The domestic equity barometers were trading with tiny losses in early trade. The Nifty traded below the 17,950 mark. FMCG, bank and financial services stocks edged higher while pharma, healthcare and metal shares declined.
The barometer index, the S&P BSE Sensex, was down 26.09 points or 0.04% to 60,976.48. The Nifty 50 index shed 19.80 points or 0.11% to 17,924.40.
The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index declined 0.34% while the S&P BSE Small-Cap index fell 0.24%
The market breadth was negative. On the BSE, 1,245 shares rose and 1,478 shares fell. A total of 162 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 624.61 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 85.29 crore in the Indian equity market on 17 February 2023, provisional data showed.
Stocks in Spotlight:
Hindustan Unilever rose 0.90%. The FMCG major has signed an agreement for the sale of its atta and salt business carried out under the brands 'Annapurna' and 'Captain Cook.' The brands were sold at Rs 60.4 crore to Uma Global Foods , and Uma Consumer Products, which are subsidiaries of Reactivate Brands International, a Singapore-headquartered company and an affiliate of CSAW Aqbator (Singapore). CSAW is focused on acquiring and scaling up food brands to promote affordable wellness. The transaction is expected to occur within a period of 90 days.
Cipla tumbled 5.60%. The United States Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at the company's Pithampur manufacturing facility from 6th - 17th February 2023. On conclusion of the inspection, the company has received 8 inspectional observations in Form 483. The company will work closely with the USFDA and is committed to address these comprehensively within stipulated time.
Surya Roshni shed 0.12%. The company has obtained total order amounted to Rs 113.63 crore for supplying Bare and 3LPE (external) coated line pipes from Bharat Petroleum Corporation for Hyderabad pipeline project.
Zydus Lifesciences declined 0.69%. The drug maker received tentative approval from the USFDA for Gabapentin tablets (once-daily), 300 mg and 600 mg. Further, it also received tentative approval from the USFDA for Canagliflozin and Metformin Hydrochloride tablets.
KEC International rallied 3.72%. The global infrastructure EPC major, an RPG Group Company, has secured new orders of Rs 3,023 crore across its various businesses.
Global Markets:
Asian shares were trading higher on Monday, as investors look ahead to crucial economic data later in the week. Minutes for the U.S. Federal Open Market Committee (FOMC) is slated to be released Wednesday. Monday will be a trading holiday for the U.S., in light of Presidents' Day.
The People's Bank of China left its 1-year and 5-year prime loan rates unchanged, widely in line with expectations.
US stocks ended mixed on Friday. Traders were concerned that the Federal Reserve could lift rates by more than expected amid recent data pointing to a stronger economy and sticky inflation.
During Friday's trade, the Dow Jones Industrial Average added 129.8 points or 0.4% to 33,826.7, the S&P 500 fell 11.3 points or 0.3% to 4,079.1 and the Nasdaq Composite lost 68.6 points or 0.6% to 11,787.3.
