Cipla rises ob drug approval, Supriya Lifescience IPO oversubscribed & more

Nifty50: 16,614▼-371 (-2.1%) 
Sensex: 55,822 ▼-1,189 (-2.0%)

• Amid renewed virus concerns, the markets started the week deep in the red.
• 47 stocks from the Nifty50 pack declined.
• All Nifty sectoral indices closed in the red.
• Realty (-4.9%) and PSU Bank (-4.4%) were the top losers.

For more updates on F&O, click here.

Here are the top stories of the day.

Cipla gains on nod to market drug

Cipla was the shining star in the Nifty50 pack as the US Food and Drug Administration (USFDA) approved its Lanreotide Injection. This injection is used as a treatment for pancreatic tumors. 

The company said that it’s product is equivalent to Ipsen’s drug called Somatuline Depot, which had annual US sales of $867 million (about ₹6,500 crore).

CCI setback for Amazon, Future Group soars

Shares of Future group companies surged up to 20% as the Competition Commission of India (CCI) temporarily suspended its two-year old approval for Amazon’s deal with Future Coupons. The fair trade regulator also imposed a ₹202 crore penalty on Amazon for allegedly not being upfront about the actual scope and purpose of the deal.

Earlier, the US-based e-com giant had objected to Reliance Industries' plans of purchasing Future Group's assets arguing that it had the first right of refusal of purchasing a stake in Future Retail.

Supriya Lifescience IPO receives bumper interest

On day 3, the public issue of the active pharmaceutical ingredients maker was oversubscribed more than 70 times. Non-institutional investors including corporates flocked towards the IPO. The portion for non-institutional investors was oversubscribed over 160 times. 

Shares of south India-based Shriram Properties debuted on the exchanges today at a discount of around 24%. Meanwhile, the IPO action continues this week. India’s largest cash management company CMS Info Systems will launch its ₹1,100 crore IPO tomorrow. To apply and pre-apply for this IPO on Upstox, click here .

Closing bell

The markets fell like a pack of cards. The fear of a new wave has started building negative sentiments which were visible in the broad-based selling. All major international indices too were trading in the red. Since there are no major data releases this week, one could expect Indian markets to continue to take cues from international indices. The markets witnessed some buying interest at lower levels in the second half of the trading session today. It remains to be seen if there will be any follow-through buying tomorrow.

Good to know

What is channel pattern?

In the context of technical analysis, a channel pattern is observed when the price moves between the two parallel trendlines on the price chart. The upper trendline connects the highs, while the lower trendline connects the lows. Price consolidates between these lines and provides buying and selling opportunities at either end. If the price breaks on either side, a rally in that direction is expected.

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