Asian markets are under pressure after Trump threatened new tariffs.

Shares of Strides Shasun added 3 percent intraday as the company got a USFDA approval for Ketoconazole tablets USP.

The company's wholly-owned subsidiary Strides Pharma Global Pte has received final approval for Ketoconazole tablets USP, 200 mg from the United States Food & Drug Administration (USFDA).

Ketoconazole tablet is a generic version of Nizoral tablets, 200 mg, of Janssen Pharmaceuticals, Inc.

Ketoconazole is used to treat certain serious fungal infections in the body and it works by stopping the growth of the fungus.

The market extended previous day's losses with the Nifty struggling below 10,800 levels as Asian counterparts are under pressure after US President Donald Trump threatened more tariffs on Chinese products. China's Shanghai Composite dropped 3 percent while Hang Seng shed 2 percent and Japan's Nikkei slipped 1 percent.

The Sensex slipped 124.80 points to 35,423.46 and the Nifty shed 46.50 points to 10,753.40.

Oil retailers HPCL, BPCL and IOC are biggest losers among Nifty50 stocks, down 3 percent each.

Shares of Borosil Glass Works rallied 20 percent in the morning as the board approved the issue of bonus shares.

The company board at its meeting held on June 18 has approved the issue of bonus shares in the ratio of 3:1 subject to the approval of shareholders' and other authorities.

The board approved the withdrawal of scheme of amalgamation of Hopewell Tableware, Fennel Investment and Finance and Vyline Glass Works with Borosil Glass Works presently pending for approval from the National Company Law Tribunal (NCLT).

However, it approved the composite scheme of amalgamation and arrangement for amalgamation of Vyline Glass Works, Fennel Investment and Finance Private and Gujarat Borosil with the company.

Benchmark indices started off the day on a negative note Tuesday following weakness in the Asian peers on escalated trade war tensions.

The Sensex fell 90.36 points to 35,457.90 and the Nifty declined 30.80 points to 10,769.10.

State Bank of India, HPCL, BPCL, ICICI Bank, UPL, Reliance Industries and Tata Steel are under pressure.

Dr. Reddy's Labs, Bharti Airtel, ONGC and HDFC Bank are gainers.

The Nifty Midcap index fell 85 points and Nifty Bank slipped 56 points.

UCO Bank, Dena Bank and Bank of Maharashtra gained 1-3 percent.

Strides Shasun, Liberty Shoes, Nestle India, Gati, Hexaware Technologies, Glenmark Pharma, Tejas Networks and Mphasis gained 1-4 percent.

Balrampur Chini, PC Jeweller, CG Power, Jaiprakash Associates and GMR Infrastructure fell 1-2 percent.

LKP Securities said markets would make a negative start on feeble global cues.

Indian equity markets ended Monday’s trade slightly in red, as India’s trade deficit widened to $14.62 billion in May as against $13.84 billion in May 2017, the highest in nearly four months mainly because of rising oil imports. Today, the start is likely to remain cautious, tracking weak global cues as fears of a global trade war resurfaced.

There will be some cautiousness with Commerce and Industry Minister Suresh Prabhu’s statement that global trade is facing headwinds and these challenges are needed to be tackled properly to boost the world economy. He also said that the US decision to impose high import duties on certain steel and aluminium products have led to a trade war kind of situation, with other countries too raising their tariff walls. Traders will also be concern about a private report that the Indian rupee would continue to witness pressure in the coming days, but it should get respite in the medium term as trade protectionism ends up hurting the US economy, a net importer of goods. Market participants however will be getting some encouragement with the Finance Ministry’s statement that it would be increasingly difficult for businesses to remain outside the tax net as Goods and Services Tax (GST) is leading to the formalisation of the economy. 

Bulk Deals

CIL Nova Petrochemicals: Asia Investment Corporation Mauritius Ltd bought 1.70 lakh shares or 0.6 percent equity at Rs 29.94 each.

Siti Networks: Promoter Digital Satellite Media and Broadband Pvt. Ltd. sold 70.58 lakh shares or 0.8 percent equity at Rs 14.5 each.

JSGG Infra Developers LLP bought 70.58 lakh shares or 0.8 percent equity at Rs 14.5 each.

Stocks in News

ICICI Bank named Sandeep Bakhshi as its chief operating officer for five years. Chanda Kochhar will go on leave till an independent probe into allegations of impropriety against her is completed.

Goa Carbon says operations at Paradeep unit temporarily halted due to labour issues.

Titan sold its entire stake in Titan Time Products to Danlaw Technologies for Rs 18.5 crore.

Borosil Glass Work approves 3:1 bonus issue.

Benchmark indices are mixed in pre-opening despite weakness in Asia due to trade war tensions intensified.

The Sensex gained 54.11 points at 35,602.37 while the Nifty fell 2.60 points to 10,797.30.

ICICI Bank and SBI fell 1-2 percent while HDFC Bank gained 2 percent.

Axis Bank dipped half a percent while Bata and Bharti Airtel gained 1-2 percent. Nestle jumped 10 percent.

Borosil Glass Works surged 20 percent. Kajaria Ceramics, Strides Shasun and Venkys rose 1-2 percent while Balrampur Chini lost 2.5 percent.

The India Volatility Index (VIX), a gauge for market’s short term expectation of volatility increased by 2.57% and reached 12.38. 

Nifty June 2018 futures closed at 10789.60 on Monday, at a discount of 10.25 points over spot closing of 10799.85.

Nifty July 2018 futures ended at 10800.50, at a premium of 0.65 points over spot closing. 

Nifty June futures saw an addition of 0.24 million (mn) units, taking the total outstanding open interest (OI) to 24.88 mn units. 

The Nifty Put Call Ratio (PCR) finally stood at 1.16 for June month contract. 

The top five scrips with the highest PCR on OI were Just Dial (1.15), Cummins India (1.46), Dr. Reddy's Laboratories (1.26), Andhra Bank (1.26) and Sun Pharmaceutical (1.08).

Nifty Options 
From the most active contracts, ICICI Bank June 2018 futures traded at a discount of 1.05 points at 292.95 compared with spot closing of 294.00. The numbers of contracts traded were 25,150. 

Among Nifty calls, 10900 SP from the June month expiry was the most active call with an addition of 0.44 million open interests. 

Among Nifty puts, 10400 SP from the June month expiry was the most active put with contraction of 0.19 million open interests. 

The maximum OI outstanding for Calls was at 11000 SP (4.69 mn) and that for Puts was at 10700 SP (4.97 mn). 

Stock Futures

Long positions were witnessed in stocks like JPASSOCIAT & BATAINDIA

Short positions were witnessed in stocks like NCC & SUNTV

Tata Steel June 2018 futures traded at a premium of 2.15 points at 560.35 compared with spot closing of 558.20. The numbers of contracts traded were 22,964.

Dr. Reddy's Laboratories June 2018 futures traded at a discount of 14.20 points at 2389.00 compared with spot closing of 2403.20. The numbers of contracts traded were 22,214. 

Strides Shasun June 2018 futures traded at a discount of 0.15 points at 406.15 compared with spot closing of 406.30. The numbers of contracts traded were 17,915. 

Vedanta June 2018 futures traded at a premium of 0.95 points at 232.50 compared with spot closing of 231.55. The numbers of contracts traded were 15,818.

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