Market Live: Nifty struggles below 10,000, midcaps in the red; GAIL, HPCL, BPCL, IOC dip

11:15 am R&D Agreement: Syngene International announced an R&D agreement with GSK, a science-led global healthcare company. The multiyear agreement will focus on accelerating the discovery of new drug candidates using Syngene’s discovery services platforms.

As part of the agreement, Syngene will set-up a customized discovery research laboratory to support projects across several therapeutic areas. A team of Syngene scientists, will work closely with GSK’s global R&D teams on discovery research projects to identify new drug candidates with

the potential to address some of the world’s most pressing healthcare needs.

11:03 am Stake Sale: Power Mech Projects said the company has identified buyer for disinvestment of its entire shareholding in Power Mech – CPNED Services (Hong Kong) Holding Co. Ltd., joint venture (50 percent) of the company.

The terms and conditions are finalized between the parties, it added.

10:50 am Board Approval: Tata Power announced that the company’s board has approved the sale of its shares in Tata Communications and Panatone Finvest to Tata Sons and its affiliates.

Panatone Finvest holds 30.1 percent of Tata Communications.

“The move is a part of the company’s plan to monetise its non-core assets
and improve the balance sheet to set the stage for next phase of growth.
The estimated realisation will be about Rs 2,150 crore and is subject to

shareholders approval,” Tata Power said.

10:40 am Market Update: The market was mildly in the red amid global trade war fears, with the Nifty struggling below 10,000 levels.

Midcaps also traded in line with frontliners, with the Nifty Midcap falling half a percent.

10:30 am Buzzing: Indiabulls Real Estate gained over a percent after in a major real estate deal, the company has executed a definitive agreement with global private equity investor Blackstone Group to divest 50 per cent stake in its prime commercial properties in the megapolis for Rs 4,750 crore.

10:20 am Drug Launch: Dr Reddy’s Laboratories announced that it has launched Palonosetron Hydrochloride injection, 0.25mg / 5ml, a therapeutic equivalent generic version of Aloxi injection approved by the US Food and Drug Administration.

The Aloxi brand and generic had US sales of approximately USD 446 million MAT for the most recent twelve months ending January 2018, according to IMS Health.

10:10 am FII View: CLSA said the Nifty is at lowest level in 5 months but marginally outperformed global markets.

Possible trade war is not expected to have a significant bearing on India, it feels.

Increase in stamp duty collections by states is positive for housing, the research house said.

According to CLSA, National Company Law Tribunal (NCLT) cases are expected to see sub-60 percent haircut. Next 4 weeks are litmus test for the NCLT mechanism as cases are nearing resolution deadline.

10:02 am Rupee Trade: The rupee strengthened by 10 paise to 64.91 against the US dollar at the interbank forex market on sustained selling of the greenback by exporters and banks amid foreign capital inflows.

Dealers said dollar’s weakness against a basket of currencies supported the domestic unit.

On Friday, the rupee had gained 10 paise to end at 65.01 against the US currency which suffered losses in global markets on intensifying trade war worries.

9:55 am Rollovers: ICICIDirect said Nifty rollovers were at 22.1 percent, lower than the 3-month average of 24.56 percent ahead of expiry week.

Marketwide rollovers were at 22.8 percent compared to the 3-month average of 20.44 percent.

Sectorally, technology, textile and media stocks were witnessing high rollover of positions while the FMCG, power and realty space were witnessing relatively low rolls into the March series.

High rollover was seen in JSW Steel (48 percent), IRB (47 percent), Infibeam (45 percent), Reliance Infra (41 percent) and Biocon (40 percent) on Friday.

Rollover activity was significantly low in Chola Finance, Fortis, Torrent Pharma, Dalmia Bharat & OFSS.

9:47 am Market Update: The market continued to trade in a tight range despite weakness in global counterparts on trade war fears

Midcaps also traded in line with frontliners and the market breadth is balanced with advance:decline ratio of 1:1

Asian markets traded mostly lower, following weakness in US markets amid fears that rising tensions between the United States and China could lead to a full-blown trade war.

9:42 am Market Outlook: Enam Holdings told CNBC-TV18 that they believe recent correction is a good consolidation that the market needed and also believe we are nearing the end of the banking clean-up cycle.

Much of lending activity has come down by as much as 90 percent for PSU banks, which is opportunity for private banks & NBFCs to gain market share, he feels.

India’s macro has significantly deteriorated he said. “India is a micro story; best bull markets come when macros are bad. Micros are improving, like commercial vehicle & tractor sales.”

He expects 2018 to be a tough year for Indian equity market and doesn’t expect a great return in Indian equity market for 2018.

Protecting capital will be the main criteria for 2018, he said.

9:31 am USFDA’s response to Granules: Granules India said the US Food and Drug Administration has issued no 483 observations for Gagillapur unit and one 483 observation for Jeedimetla unit.

The US FDA had inspected Granules’ Gagillapur & Jeedimetla units from March 19-23.

Gagillapur unit manufactures finished dosages and pharmaceutical formulation intermediates whereas Jeedimetla facility manufactures active pharmaceutical ingredients and pharmaceutical formulation intermediates.

9:24 am Drug Launch: Cipla USA, Inc. announced the launch of an authorised generic version of Aloxi in the United States under applicable agreements with Helsinn Healthcare SA, in response to the at-risk launch by Teva.

The stock gained around 2.5 percent.

