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<keyword id="20555600" type="General" weightage="20" keywordseo="Dr-Reddys-Laboratories" source="keywords" meta.keywordsubtype="org" meta.entityname="Dr Reddy's Laboratories" meta.hostid="261" meta.entityid="Dr Reddy's Laboratories">Dr Reddy's Laboratories</keyword> and <keyword id="20026907" type="General" weightage="20" keywordseo="Sun-Pharma" source="keywords" meta.keywordsubtype="org" meta.entityname="Sun Pharma" meta.hostid="261" meta.entityid="Sun Pharma">Sun Pharma</keyword> are recalling products in the US due to manufacturing issues, as per the latest Enforcement Report by the US Food and Drug Administration (<keyword id="19914245" type="General" weightage="20" keywordseo="USFDA" source="keywords">USFDA</keyword>). According to the report, Dr Reddy's Laboratories is recalling drugs to treat insomnia and gout in the American market. New Jersey-based Dr Reddy's Laboratories, Inc., a unit of Hyderabad-based drug major, is recalling 13,752 bottles of Eszopiclone tablets, the USFDA stated. The affected lot has been produced at Dr Reddy's Bachupally plant in Telangana. As per the USFDA, the drug firm is recalling the affected lot due to "Failed Impurities/Degradation Specifications". The company issued the Class III nationwide recall on June 4 this year. As per the USFDA, a Class III recall is initiated in a "situation in which use of, or exposure to, a violative product is not likely to cause adverse health consequences". Dr Reddy's Laboratories, Inc. is also recalling 20,520 units of Allopurinol tablets in the US market due to the "presence of foreign substance". The company initiated the Class II nationwide (US) recall on June 7, 2024, the US health regulator said. The USFDA said a US-based unit of Sun Pharma is recalling 2,088 vials of Decitabine for Injection (50mg per vial) due to "CGMP Deviations". The affected lot of the chemotherapy medication was produced at Sun Pharma's Gujarat-based manufacturing plant. New Jersey-based Sun Pharmaceutical Industries Inc. initiated the nationwide Class II recall on July 2 this year. As per the USFDA, a Class II recall is initiated in a situation in which the use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote. SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/virat-kohli-not-included-in-the-rohit-sharma-led-icc-team-of-the-tournament/slidelist/111398470.cms" target="_blank">Virat Kohli not included in the Rohit Sharma-led ICC Team of the Tournament</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-july-2024/slidelist/111341281.cms" target="_blank">Upcoming cars launching in India in July 2024</a><a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/telecom/news/reliance-jio-and-airtel-price-hike-new-plans-and-how-you-can-save-money/articleshow/111331794.cms" target="_blank">Reliance Jio and Airtel price hike – new plans and how you can save money</a>

Dr Reddy's, Sun Pharma recall drugs in US market: USFDA

Both <keyword id="20204377" type="General" weightage="20" keywordseo="indices" source="keywords">indices</keyword>, <keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword>, opened the day's trade in red. As of 9:50 am, Sensex was down by 141 points, <keyword id="20114014" type="General" weightage="20" keywordseo="trading" source="keywords">trading</keyword> at 80,661.33 points, while Nifty was slightly down by 0.04% and trading at 24,690.20 points. <keyword id="20103302" type="General" weightage="20" keywordseo="Divis-Labs" source="keywords" meta.keywordsubtype="org" meta.entityname="Divis Labs" meta.hostid="261" meta.entityid="Divis Labs">Divis Labs</keyword>, Dr. Reddy, Larsen and Toubro, Hindustan Unilever, and Nestle India gained an early edge during the day's trade, while UltraTech Cement, Kotak Mahindra Bank, Tech Mahindra and HDFC Bank were amidst the leading laggards. Amidst broad market indices, select Nifty <keyword id="20785910" type="General" weightage="20" keywordseo="midcap" source="keywords">midcap</keyword> indices were trading in red. Amidst sectoral indices, bank, auto, IT, PSU, private bank and realty were trading in red, registering marginal dips. On the other hand, media, metal, <keyword id="19933821" type="General" weightage="20" keywordseo="pharma" source="keywords">pharma</keyword> and healthcare were trading in green today. Aditya Gaggar, Director of Progressive Shares noted that the immediate resistance is placed at 51,100 while on the downside, 50,300 will be considered as support. "The <keyword id="19916570" type="General" weightage="20" keywordseo="IT-sector" source="keywords">IT sector</keyword> is likely to witness a profit-booking correction as it is forming a bearish divergence in the RSI but such correction is likely to be short-lived. The defensive segment i.e. the pharma is soaring high with a higher top higher bottom series which indicates a strong momentum, boosting our confidence to remain bullish (IPCA Labs, <keyword id="22859401" type="General" weightage="20" keywordseo="zydus-lifescience" source="keywords">Zydus Lifescience</keyword>). For the past couple of weeks, we have been recommending sugar counters from the FMCG segment and as they are performing as per our expectations; we continue to hold a positive stance", he continued. Shrikant Chouhan, Head Equity Research, Kotak Securities, highlights that some buying interest was observed in banking and financial stocks, while some profit booking took place in select FMCG and media stocks during intraday trading. "From a technical perspective, the overall market structure appears bullish. However, we recommend that day traders consider buying on dips as the ideal strategy. Key support zones are at 24,600/80,500, and key resistance zones are at 24,850/81,250. If the market sustains below the level of 24,575/80,300, further downward pressure may be expected, possibly leading the market to 24,500 levels. The recommended strategy is to buy between 24,600 and 24,500 levels, with a stop loss set at 24,400 on a closing basis", said Chouhan.

