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Ranbaxy drops a staggering 29.98% on USFDA alert

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Key benchmark indices edged lower in choppy trade as data released by the government today, 16 September 2013, showed that based on wholesale price index (WPI) accelerated in August 2013, firming expectations that the central bank may again hold off cutting interest rates at its monetary policy review on Friday, 20 September 2013. The market breadth, indicating the overall health of the market, was negative. The S&P was provisionally down 14.26 points or 0.07%, off about 370 points from the day's high and up close to 120 points from the day's low.

Shares of pharma major Laboratories tumbled a staggering 29.98% in a single trading session after the US Food and Drug Administration issued an import alert against company's Mohali plant. Shares of most private banks rose. IT stocks declined as the rupee surged against the dollar. Index heavyweight and cigarette maker ITC gained. Another index heavyweight Reliance Industries (RIL) declined.

The market surged in early trade after the main opposition party, the Bharatiya Janata Party (BJP), late on Friday, 13 September 2013, named business friendly Gujarat chief minister Narendra Modi as the party's prime ministerial candidate for the general elections in 2014. The regained the psychological 20,000 level. The market trimmed initial gains and hit fresh intraday low in morning trade. The fell below the 20,000 mark. The further pared intraday gain to hit fresh intraday low in mid-morning trade. The market further pared gains and hit fresh intraday low in early afternoon trade after the latest data showed based on wholesale price index (WPI) accelerated in August 2013. The slipped into the red in afternoon trade. The and the 50-unit CNX Nifty, both, hit their lowest levels in almost a week. A bout of volatility was witnessed as key benchmark indices once again slipped into the red after reversing intraday losses in mid-afternoon. The market once again slipped into the red after regaining positive terrain in late trade.

In the foreign exchange market, the rupee surged against the dollar. The partially convertible rupee was hovering at 62.75, stronger than its close of 63.49/50 on Friday, 13 September 2013.

As per provisional figures, the S&P was down 14.26 points or 0.07% to 19,718.50. The index fell 136.61 points at the day's low of 19,596.15 in afternoon trade, its lowest level since 10 September 2013. The index surged 353.67 points at the day's high of 20,086.43 in early trade, its highest level since 25 July 2013.

The CNX Nifty lost 15.55 points or 0.27% to 5,835.05, as per provisional figures. The index hit a low of 5,798.15 in intraday trade, its lowest level since 10 September 2013. The index hit a high of 5,957.25 in intraday trade, its highest level since 25 July 2013.

The total turnover on amounted to Rs 1980 crore, higher than Rs 1856.21 crore on Friday, 13 September 2013.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,239 shares fell and 1,123 shares rose. A total of 123 shares were unchanged.

From the 30-share pack, 18 stocks declined and rest of them rose. Sesa Goa (down 3.83%), Tata Power Company (down 2.24%) and Tata Steel (down 1.99%), declined.

Bhel tumbled 5.16%. The stock was the biggest loser from the pack.

Index heavyweight and cigarette maker ITC gained 0.89%.

Shares of most private banks rose. (up 3.08%), (up 3.86%), (up 0.12%), and (up 2.41%), gained.

rose 2.13%. The bank on Saturday, 14 September 2013, said that it has completed the acquisition of additional 42.75 lakh equity shares of its subsidiary HDFC Securities (HSL) from an existing shareholder. With this acquisition the total shareholding of in HSL has increased from 62.06% to 89.88% of the paid-up capital of HSL.

State fell 0.9%.

IT stocks declined as the rupee surged against the dollar. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports. Wipro (down 1.26%), TCS (down 2.57%), and Infosys (down 1.23%), dropped.

HCL Infosystems jumped 9.37% to Rs 28 and HCL Technologies lost 5.04% to Rs 993 on reports that HCL Infosystems is working towards the goal of merging its system integration and services business with HCL Technologies. However, HCL Infosystems clarified during trading hours today, 16 September 2013, that no such merger matter is currently under consideration of the company's board. HCL Technologies is a software firm. A bulk of HCL Infosystems' revenues comes from selling computing hardware to government and by acting as a national distributor for mobile phones, computers, laptops and printers.

