Domestic shares slumped on Monday amid weak global cues as the number of coronavirus cases outside China surged. The Nifty ended below its 100 days simple moving average placed at 11,955.66.Global sentiment took a beating following reports that South Korea put the country on high alert after the number of infections hit more than 700 and deaths rose to seven. In Italy, officials said the number of cases jumped to above 150 from just three last week.

Global Markets  

U.S. private equity Blackstone Group would raise its proposed offer price to buy Japan’s hotel chain Unizo Holdings to 6,000 yen ($53.78) per share, topping a bid by U.S. investment fund Lone Star.European equities tumbled the most since October on Monday as investors fled risk assets amid rising concerns about the economic impact of the spreading coronavirus.The Stoxx Europe 600 Index fell as much as 2.6%.

Stock Snippets

Bharti Infratel on Saturday said its board will meet on February 24 to chart out the future course of action following the telecom department’s approval for merger with Indus Towers.

Biocon said it has received three observations from the US health regulator following inspection of its insulin manufacturing facility in Malaysia.

 Shares of Lupin fell more than 2 percent after the US health regulator issued two observations to company’s Pithampur unit in Madhya Pradesh. About 12 days back, the pharma major had said the US Food and Drug Administration completed inspection of its Pithampur (Unit-I) facility with two 483 observations. The inspection was carried out between February 3 and February 11.

Shares of Aurobindo Pharma fell 18 percent as the US health regulator has withdrawn the 90-day voluntary action indicated (VAI) status given to Unit IV of company two days after its communication on February 19.

Shares of Unichem Laboratories rallied 11.7 percent intraday on February 24 after its Roha unit did not get any observation from the US health regulator.

Global Markets

Asian markets slid on Monday morning; with South Korea’s KOSPI plunging more than 3% after the country raised its infectious-disease alert to the highest level after a 20-fold increase in cases.

China’s Shanghai Composite fell 0.3% while the Shenzhen Component inched up 0.1%.Hong Kong’s Hang Seng Index dropped 1.6%. Japan’s Nikkei 225 dropped 0.4%.

Australia stocks were lower after the close on Monday, as losses in the Energy, IT and Consumer Discretionary sectors led shares lower. The S&P/ASX 200 declined 2.25%

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