Stock market opening: Nifty, Sensex open the day in red, Dr. Reddy, Divis Labs take lead in early trade

<ul><li>On Monday, Sensex fell 616 points to close at 73,502, <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword> fell by 160 points to 22,332.</li><li>Nifty Bank fell by 507 points and BSE Bankex shed 607 points.</li><li>Uncertainties around global interest rate cuts and geo-political tensions affected investor sentiment. </li></ul>Indian benchmark indices closed in the red on Monday, after rallying for the last two sessions. The markets opened red, but steep selling was seen at the fag-end of the trading session, as global uncertainties impacted investors’ sentiments. Sensex fell 616 points to close at 73,502, while Nifty fell by 160 points to 22,332 on Monday. In its last trading session on Thursday, Sensex had settled at a new peak of 74,119 while Nifty also closed near a record of 22,493. “Weak global cues contributed to the overall weakness as local investors cut their exposure to banking, telecom, power and realty stocks. The market is in a volatile phase due to uncertainty over global interest rate cut, geo-political tensions and sluggish growth in key economies, which is forcing investors to cash out of their investments at regular intervals,” said <keyword id="20226500" type="General" weightage="20" keywordseo="prashanth-tapse" source="keywords">Prashanth Tapse</keyword>, senior VP of research at Mehta Equities. Almost all sectoral indices closed in the red, led by banking stocks. Nifty Bank fell by 507 points and BSE Bank shed 607 points. Nifty Financial Services also fell by 143 points. <keyword id="19924230" type="General" weightage="20" keywordseo="tata-consumer" source="keywords">Tata Consumer</keyword>, Power Grid, <keyword id="19897354" type="General" weightage="20" keywordseo="bajaj-auto" source="keywords">Bajaj Auto</keyword>, <keyword id="19904884" type="General" weightage="20" keywordseo="tata" source="keywords">Tata</keyword> Steel and SBI were the top losers on Nifty. Apollo Hospital, Nestle, SBI Life, Cipla and Dr Reddy’s were the top gainers in the index. A lot of Tata group stocks closed in the red on Monday, with Tata Chemicals shedding around 10%. Tata Power and Tata Technologies also closed in the red while TCS closed flat. ‘Investors on the edge’ The US markets had closed in the red on Friday and also opened in the red on Monday. Tech-heavy index Nasdaq is down by over 1.1% as of 4 pm, and the S&amp;P 500 is down by over 0.6%. "Continued selloff in global markets due to uncertainty over rate cuts impacted the domestic market sentiment, which is currently at an overbought level. The stronger than expected US nonfarm payroll data and caution ahead of the release of US inflation data tomorrow kept investors on the edge," said <keyword id="19969359" type="General" weightage="20" keywordseo="vinod-nair" source="keywords">Vinod Nair</keyword>, Head of Research, Geojit Financial Services. Gold prices hit a fresh new high on Friday and the bullion’s prices have been rising in the futures contracts too. Gold prices on Monday rose ₹73 to ₹66,096 per 10 grams in futures trade as speculators created fresh positions on a firm spot demand. “The broader market continued its underperformance due to valuation concerns, while investors are rebalancing their portfolios to include safe haven assets like gold,” said Nair. Brent crude prices too went up marginally by 0.37% to $81.8 per barrel. (With inputs from PTI)

