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Nifty slips below 11,000

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Negative Asian stocks took their toll on domestic stocks in early trade. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 56.53 points or 0.15% at 37,271.48. The Nifty 50 index was down 17.80 points or 0.16% at 10,999.20. The Nifty fell below the psychological 11,000 level in early trade.

The S&P BSE Mid-Cap index was down 0.27%. The S&P BSE Small-Cap index was down 0.19%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 386 shares rose and 539 shares fell. A total of 45 shares were unchanged.

Overseas, Asian shares were trading lower on Wednesday as fresh worries about a global recession led investors to dump risky assets, with US President Donald Trump showing no signs of backing down in his trade war with China.

Financial shares led US stocks lower on Tuesday to end a three-day rally as investors awaited comments from Federal Reserve Chair Jerome Powell at the end of the week.

Back home, Dr Reddy's Laboratories lost 1.85%. The company said that the audit of Formulations Manufacturing plant (Vizag SEZ Plant 1) at Duvvada, Visakhapatnam by the US FDA, has been completed and it was issued a Form 483 with 8 observations. The company will address them comprehensively within the stipulated timeline. The announcement was made after market hours yesterday, 20 August 2019.

Sun Pharma Advanced Research Company (SPARC) dropped 2.01%. The company said that a complaint has been filed by Abraxis Biosciences LLC in the U.S. District Court for the District of New Jersey, which alleges that SPARC's filing of New Drug Application (NDA) for Taclantis injection (Paclitaxel Injection Concentrate for Suspension) is an act of infringement of the Orange Book listed patents for Abraxane. The announcement was made after market hours yesterday, 20 August 2019.

Alembic Pharmaceuticals rose 3.03% after the company's Bioequivalence Facility located at Vadodara was inspected by US Food & Drug Administration (USFDA) between 12 August 2019 to 16 August 2019 and between 12 August 2019 to 20 August 2019 for Bioequivalence Bioanalytical and Bioequivalence Clinical. There were no 483s issued by USFDA at the end of the inspection. The announcement was made after market hours yesterday, 20 August 2019.

SpiceJet rose 1.63%. SpiceJet will shift its entire Mumbai operations to Terminal 2 of the city's Chhatrapati Shivaji Maharaj International Airport with effect from 1 October 2019. The transition is being proactively planned and implemented by the airline with the active support of Mumbai International Airport Limited (MIAL) to enhance passenger convenience. . It will lead to better synergies and cut down costs substantially for the airline. The announcement was made after market hours yesterday, 20 August 2019.

Zensar Technologies slipped 0.04%. Zensar Technologies announced that it has collaborated with Aptos, a recognized market leader in retail technology solutions, to support Aptos' development of next-gen cloud applications. With over 1,000 retail brands in 65 countries leveraging Aptos technology, the software vendor will utilise Zensar's expertise in digital solutions and services to accelerate and extend its research and development and professional services capabilities. The announcement was made after market hours yesterday, 20 August 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, August 21 2019. 09:26 IST