Index heavyweight Reliance Industries (RIL) declined 1.74%.

Pharma major Laboratories tumbled 29.98% to Rs 320.15 after the US Food and Drug Administration issued an import alert against company's Mohali plant. The FDA issued the alert on Friday, 13 September 2013. Laboratories' plant in Mohali manufactures oral solids for export to the US, the European Union and other geographies. In May 2013, Laboratories agreed to pay $500 million penalty to the US government to settle criminal and civil charges related to drug safety.

during trading hours today, 16 September 2013, said that the company has so far not received any communication from the USFDA against company's Mohali plant. The company is seeking information from the USFDA in this regard, it added.

Cadila Healthcare rose 0.83% after the company said during market hours that it launched a diabetes drug in India. Cadila Healthcare said that three months after announcing its breakthrough in research, the Zydus Group has launched Lipaglyn, a novel drug targeted at bridging an unmet healthcare need for treating Diabetic Dyslipidemia and Hypertriglyceridemia in Type II diabetes, not controlled by statins alone. Lipaglyn will be available across India and can be prescribed by cardiologists, diabetologists and general physicians. The therapy is priced at Rs 25.90 per tablet.

Speaking on the occasion, Pankaj R. Patel, chairman and managing director, Zydus Cadila said" "It's a great milestone for Indian pharmaceutical research today as Lipaglyn completes its journey from the lab to the market. Lipaglyn has opened up a new path in the care and management of diabetes and its complications and I believe this is just the beginning of India's contribution to the world of pharma research."

On the macro front, the annual rate of inflation, based on the monthly wholesale price index (WPI), accelerated to 6.1% in August 2013 from 5.79% in July 2013, firming expectations that the central bank may again hold off cutting interest rates at its monetary policy review on Friday, 20 September 2013. A surge in primary food articles to 18.2% in August 2013 from 11.9% in July 2013 mainly contributed to increase in in August 2013. Core or non-food manufacturing eased to 1.97% in August 2013 from 2.33% in July 2013, the latest data showed. Meanwhile, the government revised the rate of for June 2013 to 5.16%, from 4.86% reported earlier.

Build up rate in the financial year so far was 3.91% compared to a build up rate of 4.35% in the corresponding period of the previous year. The government announced the data during trading hours today, 16 September 2013.

had eased to the Reserve Bank of India's comfort zone of 5% in April and May. But rebounded following a rise in food prices due to crop damage after heavy rainfall this year, and increases in prices of fuel to compensate for higher import costs due to a sharp fall in the rupee.

At its upcoming mid-quarter monetary policy review on Friday, 20 September 2013, the Reserve will have to decide whether to give in to industry demands and lower interest rates in order to boost slowing economic growth, or leave interest rates unchanged for the third straight policy review as it guards against risks of a fresh rise in inflationary pressures.

The Securities and Exchange Board of India (Sebi) said on Friday, 13 September 2013, that FIIs/QFIs shall hereafter be permitted to invest in government debt without purchasing debt limits till the overall investment reaches 90%. Once this 90% limit is reached, auction mechanism shall be initiated for allocation of the remaining limits, as currently in place for FII investments in corporate debt. Presently FIIs/QFIs have to purchase the debt limits through the auction mechanism.

In a major development on political front, Gujarat chief minister Narendra Modi was crowned as the candidate for prime minister's post by India's main opposition -- Bharatiya Janata Party (BJP) -- late on Friday, 13 September 2013. BJP said that Modi's pro-business stance can revive India's stumbling economy. Parliamentary polls are due by next May. "At this time, when corruption and rising prices have become a big problem for the country, I hope the people will support our call for development and good governance," Mr. Modi said at a news conference in New Delhi on Friday, 13 September 2013.

European stocks edged higher on Monday, 16 September 2013, after former Treasury Secretary Lawrence Summers dropped out of the running for the top Federal Reserve job. Key benchmark indices in UK, France and Germany were up 0.68% to 1.07%.