Helsinn Healthcare SA currently manufactures and markets Aloxi

in the United States through its licensee Eisai Inc. and its affiliate Helsinn Therapeutics (US) Inc. Aloxi containing palonosetron hydrochloride injections (Eq. 0.25 mg base/5 ml).

The drug is indicated for prevention of acute and delayed nausea and vomiting associated with initial and repeat courses of moderately emetogenic cancer chemotherapy and for prevention of acute nausea and vomiting associated with initial and repeat courses of highly emetogenic cancer chemotherapy.

9:20 am Subsidy: Autoline Industries is enjoying Industrial Promotion Subsidy(IPS) for mega project under Package Scheme of Incentive 2007 of Government of Maharashtra (VAT/CST Subsidy) for its 1 unit situated at Chakan since from 2009.

During its expansion activities the company made investment at its 2 locations in Pune and applied to Govt of Maharashtra for grant of IPS under Package Scheme of Incentive 200 for its 2 more units where the fresh investment was made by the Company.

In view of above the company would be able to get the IPS since from 2009 for the investment made in its 2 more units subject to the compliance with the conditions of PSI, 2007 and other applicable provisions.

9:15 am Market Opening: Benchmark indices opened flat amid weak global cues on trade war fears, after nearly 2 percent loss seen in previous week.

The 30-share BSE Sensex was down 11.99 points at 32,584.55 and the 50-share NSE Nifty was down 6.55 points at 9,991.50.

Tata Steel, Adani Ports, Yes Bank, ONGC, Indiabulls Housing, Adani Ports, Cipla, Sun Pharma, Aurobindo Pharma and ICICI Bank gained up to 2.5%

BPCL, HPCL, ITC, Kotak Mahindra Bank, Coal India, Tata Motors, Axis Bank and Dr Reddy’s Labs were under pressure.

Nifty Midcap was up 28 points.

Indiabulls Real Estate, Tata Power, Cadila Healthcare, Bhushan Steel and Gujarat Gas gained up to 6 percent.

Also Watch – Markets@Moneycontrol: Nifty likely to open flat; 3 stocks which can give up to 11% return

9:10 am Pre-opening Trade Settlement: The Sensex was down 60.10 points at 32,536.44 and the Nifty fell 8.90 points to 9,989.15.

9:09 am New Kid on the block: Lemon Tree Hotels, the last initial public offering of the financial year 2017-18 has opened for subscription.

The hotel chain company is aimed to raise Rs 1,001.6-1,038.7 crore through the issue at a price band of Rs 54-56 per share.

9:07 am Stocks in news: SFIO probes Fortis Healthcare, Religare Enterprises for alleged frauds.

Bharat Financial Inclusion: Completed direct assignment of Rs 1,391 crore to two banks, one private and one public.

BHEL: The company has signed Technology Transfer Agreement with ISRO for the manufacture of Space Grade Lithium-ion cells.

NTPC: The firm has commissioned 800 MW Lara super thermal power project.

Tata Power: Signs Share Purchase Agreement With Tata Sons To Sell 59 Cr Shares In Panatone Finvest

Unitech: HDFC Invokes 6.5 Cr Shares Of Co Pledged By Promoter Sanjay Chandra

Jain Irrigation: Promoter Creates Pledge On 13.5 Lakh Shares On March 12

HCL Tech: Transfers Entire Stake In Arm HCL Training To Another Arm HCL Comnet

NHPC: It has commissioned 50 MW Solar Power Project In Theni, Tamil Nadu

Fortis Healthcare: Shareholding of BlackRock Inc in the company has moved above 5 percent.

SRF: DSP BlackRock MF’s shareholding in the company increased to 5.14 percent on March 21.

Va Tech Wabag has incorporated a subsidiary company in the name of ‘VA Tech Wabag Brazil Servicos DE AGUA E SANEAMENTO LTDA.

Precision Camshafts subsidiary PCL (International) Holding BV acquired 76 percent shareholding in MFT Motoren und Fahrzeugtechnik GmbH, Germany.

Marathon Nextgen Realty has fixed April 6 as the record date for a split of the face value of the equity shares of the company from existing Rs 10 each to Rs 5 each

9:04 am Technical Recommendations: Here’s what Chartviewindia.in has to recommend:

Power Grid: BUY| Target Rs211| Stop Loss Rs187| Return 8%

Pidilite Industries Ltd: BUY| Target Rs970| Stop Loss Rs885| Return 7%

JK Lakshmi Cement: BUY| Target Rs503| Stop Loss Rs405| Return 11%

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

9:01 am Market Check: The market started off the truncated week on a mixed note in pre-opening trade Monday amid weak global cues due to continued trade war fears.

The 30-share BSE Sensex was down 45.44 points at 32,551.10 and the 50-share NSE Nifty rose 15.75 points to 10,013.80.

Wall Street tumbled on Friday with more than 1,000 points knocked off the Dow in two days as investors, increasingly nervous about a potential US trade war with China, shied away from risk ahead of the weekend and sought shelter from further losses, Reuters reported.

The Dow Jones Industrial Average fell 424.69 points, or 1.77 percent, to 23,533.2, the S&P 500 lost 55.43 points, or 2.10 percent, to 2,588.26 after hitting an intraday low that was barely above its 200-day moving average of 2585.22.

Asian markets traded lower on Monday, following a global sell-off late last week amid fears that rising tensions between the United States and China could lead to a full-blown trade war, CNBC reported.

In Japan, the Nikkei 225 fell 1.02 percent in early morning trade. The Topix index was down 0.83 percent. Across the Korean Strait, the Kospi fell 0.41 percent.