Benchmark indices were trading lower in early deals today (August 17). The 30-share Sensex fell 217 points to 65,322 and Nifty lost 63 points to 19,401.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “Global cues for markets continue to be weak. There are two negatives weighing on global stock markets now: One, the US Fed minutes indicate that one more rate hike may be needed in this rate hiking cycle to tame inflation. Two, Chinese macro data indicate that the economy is slowing more-than-feared earlier, and this will impact global economic growth. In this scenario, the Indian market is unlikely to break out to newer highs on a sustained basis and decouple from the rest of the world. However, a sharp correction appears unlikely.”
Shares of Glenmark Pharmaceuticals gained 1% after the drug maker said it has received final approval by the United States Food & Drug Administration (USFDA) Tacrolimus Ointment, 0.03%, the generic version of Protopic1 Ointment, 0.03%, of Leo Pharma AS. The stock rose 0.91% to hit a high of Rs 804.55 on BSE.
Shares of Indian Railway Finance Corporation Ltd (IRFC) fell 6% as the government was planning to sell a part of its holding in the financing arm of the Indian Railways through an offer for sale (OFS) in the ongoing financial year. The stock, which hit a record high of Rs 52.71 in the previous session, fell 5.66% to hit a low of Rs 48.29 on BSE.
Shares of pharmaceutical company Cipla Ltd are in focus today after the firm said the Konkan division of the Food and Drugs Administration has suspended the FDA licence of the company's Patalganga manufacturing unit for 10 days in December 2023, for non-conformance of good manufacturing practices under the Drugs and Cosmetics Act 1940. Cipla shares fell 1% to Rs 1,229 on BSE.
Shares of Cochin Shipyard Ltd zoomed 12% to Rs 904.40 in early trade. Cochin Shipyard stock was the top gainer on BSE. Market cap of the firm rose to Rs 11,605 crore.
Shares of renewable energy firm Suzlon Energy slipped 4.19% intraday to Rs 19.40 on BSE against the previous close of Rs 20.25. Market cap of Suzlon Energy fell to Rs 26,634 crore. Total 84.05 lakh shares of the firm changed hands amounting to a turnover of Rs 16.52 crore on BSE.
Shares of Adani Power gained 3.27% to Rs 288.45 in early deals post the bulk deal between the Promoters and Rajiv Jain led GQG Partners. According to media reports, promoter entities offloaded about 8.1% stake of the Adani Group's utility arm on Wednesday. Total 10.55 lakh shares of the firm changed hands amounting to a turnover of Rs 30.16 crore on BSE.
Shares of Varun Beverages gained over 2% to hit a record high of Rs 913 in early deals. Total 0.73 lakh shares of the firm changed hands amounting to a turnover of Rs 6.58 crore on BSE. Market cap of the firm rose to Rs 1.18 lakh crore.
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