Asian stocks rose on Monday, 16 September 2013, after Lawrence Summers withdrew from consideration to be the next Federal Reserve chairman, paving the way for Janet Yellen, who some investors say may favor a slower reduction in US stimulus. Key benchmark indices in Taiwan, Hong Kong, Singapore, South Korea and Indonesia rose 0.96% to 3.35%. China's Shanghai Composite fell 0.22% in choppy trade. Japanese stock markets were closed for a holiday.

Trading in US index futures indicated that the Dow could jump 162 points at the opening bell on Monday, 16 September 2013. US stocks on Friday scored modest gains despite a mediocre retail sales report and a disappointing read on consumer sentiment. US retail sales, a closely watched benchmark of economic health, rose just 0.2% in August. The consumer sentiment reading in September issued by Thomson Reuters and the University of Michigan was 76.8, down from the 82.1 reading in August.

Summers withdrew his nomination to lead the Fed, before a two-day policy meeting starting tomorrow, 17 September 2013. Summers, 58, was one of three names that US President Barack Obama had mentioned as possible replacements for Bernanke, whose term as Fed chairman ends on 31 January 2014. Janet Yellen, 67, the current Fed vice chairman, was also on Obama's candidate list along with Donald Kohn, 70, a former Fed vice chairman, the president said earlier. The exit of Summers, who faced wide opposition in the Fed race, could clear the path for Yellen. Yellen is seen as one who would favor a slower pace of tapering on Fed bond purchases.

Investors across the globe are eyeing the next policy meeting of the Federal Open Market Committee (FOMC) scheduled this week, considered by many to provide an indication on the timing and size of the Fed's cutbacks in its bond-purchase program. The FOMC holds a two-day policy meeting on Tuesday 17 September and Wednesday 18 September 2013 to decide on interest rates in the United States. The US central bank currently buys $85 billion a month in US debt and mortgage-backed securities in a bid to hold interest rates low and encourage economic growth. Federal Reserve Chairman Ben Bernanke has on several occasions stressed that the tapering process is dependent on an improvement in data. Fed's bond-buying program has kept global markets flush with liquidity in recent years.

The US and Russia announced a deal on Saturday, 14 September 2013, for Syria to destroy its chemical-weapons stockpile by the middle of 2014. The agreement halted preparation for a possible US attack on Syrian government targets in retaliation for the apparent use of chemical agents on civilians last month.

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Ranbaxy drops a staggering 29.98% on USFDA alert

Key benchmark indices edged lower in choppy trade as data released by the government today, 16 September 2013, showed that inflation based on wholesale price index (WPI) accelerated in August 2013, firming expectations that the central bank may again hold off cutting interest rates at its monetary policy review on Friday, 20 September 2013. The market breadth, indicating the overall health of the market, was negative. The S&P BSE Sensex was provisionally down 14.26 points or 0.07%, off about 370 points from the day's high and up close to 120 points from the day's low.

Key benchmark indices edged lower in choppy trade as data released by the government today, 16 September 2013, showed that based on wholesale price index (WPI) accelerated in August 2013, firming expectations that the central bank may again hold off cutting interest rates at its monetary policy review on Friday, 20 September 2013. The market breadth, indicating the overall health of the market, was negative. The S&P was provisionally down 14.26 points or 0.07%, off about 370 points from the day's high and up close to 120 points from the day's low.

Shares of pharma major Laboratories tumbled a staggering 29.98% in a single trading session after the US Food and Drug Administration issued an import alert against company's Mohali plant. Shares of most private banks rose. IT stocks declined as the rupee surged against the dollar. Index heavyweight and cigarette maker ITC gained. Another index heavyweight Reliance Industries (RIL) declined.