Monday blues: Stock markets slump as global uncertainties weigh on

Mumbai (Maharashtra) [India], February 26 (ANI): The stock market commenced trading on a negative note today, with both the Sensex and <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword> opening in the red. The Sensex dipped 152.66 points, starting the day at 72,990.14, while the Nifty was down 51.55 points, opening at 22,161.15. Market sentiment remained subdued as 16 Nifty companies advanced while 34 declined. Leading the gainers on the Nifty were Power Grid, Cipla, <keyword id="20645080" type="General" weightage="20" keywordseo="dr-reddy" source="keywords">Dr Reddy</keyword>, <keyword id="20728770" type="General" weightage="20" keywordseo="adenterprises" source="keywords">AdEnterprises</keyword>, and LT, while Asian Paints, Titan, HDFC Life, LTIMindtree, and Tech Mahindra emerged as the top losers. <keyword id="19978188" type="General" weightage="20" keywordseo="varun-aggarwal" source="keywords">Varun Aggarwal</keyword>, founder and managing director, Profit Idea, said, "Despite the negative opening, the Nifty 50's near-term uptrend remains intact, with analysts foreseeing a minor dip in the upcoming week, potentially presenting a buy-on-dips opportunity. Immediate support for the Nifty is anticipated at 22,040 levels. Options data indicates significant call open interest at 22,300 and 22,500 strikes, with notable put open interest at 22,200 and 22,000 strikes". Turning to global markets, the US stock market saw a mixed session on Friday, with the Nasdaq Composite and S&amp;P 500 experiencing slight declines while the Dow Jones Industrial Average edged higher. The US Dollar Index traded marginally up at 103.97. Meanwhile, West Texas Intermediate (WTI) and Brent crude prices witnessed marginal declines, trading at <keyword id="19944038" type="General" weightage="20" keywordseo="usd" source="keywords">USD</keyword> 76.32 and USD 81.48, respectively. In Asia-Pacific trading, markets displayed mixed performance, with the Asia Dow up by 0.25 per cent, Nikkei 225 in the green by 0.39 per cent, Hang Seng index down by 0.10 per cent, and Shanghai Composite up by 0.55 per cent. Providing insight into investor activity, foreign institutional investors purchased shares worth a net Rs 1,276.1 crore, while domestic institutional investors bought shares worth a net Rs 176.7 crore on February 23, 2023, according to NSE data. As the trading day progresses, market participants will closely monitor developments, both domestically and globally, for cues on market direction and investor sentiment. (ANI)

