of the discussions.
Gland Pharma Ltd, majority owned by China’s Fosun group, has received approval of the Securities and Exchange Board of India’s (Sebi) for its proposed ₹6,000 crore IPO, a person aware of the development told Mint.
A data breach at Dr Reddy's Laboratories Ltd has prompted the company to shut its key plants globally, television channel ET Now reported on Thursday, citing sources.
The data breach occurred at servers of the company and plants in the US, UK, Brazil, India and Russia were hit, the report said.
Granules India on Thursday said it has received marketing approval from the US Food and Drug Administration (US FDA) for Potassium Chloride extended release tablets, used for treatment of patients with hypokalemia.
Hypokalemia is a condition when the potassium level in a patient’s blood is too low.
Granules has received approval for Potassium Chloride extended release tablets USP in the strengths of 10 mEq (750 mg) and 20 mEq (1500 mg), the company said in a BSE filing.
AuroLife Pharma LLC, a wholly-owned step-down subsidiary of Aurobindo Pharma, has received a warning letter from the US FDA for its oral solid manufacturing facility situated at Dayton, New Jersey.
Shares of Hemisphere Properties India Ltd debuted on stock exchanges at ₹106 a piece on Thursday.
Hemisphere Properties India is a special purpose vehicle and custodian of land that was owned by then state-owned telecom firm VSNL.
It was formed as part of the disinvestment exercise carried out by the government of India in respect of its holdings in the erstwhile VSNL (currently known as Tata Communications Limited). In 2002, the Centre divested 25% of its shareholding in the equity share capital of VSNL, wherein in terms of the bid for the disinvestment required a separate value to be ascribed to lands to be retained with VSNL and to exclude the value of certain surplus lands, held by VSNL.
The Nifty has gone sideways - we are around the mid point of the range where 11650 is the lower end and 12050 is the upper end. Unless we do not cross one of these levels we will not see a substantial move and hence a trade in either direction may trigger a stop loss. Traders should be cautious when trading a range and if at all they end up trading, they should consider smaller quantities to encapsulate the stops. If we get past 12050, we can trade for a target of 12300 and if we break 11650, we can trade for a downward target of 11450.
Oil prices declined in early deals on Thursday, extending losses from overnight, after a build in U.S. gasoline inventories pointed to a deteriorating outlook for fuel demand as coronavirus cases soar in North America and Europe.
Brent crude futures retreated 22 cents, or 0.5%, to $41.51 a barrel after sliding 3.3% on Wednesday.
U.S. West Texas Intermediate (WTI) crude futures fell 26 cents, or 0.7%, to $39.77 a barrel, after a 4% fall on Wednesday.
Embassy REIT, India’s first listed real estate investment trust will buy the
property maintenance business of Embassy Manyata Business Park in Bengaluru and Embassy Tech Zone in Pune.
Both the properties are part of Embassy REIT’s existing portfolio and the acquisition further integrates 20.3 million sq ft of property maintenance business to the existing 9.9 million sq ft properties already managed by Embassy REIT, the company said in a stock exchange filing on Thursday.
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