The market surged in early trade after the main opposition party, the Bharatiya Janata Party (BJP), late on Friday, 13 September 2013, named business friendly Gujarat chief minister Narendra Modi as the party's prime ministerial candidate for the general elections in 2014. The regained the psychological 20,000 level. The market trimmed initial gains and hit fresh intraday low in morning trade. The fell below the 20,000 mark. The further pared intraday gain to hit fresh intraday low in mid-morning trade. The market further pared gains and hit fresh intraday low in early afternoon trade after the latest data showed based on wholesale price index (WPI) accelerated in August 2013. The slipped into the red in afternoon trade. The and the 50-unit CNX Nifty, both, hit their lowest levels in almost a week. A bout of volatility was witnessed as key benchmark indices once again slipped into the red after reversing intraday losses in mid-afternoon. The market once again slipped into the red after regaining positive terrain in late trade.

In the foreign exchange market, the rupee surged against the dollar. The partially convertible rupee was hovering at 62.75, stronger than its close of 63.49/50 on Friday, 13 September 2013.

As per provisional figures, the S&P was down 14.26 points or 0.07% to 19,718.50. The index fell 136.61 points at the day's low of 19,596.15 in afternoon trade, its lowest level since 10 September 2013. The index surged 353.67 points at the day's high of 20,086.43 in early trade, its highest level since 25 July 2013.

The CNX Nifty lost 15.55 points or 0.27% to 5,835.05, as per provisional figures. The index hit a low of 5,798.15 in intraday trade, its lowest level since 10 September 2013. The index hit a high of 5,957.25 in intraday trade, its highest level since 25 July 2013.

The total turnover on amounted to Rs 1980 crore, higher than Rs 1856.21 crore on Friday, 13 September 2013.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,239 shares fell and 1,123 shares rose. A total of 123 shares were unchanged.

From the 30-share pack, 18 stocks declined and rest of them rose. Sesa Goa (down 3.83%), Tata Power Company (down 2.24%) and Tata Steel (down 1.99%), declined.

Bhel tumbled 5.16%. The stock was the biggest loser from the pack.

Index heavyweight and cigarette maker ITC gained 0.89%.

Shares of most private banks rose. (up 3.08%), (up 3.86%), (up 0.12%), and (up 2.41%), gained.

rose 2.13%. The bank on Saturday, 14 September 2013, said that it has completed the acquisition of additional 42.75 lakh equity shares of its subsidiary HDFC Securities (HSL) from an existing shareholder. With this acquisition the total shareholding of in HSL has increased from 62.06% to 89.88% of the paid-up capital of HSL.

State fell 0.9%.

IT stocks declined as the rupee surged against the dollar. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports. Wipro (down 1.26%), TCS (down 2.57%), and Infosys (down 1.23%), dropped.

HCL Infosystems jumped 9.37% to Rs 28 and HCL Technologies lost 5.04% to Rs 993 on reports that HCL Infosystems is working towards the goal of merging its system integration and services business with HCL Technologies. However, HCL Infosystems clarified during trading hours today, 16 September 2013, that no such merger matter is currently under consideration of the company's board. HCL Technologies is a software firm. A bulk of HCL Infosystems' revenues comes from selling computing hardware to government and by acting as a national distributor for mobile phones, computers, laptops and printers.

Index heavyweight Reliance Industries (RIL) declined 1.74%.

Pharma major Laboratories tumbled 29.98% to Rs 320.15 after the US Food and Drug Administration issued an import alert against company's Mohali plant. The FDA issued the alert on Friday, 13 September 2013. Laboratories' plant in Mohali manufactures oral solids for export to the US, the European Union and other geographies. In May 2013, Laboratories agreed to pay $500 million penalty to the US government to settle criminal and civil charges related to drug safety.

during trading hours today, 16 September 2013, said that the company has so far not received any communication from the USFDA against company's Mohali plant. The company is seeking information from the USFDA in this regard, it added.

Cadila Healthcare rose 0.83% after the company said during market hours that it launched a diabetes drug in India. Cadila Healthcare said that three months after announcing its breakthrough in research, the Zydus Group has launched Lipaglyn, a novel drug targeted at bridging an unmet healthcare need for treating Diabetic Dyslipidemia and Hypertriglyceridemia in Type II diabetes, not controlled by statins alone. Lipaglyn will be available across India and can be prescribed by cardiologists, diabetologists and general physicians. The therapy is priced at Rs 25.90 per tablet.