Stocks dive at opening bell: Sensex-Nifty start trading day in red territory

Mumbai (Maharashtra) [India], February 20 (ANI): The stock market opened on a downward trend, losing the positive momentum from the previous trading day on Tuesday. The Sensex, India's benchmark stock index, began trading 165.44 points lower at 72,548.72, while the <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword> 50 index, which represents the National Stock Exchange of India's top 50 companies, opened down 45.40 points at 22,061.00. This decline at the opening bell signalled a shift from the positive sentiment witnessed in recent sessions. Among the Nifty companies, there were 17 advances and 33 declines. Notable gainers included Kotak Bank, Power Grid, <keyword id="19896307" type="General" weightage="20" keywordseo="apollo-hospitals" source="keywords">Apollo Hospitals</keyword>, UPL, and <keyword id="20645080" type="General" weightage="20" keywordseo="dr-reddy" source="keywords">Dr Reddy</keyword>, while Eicher Motors, Hero Motocorp, Bajaj Auto, M&amp;M, and HDFC Life were among the top losers. Despite the opening dip, market analysts anticipate marginal changes in the Indian stock market indices throughout the day, influenced by mixed global cues. The Gift Nifty trends also indicated a subdued start for the primary Indian benchmark index. In the previous trading session, domestic equity indices had extended gains for the fifth consecutive session, with the Nifty achieving an intraday all-time high. The Sensex had concluded at 72,708.16, marking a rise of 281.52 points, while the Nifty 50 settled at 22,122.25, up by 81.55 points or 0.37 per cent. <keyword id="19978188" type="General" weightage="20" keywordseo="varun-aggarwal" source="keywords">Varun Aggarwal</keyword>, founder and managing director, Profit Idea said, "Technical analysis of the Nifty 50 revealed a small positive candle on the daily chart, resembling a high wave or doji pattern. This pattern, combined with the proximity to key overhead resistance levels, suggests a potential consolidation or minor pullback in the near term. Despite the recent positive trend, the market currently exhibits a lack of strength for a definitive upside breakout beyond the resistance at 22,150 - 22,200 levels". On the derivatives front, the highest Open Interest (OI) on the call side was observed at 22,500 and 22,600 strike prices, while the maximum OI on the put side was at the 22,000 strike price. Meanwhile, Asian shares remained subdued, with MSCI's broadest index of Asia-Pacific shares outside Japan retreating 0.1 per cent from its recent peak in January. South Korean shares experienced a decline of 1 per cent. In the U.S., Treasury yields saw a modest uptick, while S&amp;P 500 futures edged lower by 0.2 per cent. The outlook on U.S. rate cuts has tempered following robust readings on producer and consumer prices. Looking ahead, economic indicators are expected to steer market sentiment, amidst ongoing geopolitical tensions and recovering demand in China, which should keep oil prices stable near three-week highs. (ANI)

Stock market opens in red reflecting mixed global cues

<keyword id="19896382" type="General" weightage="20" keywordseo="Sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="Nifty" source="keywords">Nifty</keyword> closed the day in green, albeit with minimal gains. While Sensex closed the day at 79,105.88 points, up by 149.85 points, Nifty closed at 24,143.75 points, inching up by 0.02% on August 14th, 2024. <keyword id="19950203" type="General" weightage="20" keywordseo="TCS" source="keywords" meta.keywordsubtype="org" meta.entityname="TCS" meta.hostid="261" meta.entityid="TCS">TCS</keyword> (up by 2.29%), HCL Tech (up by 1.96%), Tech Mahindra (up by 1.47%), Infosys (up by 1.25%), and Mahindra and Mahindra (up by 1.16%) were amidst the day's gainers. On the other hand, Divis Labs (down by 4.03%), Hero Moto Corp (down by 3.17%), Coal India (down by 3%), UltraTech Cement (down by 2.35%) and Dr. Reddy's (down by 2.14%) were amidst the day's top laggards. Out of the 2,798 stocks <keyword id="20130612" type="General" weightage="20" keywordseo="traded" source="keywords">traded</keyword> during the day, 1,073 saw advances, while 1,644 declined. Another 81 remained unchanged. 66 stocks hit their 52-week high price during the day, while 49 stocks also hit their 52-week low prices. 88 stocks hit the upper circuit during the day, while 109 stocks remained in the lower circuit. Ad<keyword id="19989715" type="General" weightage="20" keywordseo="IT" source="keywords">it</keyword>ya Gaggar, director of Progressive Shares noted that the market's lacklustre trade ended marginally higher at 24,143.75. "Barring IT and <keyword id="21415024" type="General" weightage="20" keywordseo="Auto" source="keywords">Auto</keyword>, all other sectors ended the day in red with metal and media being the major laggards. Broader markets underperformed the frontline index as mid and small caps ended the session with a loss of over 0.50%. Nothing has changed i.e. the index remained in its well-maintained range of 23,970-24,400, awaiting a breakout on either side", he continued. Most small and mid cap indices ended the day in red, while India VIX dipped 4.40% during the day. Nifty Next 50 and Nifty 100 were the only broad market indices that closed the day in green. Amidst sectoral indices, IT inched up by over 1%, while media and metal lost over 1% each during the trade. Said Ajit Mishra – SVP, Research, Religare Broking Ltd, "The markets remained lackluster and closed flat, taking a pause after Tuesday’s decline. Following a subdued start, the Nifty traded within a narrow range and ultimately ended at the 24,143 level. Sector-wise, metal and pharma stocks were the top losers, while resilience in the IT sector helped limit the overall decline for the second consecutive session. The broader indices also slipped, losing over half a percent each". "With no major domestic triggers, participants are now looking to global markets for direction. An intermediate recovery in the US markets is providing some relief, but ongoing pressure in select heavyweight stocks across sectors is limiting the recovery. In light of the uncertain outlook, we recommend maintaining a cautious stance and adopting a hedged approach until there is more clarity on the market’s next move", continued Mishra.

