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Mid Session
Home >> Markets >> Equity >> News >> Mid Session Detailed News
Sensex, Nifty pare losses
(12:27, 22 Aug 2019)

The key equity barometers pared losses in early afternoon trade. At 12:23 IST, the barometer index, the S&P BSE Sensex, was down 239.36 points or 0.65% at 36,821.01. The Nifty 50 index was down 77.05 points or 0.71% at 10,841.65.

The market breadth was weak. On the BSE, 495 shares rose and 1702 shares fell. A total of 99 shares were unchanged. The S&P BSE Mid-Cap index was down 0.68%. The S&P BSE Small-Cap index fell 1.47%.

Lupin rose 1.06%. The drug maker said that it has entered into a definitive agreement through its Japanese subsidiary Kyowa (Kyowa Pharmaceutical Industry) for the sale of its Japanese injectables business and related assets in Japan to neo ALA Co., a wholly owned subsidiary of Neopharma group, the UAE's largest pharmaceutical manufacturer headquartered in Abu Dhabi. The plant and associated facilities are based out of Atsugi, Japan and has been engaged in sales and contract manufacturing of injectable products to meet various medical needs.

Yes Bank slumped 7.19% to Rs 60.70, extending fall for third straight day triggered by a disclosure regarding irregularities and unauthorised transactions at CG Power and Industrial Solution. As on 30 June 2019, Yes Bank held 12.79% stake in CG Power. The scrip hit its 52-week low at Rs 60.10 today.

Shares of Yes bank have fallen 20.86% in three trading sessions from its close of Rs 76.70 on Monday, 19 August 2019.

CG Power and Industrial Solutions hit a lower circuit for the third straight day. The stock was down 9.75% at Rs 10.65. CG Power announced before trading hours on Tuesday, that an internal probe of the company had uncovered several irregularities in the financial statements of the company.

Following the disclosure, the company's shares hit a lower circuit limit of 20% to end at Rs 14.75 on Tuesday. The stock plunged 42.12 % in three trading sessions from its close of Rs 18.40 on Monday, 19 August 2019.

Bharat Electronics rose 0.60%. A global brokerage house has initiated coverage with overweight call and target price of Rs 116 per share. The brokerage cited the company's strengths which include strong execution record and wide product range as reasons for the overweight call.

Granules India fell 2.35%. The drug company announced that US FDA has completed inspection of the facility of Granules Pharmaceuticals Inc., a wholly-owned foreign subsidiary of the company located in Chantilly, Virginia, USA on 21 August 2019 with two minor observations. This is a pre-approval inspection for seven products filed from this facility. The company added that its subsidiary will respond to these observations within the stipulated time period.

MSTC fell 1.53%. As per reports, Uttar Pradesh government has extended the agreement with for e-tendering cum e-auction of minor minerals blocks (sand and morrum) and insipu rocks blocks for another one year. It signed two selling agency agreements with Chhattisgarh State Power Generation and Jindal Power, with a combined projected volume of business estimated to be Rs 115 crore.

Future Enterprises rose 0.38% after the company clarified a news item dated 21 August 2019. The company said that post investigation, the Directorate of Revenue Intelligence (ORI), has issued show cause notice in the matter. The company's legal department is preparing its response to the said show cause notice. The company is confident that there is no violation of any regulation for imports of garments under SAFTA Rules.

On the derivatives front, the NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 2.48% at 17.4450.

The Nifty August 2019 futures were trading at at 10, 851.95, a premium of 10.3 points compared with the spot at 10,841.65. DLF, LIC Housing Finance and Indiabulls Housing Finance were the top traded individual stock futures contracts so far in F&O segment of NSE.

On the options front, the Nifty option chain for 29 August 2019 expiry showed maximum call open interest (OI) of 45.76 lakh contracts at the 11,000 strike price. Maximum put OI of 32.84 lakh contracts was seen at 11,000 strike price.

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