Speaking on the occasion, Pankaj R. Patel, chairman and managing director, Zydus Cadila said" "It's a great milestone for Indian pharmaceutical research today as Lipaglyn completes its journey from the lab to the market. Lipaglyn has opened up a new path in the care and management of diabetes and its complications and I believe this is just the beginning of India's contribution to the world of pharma research."

On the macro front, the annual rate of inflation, based on the monthly wholesale price index (WPI), accelerated to 6.1% in August 2013 from 5.79% in July 2013, firming expectations that the central bank may again hold off cutting interest rates at its monetary policy review on Friday, 20 September 2013. A surge in primary food articles to 18.2% in August 2013 from 11.9% in July 2013 mainly contributed to increase in in August 2013. Core or non-food manufacturing eased to 1.97% in August 2013 from 2.33% in July 2013, the latest data showed. Meanwhile, the government revised the rate of for June 2013 to 5.16%, from 4.86% reported earlier.

Build up rate in the financial year so far was 3.91% compared to a build up rate of 4.35% in the corresponding period of the previous year. The government announced the data during trading hours today, 16 September 2013.

had eased to the Reserve Bank of India's comfort zone of 5% in April and May. But rebounded following a rise in food prices due to crop damage after heavy rainfall this year, and increases in prices of fuel to compensate for higher import costs due to a sharp fall in the rupee.

At its upcoming mid-quarter monetary policy review on Friday, 20 September 2013, the Reserve will have to decide whether to give in to industry demands and lower interest rates in order to boost slowing economic growth, or leave interest rates unchanged for the third straight policy review as it guards against risks of a fresh rise in inflationary pressures.

The Securities and Exchange Board of India (Sebi) said on Friday, 13 September 2013, that FIIs/QFIs shall hereafter be permitted to invest in government debt without purchasing debt limits till the overall investment reaches 90%. Once this 90% limit is reached, auction mechanism shall be initiated for allocation of the remaining limits, as currently in place for FII investments in corporate debt. Presently FIIs/QFIs have to purchase the debt limits through the auction mechanism.

In a major development on political front, Gujarat chief minister Narendra Modi was crowned as the candidate for prime minister's post by India's main opposition -- Bharatiya Janata Party (BJP) -- late on Friday, 13 September 2013. BJP said that Modi's pro-business stance can revive India's stumbling economy. Parliamentary polls are due by next May. "At this time, when corruption and rising prices have become a big problem for the country, I hope the people will support our call for development and good governance," Mr. Modi said at a news conference in New Delhi on Friday, 13 September 2013.

European stocks edged higher on Monday, 16 September 2013, after former Treasury Secretary Lawrence Summers dropped out of the running for the top Federal Reserve job. Key benchmark indices in UK, France and Germany were up 0.68% to 1.07%.

Asian stocks rose on Monday, 16 September 2013, after Lawrence Summers withdrew from consideration to be the next Federal Reserve chairman, paving the way for Janet Yellen, who some investors say may favor a slower reduction in US stimulus. Key benchmark indices in Taiwan, Hong Kong, Singapore, South Korea and Indonesia rose 0.96% to 3.35%. China's Shanghai Composite fell 0.22% in choppy trade. Japanese stock markets were closed for a holiday.

Trading in US index futures indicated that the Dow could jump 162 points at the opening bell on Monday, 16 September 2013. US stocks on Friday scored modest gains despite a mediocre retail sales report and a disappointing read on consumer sentiment. US retail sales, a closely watched benchmark of economic health, rose just 0.2% in August. The consumer sentiment reading in September issued by Thomson Reuters and the University of Michigan was 76.8, down from the 82.1 reading in August.