Stock market closing: TCS, HCL Tech, Infosys amidst leading gainers during the day

Mumbai (Maharashtra) [India], November 24 (ANI): The stock market kicked off the day on a high note, experiencing a surge in indices that resulted in an opening in the green territory. <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>, opening on a flat note due to the US holiday yesterday and a half-trading day today, displayed resilience in a narrow range trade yesterday, closing marginally down by 5 points but maintaining a position above the crucial 19800 mark. The Sensex surged 54.58 points, opening at 66,051.66, while the Nifty gained 20.90 points, opening at 19,820.75. Among the Nifty companies, 28 witnessed advances, while 22 declined. The top gainers included <keyword id="6357157" type="General" weightage="20" keywordseo="cipla" source="Orion">Cipla</keyword>, <keyword id="310041" type="General" weightage="20" keywordseo="divis-lab" source="Orion">Divi's Lab</keyword>, <keyword id="131828" type="General" weightage="20" keywordseo="dr-reddy" source="Orion">Dr. Reddy</keyword>, <keyword id="45179" type="General" weightage="20" keywordseo="ntpc" source="Orion">NTPC</keyword>, and MandM, whereas Hero Motocorp, HCL Technology, Tata Motors, TCS, and Wipro were among the top losers. Varun Aggarwal, founder and managing director, Profit Idea, said, "We remain positively biased on Indian economy for medium term. Short term support on Nifty lies at 19276 and major support lies at 18837. Nifty has shifted in a broader range of 20000-19500 levels. Medium term target of Nifty remains at 20466-21234-21410. FO expiry for November series next week, OI data has huge call writing at 20000 CE and 19500 PE levels". "On weekly front, Maximum Call OI is at 20000 then 19900 strike while Maximum Put OI is at 19800 then 19700 strike. Call writing is seen at 19900 then 20000 strike while Put writing is seen at 19800 then 19700 strike. Option data suggests a broader trading range in between 19600 to 20000 zones while an immediate trading range in between 19700 to 19900 zones", added Aggarwal. Remaining positively biased on the Indian economy for the medium term, analysts highlighted short-term support on Nifty lying at 19276 and a major support level at 18837. Nifty has shifted into a broader range of 20000-19500 levels, with a medium-term target ranging between 20466-21234-21410. Looking at the options market, data indicates a broader trading range between 19600 to 20000 zones, with an immediate trading range between 19700 to 19900 zones. Aggarwal said, "Shares were mixed in Asia after a modest advance on Wall Street that kept the market on track for a fourth straight weekly gain. Markets in Japan and the U.S. are closed for holidays. Chinese developers rallied on signs of more government support. Better than expected consumer sentiment data, fall in US Jobless data and strong quarterly earnings by Chip maker Nivda lifted the US market up to 0.5 per cent yesterday". He added, "European stocks edged marginally higher, holding at a two-month high, helped by to a rally across commodity-linked sectors in a quiet trading session amid the US Thanksgiving holiday. UK, Germany and France Index are flat to positive. Cipla nosedived 8 per cent after the news that the US health regulator has pulled up drug major Cipla for various manufacturing lapses at its Pithampur (Madhya Pradesh) based manufacturing facility". Asia's markets displayed a mixed performance after a modest advance on Wall Street, maintaining momentum for a fourth straight weekly gain. With markets in Japan and the U.S. closed for holidays, Chinese developers rallied on signs of increased government support. In the U.S., better-than-expected consumer sentiment data, a fall in US jobless data, and strong quarterly earnings by chip maker Nvidia contributed to a 0.5 per cent lift in the market. European stocks edged marginally higher, holding at a two-month high, supported by a rally across commodity-linked sectors. Aggarwal said, "India VIX was down by 4.60 per cent from 11.86 to 11.31 levels. Volatility slightly cooled off and comforted the bulls but momentum was clearly missing. We expect IT, Banking, Pharma, FMCG, Petrochemicals, Metals sector to do good. Bullish bias risk defined strategies are best for traders. Expect higher targets to hit on Nifty". Despite these positive trends, Cipla faced a setback as it nosedived by 8 per cent after news broke that the US health regulator raised concerns about manufacturing lapses at its Pithampur (Madhya Pradesh) facility. India VIX witnessed a 4.60 per cent decrease from 11.86 to 11.31 levels, indicating a slight cooling off in volatility. While comforted by this, the market lacked momentum. Analysts expect sectors like IT, banking, pharma, FMCG, petrochemicals, and metals to perform well, suggesting that bullish bias risk-defined strategies are optimal for traders, with expectations of higher targets to be hit on Nifty. (ANI)

