CNBC-TV18 Market Highlights: Sensex, Nifty settle lower dragged by consumer, IT, OMCs, banks fight for the bulls

Sensex heatmap at close: Yes Bank, Axis Bank gainers, Tata Steel, ONGC among top losers##Sensex heatmap at close: Yes Bank, Axis Bank gainers, Tata Steel, ONGC among top losers

Closing Bell: Sensex, Nifty close lower dragged by consumer, IT, OMC shares##Closing Bell: Sensex, Nifty close lower dragged by consumer, IT, OMC shares

The BSE Sensex dropped 141, or 0.38 percent, to 37532 at Monday's close. The NSE Nifty50 dipped 48 points, or 0.43 percent, to 11126. The BSE MidCap 100 index also declined 0.32 percent. The banking gauge, Bank Nifty outperformed, ending slightly higher 0.13 percent. Among gainers, Yes Bank topped with 7.6 percent, while ZEEL shares gained 5.62 percent. Britannia, Axis Bank and Nestle India were other major gainers, rising between 1 and 4 percent. BPCL, JSW Steel, ONGC, UltraTech Cement and Cipla were major losers, dipping between 2 and 5.5 percent.

Edelweiss has no exposure to Lodha, Indiabulls or Wadhawan Group, says CEO Rashesh Shah##Edelweiss has no exposure to Lodha, Indiabulls or Wadhawan Group, says CEO Rashesh Shah

The liquidity situation is tight in the non-banking financial company' business and a part of this problem is resulting in stress on the NBFC's asset quality, said Rashesh Shah, chairman and CEO at Edelweiss Financial Services. Rating agency CRISIL on Saturday downgraded Edelweiss group firm ECL Finance's long-term debt instruments rating and reaffirmed commercial paper (CP) issue and short-term debt programme rating. READ MORE

Glenmark Pharma shares tank 10% as USFDA issues warning letter for Baddi facility##Glenmark Pharma shares tank 10% as USFDA issues warning letter for Baddi facility

Glenmark Pharma stock tanked 10 percent on Monday to touch its 52-week low after the US Food and Drug Administration (USFDA) issued a warning letter to the company's Baddi facility. The stock fell 10 percent to its 52-week low of Rs 284.40 per share on BSE. At 12:15 pm, the stock was trading 9.4 percent lower at Rs 285.85 as compared to a 0.5 percent or 194 points rise in BSE Sensex at 37,867. READ MORE

Sovereign gold bond scheme: RBI fixes prices at Rs 3,788 per gram for Series V issue##Sovereign gold bond scheme: RBI fixes prices at Rs 3,788 per gram for Series V issue

The latest tranche of the sovereign gold bond scheme 2019-20 will open for subscription on Monday amid rising gold prices. The sovereign gold bonds are government securities denominated in grams of gold and they are issued by the RBI. Gold prices today traded flat following negative sentiment in global markets. 

Here is all you need to know about the Sovereign Gold Bond Scheme 2019-20—Series V

Aurobindo hits 4-year-low on US FDA observation on unit 7##Aurobindo hits 4-year-low on US FDA observation on unit 7

Shares of Aurobindo Pharma fell over 16 percent to hit a four-year low of Rs 475.50 on a report that the company's unit-7, located at Raipalle, Telangana, has received observations from the US Food and Drug Administration, which are critical in nature. The US drug regulator has reportedly issued a Form 483 to the company's unit-7 after it inspected the plant from Sep 19-27, according to CNBC-TV18.

Glenmark Pharma shares tank 10% as USFDA issues warning letter for Baddi facility##Glenmark Pharma shares tank 10% as USFDA issues warning letter for Baddi facility

Glenmark Pharma stock tanked 10 percent on Monday to touch its 52-week low after the US Food and Drug Administration (USFDA) issued a warning letter to the company's Baddi facility. The stock fell 10 percent to its 52-week low of Rs 284.40 per share on BSE. At 12:15 pm, the stock was trading 9.4 percent lower at Rs 285.85 as compared to a 0.5 percent or 194 points rise in BSE Sensex at 37,867. READ MORE

Here's a quick round-up of what has so far happened in the markets today##Here's a quick round-up of what has so far happened in the markets today

-Benchmark equity indices opened on a highly volatile note on Monday as weak domestic and global cues weighed on investor sentiment amid sustained foreign fund outflow.