Summers withdrew his nomination to lead the Fed, before a two-day policy meeting starting tomorrow, 17 September 2013. Summers, 58, was one of three names that US President Barack Obama had mentioned as possible replacements for Bernanke, whose term as Fed chairman ends on 31 January 2014. Janet Yellen, 67, the current Fed vice chairman, was also on Obama's candidate list along with Donald Kohn, 70, a former Fed vice chairman, the president said earlier. The exit of Summers, who faced wide opposition in the Fed race, could clear the path for Yellen. Yellen is seen as one who would favor a slower pace of tapering on Fed bond purchases.

Investors across the globe are eyeing the next policy meeting of the Federal Open Market Committee (FOMC) scheduled this week, considered by many to provide an indication on the timing and size of the Fed's cutbacks in its bond-purchase program. The FOMC holds a two-day policy meeting on Tuesday 17 September and Wednesday 18 September 2013 to decide on interest rates in the United States. The US central bank currently buys $85 billion a month in US debt and mortgage-backed securities in a bid to hold interest rates low and encourage economic growth. Federal Reserve Chairman Ben Bernanke has on several occasions stressed that the tapering process is dependent on an improvement in data. Fed's bond-buying program has kept global markets flush with liquidity in recent years.

The US and Russia announced a deal on Saturday, 14 September 2013, for Syria to destroy its chemical-weapons stockpile by the middle of 2014. The agreement halted preparation for a possible US attack on Syrian government targets in retaliation for the apparent use of chemical agents on civilians last month.

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Ranbaxy drops a staggering 29.98% on USFDA alert

Key benchmark indices edged lower in choppy trade as data released by the government today, 16 September 2013, showed that based on wholesale price index (WPI) accelerated in August 2013, firming expectations that the central bank may again hold off cutting interest rates at its monetary policy review on Friday, 20 September 2013. The market breadth, indicating the overall health of the market, was negative. The S&P was provisionally down 14.26 points or 0.07%, off about 370 points from the day's high and up close to 120 points from the day's low.

Shares of pharma major Laboratories tumbled a staggering 29.98% in a single trading session after the US Food and Drug Administration issued an import alert against company's Mohali plant. Shares of most private banks rose. IT stocks declined as the rupee surged against the dollar. Index heavyweight and cigarette maker ITC gained. Another index heavyweight Reliance Industries (RIL) declined.

The market surged in early trade after the main opposition party, the Bharatiya Janata Party (BJP), late on Friday, 13 September 2013, named business friendly Gujarat chief minister Narendra Modi as the party's prime ministerial candidate for the general elections in 2014. The regained the psychological 20,000 level. The market trimmed initial gains and hit fresh intraday low in morning trade. The fell below the 20,000 mark. The further pared intraday gain to hit fresh intraday low in mid-morning trade. The market further pared gains and hit fresh intraday low in early afternoon trade after the latest data showed based on wholesale price index (WPI) accelerated in August 2013. The slipped into the red in afternoon trade. The and the 50-unit CNX Nifty, both, hit their lowest levels in almost a week. A bout of volatility was witnessed as key benchmark indices once again slipped into the red after reversing intraday losses in mid-afternoon. The market once again slipped into the red after regaining positive terrain in late trade.

In the foreign exchange market, the rupee surged against the dollar. The partially convertible rupee was hovering at 62.75, stronger than its close of 63.49/50 on Friday, 13 September 2013.

As per provisional figures, the S&P was down 14.26 points or 0.07% to 19,718.50. The index fell 136.61 points at the day's low of 19,596.15 in afternoon trade, its lowest level since 10 September 2013. The index surged 353.67 points at the day's high of 20,086.43 in early trade, its highest level since 25 July 2013.

The CNX Nifty lost 15.55 points or 0.27% to 5,835.05, as per provisional figures. The index hit a low of 5,798.15 in intraday trade, its lowest level since 10 September 2013. The index hit a high of 5,957.25 in intraday trade, its highest level since 25 July 2013.

The total turnover on amounted to Rs 1980 crore, higher than Rs 1856.21 crore on Friday, 13 September 2013.

