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Mkts slump on Chinese factory slowdown
Fri, 21 Aug Closing

Weakness across international markets took its toll on Indian stocks as benchmark indices remained weak throughout today's trading session. While the BSE-Sensex closed lower by around 242 points, the NSE-Nifty ended down by around 73 points. S&P BSE Midcap and S&P BSE Smallcap indices fared worse, losing around 1% and 0.8% respectively. Losses were largely seen in realty, capital goods and auto stocks.

Asian markets finished sharply lower today with shares in China leading the region. The Shanghai Composite was down 4.27% while Japan's Nikkei 225 was off by 2.98%. Europe shares extended their losing streak for third day running, tracking a drop in Asian equity markets and US stock futures after a survey showed Chinese factories contracted at their fastest pace since the global financial crisis in 2009. The rupee was trading weak by 29 paise at 65.83 against the US$.

Shares of Hindustan Unilever ended the trading day on an optimistic note after the company's subsidiary Lakme India tied up with the IT education and training institute Aptech to open 100 beauty training academies across India. Branded as Lakme Academy powered by Aptech, it is aiming to train 50,000 stylists across India in next five years. It will offer both foundation and advanced level training in skin, hair and make-up. As per the agreement, Lakme will design content and course modules, coach trainers and certify students while Aptech will be responsible for the entire academy operations.

Stocks in healthcare sector ended the day on a flat note with Piramal Enterprises and Strides Arcolab leading the gainers. According to a leading financial daily, Sun Pharmaceutical Industries has received US Food and Drug Administration (USFDA) approval for its Supplemental New Drug Application (sNDA) for XiminoTM (Minocycline HCl) extended-release capsules 45 mg, 90 mg and 135 mg. Ximino extended-release capsules are indicated for inflammatory lesions of non-nodular moderate to severe acne vulgaris in patients 12 years of age and older. This approval further strengthens the company's branded dermatology portfolio in the US. It expects Ximino extended-release capsules to be available for patients during the fourth quarter of 2015.

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Feb 24, 2021 (Close)