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The domestic equity market extended its decline to the third consecutive session, led by weakness in financial stocks. Continuous FPI outflow and weak cues from other Asian indices spoiled investor’s sentiment. Foreign portfolio investors (FPIs) sold shares worth a net Rs 950.15 crore on Friday, 19 July 2019, as per provisional data released by the stock exchanges. Firmness in crude oil prices for second consecutive session also raised concerns of higher inflation and fiscal slippage.

Global Markets

China National Offshore Oil Co signed a MOU with Abu Dhabi National Oil Co on upstream exploration and development, oil refining and liquefied natural gas trade. European shares were flat to marginally higher on Monday, with Italian shares recovering some ground after a bout of selling driven by political nerves as all eyes moved to this week’s meeting of the European Central Bank. STOXXE was up around 0.05%.

Stock Snippets

Bharat Heavy Electricals (BHEL) has secured a prestigious order for erection work of reactor side equipment of 2×1000 MWe (Units 3&4) Kudankulam Nuclear Power Project in Tamil Nadu.

Cipla’s wholly owned step down subsidiary InvaGen Pharmaceuticals Inc. receives final approval for generic version of Pfizer’s Lyrica Pregabalin Capsules.

Dr Reddy’s Laboratories sold its US and select territory rights for Zembrace Symtouch (sumatriptan injection) 3 mg and Tosymra (sumatriptan nasal spray) 10 mg, which were commercialized through its wholly owned subsidiary, Promius Pharma, LLC, to Upsher-Smith Laboratories, LLC.

Lupin has won the Engineering News Record’s (ENR) Global Best Project Award of Merit in the Manufacturing category. The award was given to Lupin’s Oral Solid Dosage (05D) and Injectable Pharmaceutical Manufacturing Facility at Nagpur, India.

L&T Technology Services has been selected as a strategic partner by United Technologies Corporation (UTC) for Collins Aerospace, a subsidiary of UTC.

Global Markets

Japan stocks were lower after the close on Monday, as losses in the Paper & Pulp, Railway & Bus and Real Estate sectors led shares lower.The Nikkei 225 fell 0.23%.

Australia stocks were lower after the close on Monday, as losses in the A-REITs, Healthcare and Utilities sectors led shares lower.The S&P/ASX 200 lost 0.14%.

Israel stocks were higher after the close on Sunday, as gains in the Insurance, Oil & Gas and Real Estate sectors led shares higher.The TA 35 added 0.00%.

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