The market breadth, indicating the overall health of the market, was negative. On BSE, 1,239 shares fell and 1,123 shares rose. A total of 123 shares were unchanged.

From the 30-share pack, 18 stocks declined and rest of them rose. Sesa Goa (down 3.83%), Tata Power Company (down 2.24%) and Tata Steel (down 1.99%), declined.

Bhel tumbled 5.16%. The stock was the biggest loser from the pack.

Index heavyweight and cigarette maker ITC gained 0.89%.

Shares of most private banks rose. (up 3.08%), (up 3.86%), (up 0.12%), and (up 2.41%), gained.

rose 2.13%. The bank on Saturday, 14 September 2013, said that it has completed the acquisition of additional 42.75 lakh equity shares of its subsidiary HDFC Securities (HSL) from an existing shareholder. With this acquisition the total shareholding of in HSL has increased from 62.06% to 89.88% of the paid-up capital of HSL.

State fell 0.9%.

IT stocks declined as the rupee surged against the dollar. A firm rupee adversely affects operating profit margins of IT firms as the sector derives a lion's share of revenue from exports. Wipro (down 1.26%), TCS (down 2.57%), and Infosys (down 1.23%), dropped.

HCL Infosystems jumped 9.37% to Rs 28 and HCL Technologies lost 5.04% to Rs 993 on reports that HCL Infosystems is working towards the goal of merging its system integration and services business with HCL Technologies. However, HCL Infosystems clarified during trading hours today, 16 September 2013, that no such merger matter is currently under consideration of the company's board. HCL Technologies is a software firm. A bulk of HCL Infosystems' revenues comes from selling computing hardware to government and by acting as a national distributor for mobile phones, computers, laptops and printers.

Index heavyweight Reliance Industries (RIL) declined 1.74%.

Pharma major Laboratories tumbled 29.98% to Rs 320.15 after the US Food and Drug Administration issued an import alert against company's Mohali plant. The FDA issued the alert on Friday, 13 September 2013. Laboratories' plant in Mohali manufactures oral solids for export to the US, the European Union and other geographies. In May 2013, Laboratories agreed to pay $500 million penalty to the US government to settle criminal and civil charges related to drug safety.

during trading hours today, 16 September 2013, said that the company has so far not received any communication from the USFDA against company's Mohali plant. The company is seeking information from the USFDA in this regard, it added.

Cadila Healthcare rose 0.83% after the company said during market hours that it launched a diabetes drug in India. Cadila Healthcare said that three months after announcing its breakthrough in research, the Zydus Group has launched Lipaglyn, a novel drug targeted at bridging an unmet healthcare need for treating Diabetic Dyslipidemia and Hypertriglyceridemia in Type II diabetes, not controlled by statins alone. Lipaglyn will be available across India and can be prescribed by cardiologists, diabetologists and general physicians. The therapy is priced at Rs 25.90 per tablet.

Speaking on the occasion, Pankaj R. Patel, chairman and managing director, Zydus Cadila said" "It's a great milestone for Indian pharmaceutical research today as Lipaglyn completes its journey from the lab to the market. Lipaglyn has opened up a new path in the care and management of diabetes and its complications and I believe this is just the beginning of India's contribution to the world of pharma research."

On the macro front, the annual rate of inflation, based on the monthly wholesale price index (WPI), accelerated to 6.1% in August 2013 from 5.79% in July 2013, firming expectations that the central bank may again hold off cutting interest rates at its monetary policy review on Friday, 20 September 2013. A surge in primary food articles to 18.2% in August 2013 from 11.9% in July 2013 mainly contributed to increase in in August 2013. Core or non-food manufacturing eased to 1.97% in August 2013 from 2.33% in July 2013, the latest data showed. Meanwhile, the government revised the rate of for June 2013 to 5.16%, from 4.86% reported earlier.

Build up rate in the financial year so far was 3.91% compared to a build up rate of 4.35% in the corresponding period of the previous year. The government announced the data during trading hours today, 16 September 2013.

had eased to the Reserve Bank of India's comfort zone of 5% in April and May. But rebounded following a rise in food prices due to crop damage after heavy rainfall this year, and increases in prices of fuel to compensate for higher import costs due to a sharp fall in the rupee.

