Domestic stocks edged lower in early trade as key index pivotals dropped. At 9:28 IST, the barometer index, the S&P BSE Sensex, was down 208.07 points or 0.58% at 35,926.24. The Nifty 50 index was down 64.10 points or 0.59% at 10,805.40.
Provisional data released by the stock exchanges showing that local and foreign funds, both, were net sellers of Indian stocks yesterday, 4 December 2018, also weighed on the sentiment. The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 55.89 crore. Domestic institutional investors (DIIs) sold shares worth a net Rs 521.38 crore.
The outcome of the Reserve Bank of India's (RBI) monetary policy meeting will be closely watched. The Monetary Policy Committee (MPC) will conclude its two-day meet today, 5 December 2018.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 354 shares rose and 698 shares fell. A total of 56 shares were unchanged.
Overseas, Asian equities were trading mixed. US stocks plunged on Tuesday, with the Dow Jones Industrial Average tumbling almost 800 points, as a litany of concerns wiped out the rally in risk assets.
Back home, Tata Motors lost 1.94% after the company announced that S&P Global Ratings has lowered the credit rating of the company and luxury car unit, Jaguar Land Rover Automotive Plc (JLR), citing weaker profitability at JLR. S&P cut its rating on Tata Motors' issuer credit and senior unsecured notes to 'BB-' from 'BB'. The ratings remain on negative watch. The announcement was made after market hours yesterday, 4 December 2018.
Lupin fell 1.81%. Lupin announced the launch of Silodosin Capsules 4mg and 8mg, having received an approval from the United States Food and Drug Administration (USFDA) earlier. Lupin's Silodosin Capsules 4mg and 8mg; is the generic equivalent of Allergan's Rapaflo. An alpha-1 adrenergic receptor antagonist, it is indicated for the treatment of the signs and symptoms of benign prostatic hyperplasia (BPH). Rapaflo had annual sales of $198.5 million in the US (IQVIA MAT September 2018). The announcement was made after market hours yesterday, 4 December 2018.
SKF India rose 0.02% to Rs 1,925.65 announced that the buyback committee of the company fixed 21 December 2018 as the record date for the proposed buyback of the equity shares of the company. The announcement was made after market hours yesterday, 4 December 2018.
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