Gift Nifty indicates a negative start for the Indian market; US Market ended lower; Asian stocks also opened lower following the Wall Street

PRE MARKET

Gift Nifty indicates a negative start for the broader index in India, with a loss of 76.5 points or 0.30 percent. The Nifty futures were trading around the 25,325.50 level.

Wall Street slumped on Friday after U.S. President Donald Trump escalated his trade conflict with China, following Beijing’s tightening of its rare earth restrictions.

Late on Friday after Wall Street’s official trading session, Trump said he would impose an additional 100% tariff on imports from China, as well as export controls on critical U.S.-made software, an announcement that sent Big Tech shares tumbling.

The Dow Jones Industrial Average fell 878.82 points, or 1.90%, to 45,479.60, the S&P 500 lost 182.60 points, or 2.71%, to 6,552.51, and the Nasdaq Composite lost 820.20 points, or 3.56%, to 22,204.43.

Asian stocks got off to a rocky start on Monday after fresh broadsides in the U.S.-China trade war spooked markets with already stretched valuations, though there were signs risk sentiment had steadied with Wall Street futures bouncing.

A holiday in Japan and the United States led to choppy early trading, and political uncertainty continued to shroud Japanese and European assets.

Japan’s Nikkei, the Taiwanese weighted index, and Hong Kong’s Hang Seng went down 1.02, 2.03, and 2.05 percent, respectively.

STOCKS TODAY

Lupin

The US Food and Drug Administration (US FDA) conducted a pre-approval inspection at the company’s manufacturing facility in Somerset, New Jersey. The inspection took place from September 29 to October 10 and concluded with one observation.

Kotak Mahindra Bank

Kotak Mahindra Bank announced that Sonata Finance has merged with BSS Microfinance and, as a result, has ceased to be a subsidiary of the bank, effective October 11. Both entities are wholly owned subsidiaries of the bank.

Mahindra Lifespace Developers

The company has been selected as the preferred partner for the redevelopment of four residential societies in Malad (West), Mumbai. This project offers an estimated development potential of Rs 800 crore. Additionally, Mahindra Lifespace has acquired 13.46 acres of land in Pune, estimated to yield a development potential of Rs 3,500 crore.

Hindustan Construction Company

HCC has secured a Rs 204 crore contract from Hindalco Industries for the fabrication, supply, and erection of pot shells and superstructures as part of the Aditya Aluminium smelter expansion project in Odisha.

Travel Food Services

The company’s subsidiary, TFS Gurgaon Airport Services, has entered into a License Agreement with Delhi International Airport for setting up, operating, managing, and maintaining Food & Beverage (F&B) outlets at Terminal 2 of Indira Gandhi International Airport, New Delhi.

Mankind Pharma

The company has executed a Business Transfer Agreement with its subsidiary Bharat Serums and Vaccines (BSV) for the acquisition of its branded generic business related to the women’s health Rx portfolio, on a going concern basis, by way of slump sale for Rs 797 crore.

Source – Moneycontrol