At its upcoming mid-quarter monetary policy review on Friday, 20 September 2013, the Reserve will have to decide whether to give in to industry demands and lower interest rates in order to boost slowing economic growth, or leave interest rates unchanged for the third straight policy review as it guards against risks of a fresh rise in inflationary pressures.

The Securities and Exchange Board of India (Sebi) said on Friday, 13 September 2013, that FIIs/QFIs shall hereafter be permitted to invest in government debt without purchasing debt limits till the overall investment reaches 90%. Once this 90% limit is reached, auction mechanism shall be initiated for allocation of the remaining limits, as currently in place for FII investments in corporate debt. Presently FIIs/QFIs have to purchase the debt limits through the auction mechanism.

In a major development on political front, Gujarat chief minister Narendra Modi was crowned as the candidate for prime minister's post by India's main opposition -- Bharatiya Janata Party (BJP) -- late on Friday, 13 September 2013. BJP said that Modi's pro-business stance can revive India's stumbling economy. Parliamentary polls are due by next May. "At this time, when corruption and rising prices have become a big problem for the country, I hope the people will support our call for development and good governance," Mr. Modi said at a news conference in New Delhi on Friday, 13 September 2013.

European stocks edged higher on Monday, 16 September 2013, after former Treasury Secretary Lawrence Summers dropped out of the running for the top Federal Reserve job. Key benchmark indices in UK, France and Germany were up 0.68% to 1.07%.

Asian stocks rose on Monday, 16 September 2013, after Lawrence Summers withdrew from consideration to be the next Federal Reserve chairman, paving the way for Janet Yellen, who some investors say may favor a slower reduction in US stimulus. Key benchmark indices in Taiwan, Hong Kong, Singapore, South Korea and Indonesia rose 0.96% to 3.35%. China's Shanghai Composite fell 0.22% in choppy trade. Japanese stock markets were closed for a holiday.

Trading in US index futures indicated that the Dow could jump 162 points at the opening bell on Monday, 16 September 2013. US stocks on Friday scored modest gains despite a mediocre retail sales report and a disappointing read on consumer sentiment. US retail sales, a closely watched benchmark of economic health, rose just 0.2% in August. The consumer sentiment reading in September issued by Thomson Reuters and the University of Michigan was 76.8, down from the 82.1 reading in August.

Summers withdrew his nomination to lead the Fed, before a two-day policy meeting starting tomorrow, 17 September 2013. Summers, 58, was one of three names that US President Barack Obama had mentioned as possible replacements for Bernanke, whose term as Fed chairman ends on 31 January 2014. Janet Yellen, 67, the current Fed vice chairman, was also on Obama's candidate list along with Donald Kohn, 70, a former Fed vice chairman, the president said earlier. The exit of Summers, who faced wide opposition in the Fed race, could clear the path for Yellen. Yellen is seen as one who would favor a slower pace of tapering on Fed bond purchases.

Investors across the globe are eyeing the next policy meeting of the Federal Open Market Committee (FOMC) scheduled this week, considered by many to provide an indication on the timing and size of the Fed's cutbacks in its bond-purchase program. The FOMC holds a two-day policy meeting on Tuesday 17 September and Wednesday 18 September 2013 to decide on interest rates in the United States. The US central bank currently buys $85 billion a month in US debt and mortgage-backed securities in a bid to hold interest rates low and encourage economic growth. Federal Reserve Chairman Ben Bernanke has on several occasions stressed that the tapering process is dependent on an improvement in data. Fed's bond-buying program has kept global markets flush with liquidity in recent years.

The US and Russia announced a deal on Saturday, 14 September 2013, for Syria to destroy its chemical-weapons stockpile by the middle of 2014. The agreement halted preparation for a possible US attack on Syrian government targets in retaliation for the apparent use of chemical agents on civilians last month.

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