After opening on flat note, indices were stuck in a narrow trading range throughout the day. Investors maintained cautious approach ahead of Reserve Bank of India’s (RBI) monetary policy review due on Tuesday. Nifty closed with loss of 20 points at 8,201, while BSE Sensex ended with a loss of 66 points at 26,777.
On the global front, Asian stock market closed on a mixed note with Japan shares losing ground. The Shanghai Composite closed down 0.15%. Hong Kong’s Hang Seng index gained 0.39% and Japan’s Nikkei 225 ended lower by 0.38%.
European stocks rose on Monday. The FTSE 100 was trading higher by 1%. DAX and the CAC 40 are trading marginally higher.
Sugar stocks closed higher on BSE. ICRA expects the supply correction during sugar year 2015-16 to benefit the domestic sugar manufacturers. Dwarikesh Sugar Industries rallied 5.6% to Rs.233. The company has appointed ‘Strategic Growth Advisors’ for strengthening the investor relationship function of the company with stakeholders to boost the strategic growth of the company with their specialized knowledge, according to reports.
Sun Pharma dropped 1.7% to Rs.726. The company announced that as a part of its manufacturing consolidation in the US, one of its wholly owned subsidiaries has entered into an agreement with Frontida BioPharma.
Biocon jumped 3.3% to Rs.726 on BSE. Mylan and Biocon announced the presentation of data from the HERITAGE study at the 2016 American Society of Clinical Oncology (ASCO) Annual Meeting in Chicago, June 3-7. The study confirmed the efficacy, safety and immunogenicity of MYL-1401O, the proposed biosimilar trastuzumab co-developed by Biocon and Mylan, in comparison to branded trastuzumab.
Jubilant Life Sciences rallied 4% to Rs.367. The company received ANDA final approval for Levetiracetam Injection USP, 500 mg/5 mL (100 mg/mL), the generic version of Keppra Injection 500mg/5mL (100mg/mL) of UCB, which is used for the treatment of epilepsy.
Bharat Forge dropped 1.4% to Rs.741. The company said its North America Class 8 truck orders in May fell 30% to 14,100 units from a year ago. The order inflows have now declined continuously for 15 consecutive months and slipped 32% on yoy basis over the April 2015-May 2016 period.
Steel Strips Wheels jumped 6.7% to Rs.441. The company’s promoter – Chandigarh Developers – has increased its stake in the company via open market purchase. The promoter, on June 3, 2016, purchased 24,949 equity shares representing 0.17% stake of the company through open market, according to reports.
Cadila Health care gained 1% to Rs.323 after receiving final approval from the US FDA to market Amantadine hydrochloride capsules.
USDINR trade today trading up 28 paise at 66.96 per US dollar.
Out of 1,442 stocks traded on the NSE, 775 declined and 644 advanced today.
Top 5 Nifty Gainers: SBI (2.54%), ICICI Bank (2.16%), Hind. Unilever (1.37%), Hero Motocorp (1.15%) and M&M (1.11%).
Top 5 Nifty Losers: Adani Ports & Sez (-0.59%), HDFC (-0.53%), Dr. Reddys Lab (-0.48%), Axis Bank (-0.47%) and Lupin Ltd (-0.32%)
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