Cipla share price declined on observations from USFDA

Indian Markets:

• Nifty 50 Movement: Indices despite opening higher and touching 18,004.35 during morning deals, ended 100 points down at 17,845.
• Market sentiments were weak amid renewed worries of US Fed rate hike. After the strong US economic data announced last week, speculation is high about rise in US inflation that may prompt US Fed to further hike interest rate.
• The minutes from U.S. Federal Reserve’s February meeting will be published on 23 February 2023.
• Fresh geopolitical concerns also spooked investors. North Korea fired two more ballistic missiles off its east coast earlier in the day and warned US forces to halt their military drills in the pacific.

Global Markets:

• European shares declined while Asian stocks ended higher on Monday. Investors were cautious at the start of a week that includes the release of important Eurozone activity data as well as the minutes from the last Federal Reserve meeting.
• Monday will be a trading holiday for the U.S., in light of Presidents Day.
• Elsewhere, Chinas central bank left its interest rates unchanged earlier Monday, tensions between Beijing and Washington remained fraught due to issues surrounding the alleged Chinese spy balloon and potential aid to Russia, while North Korea has reportedly fired three ballistic missiles off its east coast on Monday.

Stocks in Spotlight:

?Cipla received ‘Form 483’ from United States Food and Drug Administration (USFDA). The USFDA conducted a current Good Manufacturing Practices (cGMP) inspection at Cipla’s Pithampur manufacturing facility from 6th – 17th February, 2023, the company said in its press release.

?Telecom stocks came in focus after Jefferies released a report on the sector, stating that revenue growth for the industry may continue to moderate without a tariff hike, while market share shifts towards Bharti Airtel and Reliance Jio are expected to stay on. Jefferies believe that high sales and marketing costs could result in margin headwinds for operators in the following quarters, with the escalation in network and S&M costs expected to be a drag on margins.

?IDBI Bank and Patanjali Foods gained over 2 percent after the stocks were added to the FTSE All World Index. Kotak Mahindra Bank, which was added back to the index after nearly nine years, traded flat in the afternoon. Inclusion and deletion of stock in indices like MSCI and FTSE are widely tracked since many fund managers benchmark their holdings to them. While Kotak Bank’s addition was anticipated, IDBI Bank and Patanjali Foods were the surprises.

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