Bullish momentum: Stock market launches with authority, Nifty holds firm above 19,800

New Delhi [India], August 8 (ANI): The Indian stock market witnessed mild volatility as the Sensex and Nifty displayed fluctuations. The Sensex plunged 41.40 points to slip at 65,908.91, while the Nifty experienced a dip of 9.75 points to stand at 19,587.60. Despite the fluctuations, the overall market sentiment remained mixed, with 29 shares advancing, 21 shares declining, and 1 share remaining unchanged. Amidst this backdrop, firms from the Nifty 50 index made noteworthy contributions to the market's performance. <keyword id="6357252" type="General" weightage="20" keywordseo="hero-motocorp" source="Orion">Hero Motocorp</keyword>, <keyword id="6357157" type="General" weightage="20" keywordseo="cipla" source="Orion">Cipla</keyword>, <keyword id="44587" type="General" weightage="20" keywordseo="dr-reddy" source="Orion">Dr Reddy</keyword>, <keyword id="45383" type="General" weightage="20" keywordseo="coal-india" source="Orion">Coal India</keyword>, and <keyword id="45179" type="General" weightage="20" keywordseo="ntpc" source="Orion">NTPC</keyword> emerged as the top gainers, playing a role in the market's upward trajectory. Hero Motocorp, a key player in the Indian two-wheeler industry, showcased robust gains, reflecting investor confidence in the company's strategic growth initiatives. Similarly, pharmaceutical major Cipla and pharmaceutical leader Dr Reddy's Laboratories demonstrated their resilience and ability to navigate market dynamics. The coal behemoth Coal India and the power major NTPC also showcased strong performances, contributing to the overall positive market sentiment. These companies steadfastness in their respective sectors played a significant role in maintaining a sense of stability in the market despite the fluctuations. On the other side, several firms experienced declines, which were instrumental in offsetting some of the market's gains. AdPorts, Adani Enterprises, Eicher Motors, Divi's Laboratories and TCS found themselves among the top losers at the time of writing this report. The day's trading activity highlighted the nuanced dynamics of the Indian stock market, with various factors influencing individual company performances. While some businesses surged forward, showcasing their adaptability and resilience, others faced challenges that led to declines. Market analysts and experts continue to monitor these trends closely, examining the interplay of economic indicators, corporate performances, and global influences that shape the trajectory of the Indian stock market. (ANI)

