Indices slip in early trade

Key indices are trading lower in early trade on selling pressure in index pivotals. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 55.23 points or 0.14% at 40,746.94. The Nifty 50 index was down 23.20 points or 0.19% at 12,025.00.

The S&P BSE Mid-Cap index was up 0.16%. The S&P BSE Small-Cap index was up 0.09%. Both these indices outperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 358 shares rose and 248 shares fell. A total of 46 shares were unchanged.

Among stocks, Biocon was up 2.34%. Biocon and Mylan N.V. announced the U S launch of Ogivri TM (trastuzumab-dkst), a biosimilar to Herceptin (trastuzumab). It will offer Ogivri in both the 420mg and 150mg strengths, increasing access to treatment for thousands of HER2-positive breast and gastric cancer patients. Ogivri was the first biosimilar trastuzumab approved by the U.S. Food and Drug Administration (FDA) and unanimously recommended by the FDA Oncologic Drugs Advisory Committee (ODAC).

United Spirits was up 0.05%. United Spirits said it has considered and approved a scheme of amalgamation and arrangement in relation to the proposed merger of the Company's listed subsidiary Pioneer Distilleries Limited with the Company. POL is engaged in the business of manufacture and sale of extra neutral alcohol, malt spirits, Indian Made Foreign Liquor (IMFL) and other allied products, including bottling operations.

Bank of Baroda was up 0.24%. Bank of Baroda said meeting of the Capital Raising Committee (CRC) of whole time Directors of the Bank is scheduled to be held on 5 December 2019 to consider raising of capital funds through issue of capital debt instruments.

RBL Bank was up 0.20%. RBL Bank said it has launched the qualified institutional placement issue for subscription on December 2. The Capital Raising Committee of the bank approved the floor price for the QIP being Rs 352.57 per equity share, at a 5.5% discount to Monday's closing price.

KEI Industries was up 0.61%. KEI Industries said the meeting of the Board of Directors of the Company will be held on Thursday, 5 December 2019, to consider and approve, inter-alia, the Notice of Postal Ballot seeking approval of shareholders for raising of funds in one or more tranches, by issuance of equity shares by way of qualified institutions placement(s).

Gati was up 2.58%. Gati said that the meeting of the Board of Directors of the Company is scheduled on 5 December 2019 to consider and approve fund raising by way of preferential issue and other related matters.

Overseas, most Asian stocks were trading higher. In US, stock indexes fell on Monday, after U S manufacturing data showed a continued contraction in November and fresh trade jitters put investors on the defensive.

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