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Stock market up

Stock markets rose on Monday amid choppy trade, with the S&P BSE Sensex index adding nearly 250 points in morning. The broader NSE Nifty benchmark climbed to as much as 11,233.85, up 59.1 points from its earlier close. Gains in banking and financial services stocks countered losses in pharma and energy shares. 

Meanwhile, equities in other Asian markets edged higher after data showed the US unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world’s largest economy. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.25 per cent and Japan’s Nikkei stock index climbed 0.29 per cent. 

Shares of BPCL fell over 3 per cent on Monday after the government repealed the legislation that had nationalised the company. On the BSE, the stock declined 3.53 per cent to Rs 497. The shares of the PSU fell 3.21 per cent to Rs 499 on the NSE. Ahead of a proposed move to fully privatise state-owned fuel retailer, the government has repealed the legislation that had nationalised the company, doing away with the need to seek Parliament nod before selling it off to private firms.

Drug firm Indoco Remedies on Monday said it has received approval from the US health regulator for Rasagiline tablets, used for treatment of Parkinson’s disease. The company has received last nod for its abbreviated new drug application (ANDA) for Rasagiline tablets in the strengths of 0.5 mg and 1 mg from the United States Food and Drug Administration (USFDA), Indoco Remedies said in a regulatory filing.

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