Indian stock market sees varied movement

<ul><li>The portfolio includes approximately 45 commercial products, four pipeline products and 40 approved non-marketed products, including a number of generic products focused on women's health.</li><li><keyword id="44587" type="General" weightage="20" keywordseo="Dr-Reddy" source="Orion">Dr Reddy</keyword>'s will acquire the portfolio for an upfront payment of approximately $90 million in cash.</li><li>For the financial period ended June 30, 2022, <keyword id="277934" type="General" weightage="20" keywordseo="Mayne-Pharma" source="Orion">Mayne Pharma</keyword> reported total revenue of $111 million for the acquired portfolio.</li></ul> <keyword id="67944" type="General" weightage="20" keywordseo="Dr-Reddys-laboratories" source="Orion">Dr Reddy's Laboratories</keyword> Ltd on Monday said its subsidiary entered into a definitive agreement to acquire the US generic prescription product portfolio of Australia-based Mayne Pharma Group Limited for USD 105 million. A press release form Dr Reddy's said the portfolio includes approximately 45 commercial products, four pipeline products and 40 approved non-marketed products, including a number of generic products focused on women's health. Under the terms of the agreement, Dr Reddy's will acquire the portfolio for an upfront payment of approximately USD 90 million in cash, contingent payments of up to USD 15 million, consideration towards inventory and credits for certain accrued channel liabilities to be determined on the closing date, it said. For the financial period ended June 30, 2022, Mayne Pharma reported total revenue of USD 111 million (USD) for the acquired portfolio. Approved high-value products include a hormonal vaginal ring, a birth control pill and a cardiovascular product. The closing of the transaction is subject to satisfactory completion of customary closing conditions including the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act), as amended. The acquisition will complement Dr Reddy's US retail prescription <keyword id="6469017" type="General" weightage="20" keywordseo="pharmaceutical" source="Orion">pharmaceutical</keyword> business with limited competition products. It also supports Dr Reddy's efforts to accelerate and expand affordable medications for patients, the release further said. Marc Kikuchi, Chief Executive Officer, North America business, Dr Reddy's, said, "This important acquisition provides our North America organisation with a significant foothold in the women's health space. The acquisition is in line with our stated strategy to enhance our portfolio in our chosen growth markets. We are well-positioned to successfully integrate the portfolio and grow the business." Erez Israeli, Chief Executive Officer, Dr Reddy's, said, "The portfolio of products acquired from Mayne Pharma is a strategic fit with our growth objectives. The portfolio includes some high entry-barrier products. It also complements our existing portfolio by introducing products focused on women's health. Our strong balance sheet enables us to acquire products of strategic importance to strengthen our base business and build for long-term growth." The value of total addressable market for the pipeline and approved non-marketed products in the US is approximately USD 3.6 billion for the calendar year ending in December 2022 according to IQVIA, the release said.

Dr Reddy's acquires Mayne Pharma's USA prescription portfolio for $105 Mn

<ul><li>India’s benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> are likely to open higher on Tuesday despite negative cues in the global markets. </li><li><keyword id="90570" type="General" weightage="80" keywordseo="sgx-nifty" source="Orion">SGX Nifty</keyword>, an early indicator of how the markets may perform, was up 0.24% or 41 points early in the morning today. </li><li>Dr. Reddy’s Labs, <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, <keyword id="6426359" type="General" weightage="20" keywordseo="pnb-housing-finance" source="Orion">PNB Housing Finance</keyword> are amongst <keyword id="73648" type="General" weightage="20" keywordseo="stocks-to-watch" source="Orion">stocks to watch</keyword> today. </li></ul>India’s benchmark indices Sensex and <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword>50 are likely to open higher on Tuesday despite negative cues in the global markets. SGX Nifty, an early indicator of how the markets may perform, was up 0.24% or 41 points early in the morning today. Earlier on Monday, despite opening on a strong note, Indian markets witnessed a massive plunge, with both the benchmark indices falling by 1.5% each as the negative sentiments in the US due to the <keyword id="630197" type="General" weightage="80" keywordseo="silicon-valley-bank" source="Orion">Silicon Valley Bank</keyword> collapse spilled over to markets around the world. India’s retail inflation print continued to be over the Reserve Bank of India’s upper tolerance level of 6% – according to government data, retail inflation stood at 6.44% in February, slightly lower than 6.52% in January. Concerns of a banking crisis dragged down crude oil prices, too. Brent crude oil prices fell 1.36% on Tuesday to $79.67 per barrel. <cmsannotation type="cmsannotation" annotationid="Bank stocks drag US indices down" comment="subhead" text="Bank stocks drag US indices down">Bank stocks drag US indices down</cmsannotation> Fears of a contagion from the collapse of Silicon Valley Bank led to major declines in banking stocks in the US on Monday, dragging down the benchmark indices. While the Dow Jones Industrial Average closed 0.28% lower, S&amp;P 500 fell 0.15%. The tech-heavy Nasdaq gained during a day of choppy trade, however, closing up by 0.45%. Most markets in Asia were in the red on Tuesday morning, with Hang Seng falling the most at 2%, followed closely by KOSPI and Nikkei 225, which were both down by 1.95%. Taiwan Weighted was also down by 0.92%, while Shanghai Composite was down 1.35%. <cmsannotation type="cmsannotation" annotationid="Stocks to watch" comment="subhead" text="Stocks to watch">Stocks to watch</cmsannotation> Dr. Reddy’s Laboratories: LIC on Monday said it has increased its shareholding in the company to 7.278% from 5.005%. GAIL: The state-run company has declared an interim dividend of ₹4 per equity share for the current financial year. With this, the government will receive a dividend of ₹1,355 crore while other shareholders will receive ₹1,275 crore. PNB Housing Finance: The company received market regulator SEBI’s approval to raise up to ₹2,500 crore through rights issue of shares. The money will be used towards augmenting its capital base. One97 Communications (Paytm): The fintech company’s credit business continues to grow with disbursements of ₹4,158 crore in February 2023 with an on year growth of 254%. The number of loan disbursals rose 86% to 40 lakh. Shriram Finance: The NBFC is looking to raise as much as $2.4 billion to fund its growth in the next financial year starting April, according to a report by Reuters. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/the-godot-recession-could-be-pushed-back-further-svb-crisis-could-force-us-fed-to-pause-rate-hikes/articleshow/98612680.cms">The ‘Godot’ recession could be pushed back further, SVB crisis could force US Fed to pause rate hikes</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-stocks-rally-after-group-prepays-2-15-billion-margin-linked-loans/articleshow/98601176.cms">Adani stocks rally adds ₹2.61 lakh crore to group market cap in March so far</a> <a href="https://www.businessinsider.in/investment/news/as-markets-turn-topsy-turvy-sovereign-gold-bonds-offer-hopes-of-a-safe-haven/articleshow/98545327.cms">As markets turn topsy turvy, sovereign gold bonds offer hopes of a safe haven</a>

