Key equity barometers were hovering near the flat line in mid-morning trade. The Nifty was trading below the 11,500 mark. Pharma, metal, auto and FMCG shares edged lower. At 11:24 IST, the barometer index, the S&P BSE Sensex, was up 5.03 points or 0.01% at 38,850.85. The Nifty 50 index lost 10.35 points or 0.09% at 11,494.60.
In the broader market, the S&P BSE Mid-Cap index fell 0.66% while the S&P BSE Small-Cap index slipped 0.45%.
Sellers outpaced buyers. On the BSE, 952 shares rose and 1435 shares fell. A total of 156 shares were unchanged.
Buzzing Index:
The Nifty Pharma index shed 1.45% to 12,141.75 amid profit taking. The index had surged 9.68% in the past four sessions while the benchmark Nifty 50 index advanced 0.56% during the same period.
Biocon (down 2.42%), Lupin (down 2.25%), Dr. Reddy's Labs (down 2.18%), Cipla (down 2.08%), Torrent Pharma (down 1.96%) and Sun Pharma (down 1.39%) declined.
Stocks in Spotlight:
Amber Enterprises India rose 1.43% to Rs 2073.50. The company said that it had acquired 9,000 equity share of face value of Rs 1000 each, comprising of 20% stake, of Sidwal Refrigeration Industries. Accordingly, Sidwal Refrigeration Industries has become a wholly-owned subsidiary of Amber Enterprises India with effect from 18 September 2020.
Mangalore Refinery and Petrochemicals (MRPL) rose 0.52% to Rs 29 after the company said its shareholders approved the proposal to raise upto Rs 5,000 crore through issue of unsecured non-convertible debentures (NCDs)/bonds.
Global Markets:
Most Asian markets declined on Monday following the Wall Street sell-off on Friday.
Hong Kong-listed shares of Standard Chartered and HSBC slipped 2% to 3% today following reports that they allegedly moved large sums of suspicious funds. The moves came after the banks among several global lenders were identified in media reports as having allegedly moved suspicious funds over a period of nearly two decades, according to media reports.
The US stocks declined for third straight session on Friday, 18 September 2020, with the major averages finished firmly into negative territory, on rising tensions between the world's two largest economies after Trump administration announcement to ban Chinese-owned apps TikTok and WeChat from US app stores starting late on Sunday.
Meanwhile, selloff also fuelled amid renewed concerns about the economic outlook following the Federal Reserve's monetary policy announcement on Wednesday. While the Fed indicated it plans to leave interest rates at near-zero levels for years to come, traders seem skeptical that will be enough to support the economy.
US consumer sentiment index climbed to 78.9 in September from 74.1 in August, the University of Michigan released a report on Friday. The index reached its highest level since March but is still well below the pre-pandemic reading of 101.0 seen in February.
US leading economic index jumped by 1.2% in August after surging up by 2% in July and spiking by 3.1% in June, a report released by the Conference Board showed.
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