-The Sensex gained over 180 points, or 0.48 percent, to 37853.80 in initial trade. The broader 50-share NSE Nifty50 rose just over 21 points, or 0.19 percent, to 11,196.

-Shares of Zee Entertainment Enterprises fell over 13 percent on Thursday after promoter Essel Media disclosed pledge creation on 10.71 percent equity with VTB Capital, which is for loan agreement executed on September 4, 2017.

-The stock slumped as much as 13.4 percent to hit its 52-week low of Rs 203.70 per share on BSE. 

-The rupee opened on a weak note and declined by 21 paise to 71.09 against the US dollar in opening trade on Monday, as sustained foreign fund outflows weighed on investor community.

Credit Suisse's Neelkanth Mishra: Repo rate still too high, scope for further cuts##Credit Suisse's Neelkanth Mishra: Repo rate still too high, scope for further cuts

Credit Suisse does not expect significant weakness in the market but believe that as the pressure on the government keeps building due to weak economic indicators it will lead to earnings being pushed down, Neelkanth Mishra, managing director and India equity strategist at the company told CNBC-TV18 in an interview. After corporate tax rate cuts announced by finance minister Nirmala Sitharaman last month, Credit Suisse expected that the market for coming several quarters would lurch between improving medium-term expectations as the government undertook tough reforms and very weak near-term prospects.

“We anticipated that the immediate reset because of corporate tax cuts would precede the cut in earnings, which would resume,” said Mishra. READ MORE

Yes Bank up 9% on reports of private equity, tech firms' interest in stake sale##Yes Bank up 9% on reports of private equity, tech firms' interest in stake sale

Yes Bank shares surged as much as 9 percent on Monday following reports that the private lender is in talks with global private equity firms and major technology companies like Microsoft for a large stake sale. READ MORE

Aurobindo Pharma extends losses, falls further##Aurobindo Pharma extends losses, falls further

Edelweiss Financial hits 3-year low as CRISIL cuts rating##Edelweiss Financial hits 3-year low as CRISIL cuts rating

Shares of Edelweiss Financial Services slumped nearly 9 percent to a three-year low of Rs 77.20 after CRISIL downgraded its rating on the company's broking services Edelweiss Securities and various arms of the company. CRISIL has downgraded its rating on Edelweiss Securities' Rs 12.8-billion long-term bank facilities to 'AA-' from 'AA', and also cut the rating on a Rs 13.35 billion long-term borrowing programme of Edelweiss Housing Finance to 'AA-' from 'AA'.

Udayan Mukherjee says financial sector faces major risks and the market knows##Udayan Mukherjee says financial sector faces major risks and the market knows

The stock market's assessment of the government's corporate tax reforms is that the companies which are market leaders and have high return ratios will power ahead, while the rest of the pack will fall, observed CNBC-TV18's Udayan Mukherjee.

“The market has done exactly the right thing," said Mukherjee. "Over the course of the last week or 10 days since the announcement came in, the initial response was euphoric because it was a big move and it warranted a very optimistic reaction from the market. Now we have seen some of that ebb off." READ MORE

Indoco Remedies up on US FDA OK for drugs from Goa unit##Indoco Remedies up on US FDA OK for drugs from Goa unit

Shares of Indoco Remedies rose as much as 6 percent, ending a four-session losing streak, after the company got a final approval from the US Food and Drug Administration for Rasagiline tablets. This is the first drug approval the company has received for its Goa plant, after the US drug regulator cleared units II and III in Goa in July. Both units had received a warning letter in March 2017.  The company has received an approval for its abbreviated new drug application of 0.5-1 mg Rasagiline tablets, a version of Teva Pharmaceutical Industries' Azilect and used to treat Parkinson's disease. According to a US-based clinical research firm IQVIA, sales of Rasagiline tablets in the US in 2018 were at $105 million. Shares of the company were up 2.9 percent at Rs 145.05 apiece at 11.53 am.