Sensex, Nifty50 likely to open higher amidst negative global cues: Dr. Reddy’s Labs, Paytm, PNB Housing Finance among stocks to watch

Mumbai (Maharashtra) [India], March 6 (ANI): In sync with subdued sentiments prevailing in the global market, India's stock market indices, Sensex and <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword>, initiated trading on Wednesday on a lower note. The early trends in Gift Nifty also point towards a negative start for the Indian benchmark index, reflecting the cautious mood among investors. At the opening bell, the Sensex was down by 103.77 points, commencing at 73,573.37, while the Nifty 50 exhibited a decline of 36.35 points, starting at 22,319.95. This early dip in the indices hinted at the prevailing bearish sentiment influencing market dynamics. Among the Nifty companies, the market witnessed 16 advances and 34 declines, reflecting a mixed performance across sectors. Notable gainers included SBI Life, Bajaj Auto, Coal India, Reliance, and Kotak Bank, while Apollo Hospitals, Tech Mahindra, TCS, <keyword id="19945574" type="General" weightage="20" keywordseo="wipro" source="keywords">Wipro</keyword>, and Dr. <keyword id="19901026" type="General" weightage="20" keywordseo="reddy" source="keywords">Reddy</keyword> were among the top losers. Varun Aggarwal, founder and managing director, Profit Idea, said, "The Nifty 50 displayed a small negative candle on the daily chart with minor upper and lower shadows, suggesting a minor downward correction with heightened volatility. However, positive chart patterns like higher tops and bottoms remain intact, indicating the potential for a sustainable upside bounce from lower levels." Scrutinizing the Nifty Open Interest (OI) data, the highest OI on the call side was observed at 22,500 and 22,800 strike prices, while the maximum OI on the put side was at the 22,200 strike price. For a potential rally towards 22,600 and beyond, Nifty 50 needs to decisively breach the 21,400 level, with support positioned at 22,200. In Asian markets, caution prevails as equities eased on Wednesday. Chinese stocks faced declines as investors expressed disappointment over the lack of significant stimulus measures from Beijing. Meanwhile, Wall Street's major indexes experienced retreats of over 1 per cent overnight, influenced by weakness in megacap growth companies like <keyword id="19894961" type="General" weightage="20" keywordseo="apple" source="keywords">Apple</keyword> and the chip sector, particularly impacting the tech-heavy Nasdaq. Investors worldwide are closely monitoring US economic data and policymakers' speeches to ascertain the timing of potential rate cuts by the Federal Reserve. Fed Chair <keyword id="20058769" type="General" weightage="20" keywordseo="jerome-powell" source="keywords">Jerome Powell</keyword>'s testimony on Wednesday holds significant importance, with market participants eagerly anticipating his insights, albeit expecting him to maintain his current stance. (ANI)

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