The domestic equity barometers ended at the day's low on Monday. The Nifty closed below the 17,150 level. Barring metals, most of the sectoral indices on the NSE ended in the red.
As per provisional closing data, the barometer index, the S&P BSE Sensex, fell 571.44 points or 0.99% to 57,292.49. The Nifty 50 index lost 169.45 points or 0.98% to 17,117.60.
In the broader market, the S&P BSE Mid-Cap index declined 0.68% while the S&P BSE Small-Cap index added 0.38%.
The market breadth was negative. On the BSE, 1561 shares rose and 1953 shares fell. A total of 144 shares were unchanged.
Buzzing Index:
The Nifty FMCG index slipped 1.84% to 36,106.85. The index had advanced 3.35% in the past three sessions.
Marico (down 3.83%), Britannia Industries (down 3.45%), Godrej Consumer (down 3.41%), Tata Consumer Products (down 3.10%) and United Breweries (down 2.73%) declined.
Further, Hindustan Unilever (down 2.41%), Nestle India (down 2.23%), Dabur India (down 1.80%), United Spirits (down 1.69%) and Radico Khaitan (down 1.11%) edged lower.
Stocks in Spotlight:
Reliance Industries (RIL) shed 0.49% to Rs 2467.55. Reliance Retail Ventures (RRVL), subsidiary of RIL and holding company of all the retail companies under the RIL Group, has announced acquisition of 89% equity stake in Purple Panda Fashions, which owns and operates the Clovia business, with an investment of Rs 950 crore through a combination of secondary stake purchase and primary investment.
Atul advanced 1.28% to Rs 9837. The company said that a meeting of the board of directors will be held on 25 March 2022, to consider a proposal for buy-back of equity shares.
SMS Pharmaceuticals jumped 11.91% to Rs 108.05. The company received non-exclusive license to manufacture and supply of nirmatrelvir through the Medicine Patent Pool (MPP), an oral COVID-19 medicine developed by Pfizer.
Zydus Lifesciences fell 1.71% to Rs 366.80. The company received Prior Approval Supplement (PAS) approval from the USFDA to market Mycophenolate Mofetil for Injection USP (US RLD: CellCept injection).
Glenmark Pharmaceuticals added 2.67% to Rs 455.75. The company said that it has received final approval by the United States Food & Drug Administration (USFDA) for its lacosamide tablets.
Wockhardt zoomed 11.98% to Rs 327.25 after the company and Serum Life Sciences UK announced collaboration for manufacturing multiple vaccines in the United Kingdom. Serum Life Sciences UK is a subsidiary of the Serum Institute of India.
Strides Pharma Science jumped 5.04% to Rs 350.95 after the company announced d a sub-license agreement with Medicines Patent Pool (MPP) to commercialize a generic version of Pfizer's COVID-19 oral treatment in 95 low and middle-income markets.
Jindal Steel & Power (JSPL) gained 2.33% to Rs 488 after the steel maker said its wholly-owned subsidiary, Jindal Steel & Power (Mauritius), prepaid a $357 million loan to its lenders.
Avantel surged 13.86% to Rs 1041.10 after the company received an order for an amount $13,66,000 from Lockheed Martin Corporation. The order is for the supply of Satcom Equipment.
Aurobindo Pharma jumped 6.10% to Rs 679.30 after the company announced the signing of sub-license agreement for manufacturing a generic version of Pfizer's COVID-19 oral treatment nirmatrelvir.
Alembic Pharmaceuticals advanced 3.81% to Rs 754.15 after the drug company announced the receipt of final approval from the US Food & Drug Administration (USFDA) for its ANDA for Lacosamide Tablets.
Global Markets:
European stocks advanced while Asian markets ended mostly higher on Monday. Markets in Japan are closed today for a holiday.
Global markets continue to be roiled by events in Ukraine as the war continues. Ukraine's President Volodymyr Zelenskyy warned at the weekend that if peace talks with Russian leader Vladimir Putin fail, it would mean the start of a third global war.
Ukrainian and Russian officials have met intermittently for peace talks, which have failed to progress to key concessions.
Investors are also evaluating a rise in COVID-19 cases in Europe stemming from an emerging subvariant of the omicron strain of the virus.
China's one-year loan prime rate was kept unchanged at 3.7% on Monday. Investors have been watching for hints of policy support from Beijing following a Chinese state media report last week that reportedly signaled support for Chinese stocks.
Wall Street's three major indexes closed higher on Friday, with the biggest boost from recently battered technology stocks, after talks between U.S. President Joe Biden and Chinese President Xi Jinping over the Ukraine crisis ended without big surprises.
