Sensex, Nifty Register Best September In Six Years

Indian equity indices halted their three-month losing streak.

The S&P BSE Sensex and the NSE Nifty 50 rallied over 3.5 percent and over 4 percent respectively this month, registering their best September gains since 2013.

Today, the 31-share index fell 0.4 percent to end at 38,667 and the 50-stock gauge declined 0.33 percent to 11,474.45. The broader markets represented by the NSE Nifty 500 Index declined 0.58 percent.

The market breadth was tilted in favour of sellers. About 1,311 stocks declined and 499 shares advanced on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty PSU Bank Index’s 3.5 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 1.9 percent.

IndusInd Bank Ltd. and Yes Bank Ltd. today clarified on the exposure to housing finance company—Indiabulls Housing Finance Ltd. without mentioning the company’s name.

Shares of Bharti Airtel rose as much as 6.9 percent, the most in 10 days, to Rs 373 during the last 15 minutes of trade.

The stock is the top performer on Sensex and Nifty. Trading in the company's call options totalled 9,376 contracts, compared with the average of 3,139 over the past 20 days according to Bloomberg data. Trading in the company's put options totalled 3,543 contracts, compared with the average of 2,184 over the same period.

• Coal India: About 10.7 lakh shares changed hands in large trade.
• NTPC: About 14.6 lakh shares changed hands in a large trade.
• ONGC: Abut 17.2 lakh shares changed hands in a large trade.

Shares of Lupin recovered from day’s low to trade 0.52 percent lower at Rs 713.70. The stock had declined 2.1 percent intraday.

The company announced that launch of Sildenafil Tablets that had received an approval from the U.S. FDA earlier, according to its stock exchange filing.

The scrip traded at 26 times its estimated earnings per share for the coming year.

The Indian rupee, which pared opening gains in the early trade was trading near day’s low.

The home currency depreciated 0.21 percent to 70.71 against the greenback as of 2:56 p.m. The local legal tender had depreciated 0.29 percent intraday.

HCL Technologies

• Stock rose as much as 5.3 percent to Rs 1,096.50.
• Citi Group has opened 90-day positive catalyst watch
• Revenue growth guidance stands between 14-16% for FY20

McNally Bharat Engineering

• Stock rose as much as 4.1 percent to Rs 3.85.
• The company entered into a collaboration agreement with Turkish company Kaylon.
• Parties to have 50 percent stake each in the collaboration agreement for infra projects in India.

Dalmia Bharat

• Stock rose as much as 6.9 percent to Rs 872.
• About 19.5 lakh shares changed hands in a large trade.

Kalpataru Power Transmission

• Stock pared losses and rose as much as 3.8 percent to Rs 492.95.
• The company won new orders worth Rs 775 crore.

Shares of Kalpataru Power Transmission pared losses and rose as much as 3.8 percent to Rs 492.95.

The company today said in a stock exchange notification that it won new orders worth Rs 775 crore.

The stock traded at 14 times its estimated earnings per share for the coming year, according to Bloomberg data. The scrip declined 6.1 percent in the past five days and advanced 7.4 percent in the past 30 days.

Indian equity benchmarks pared losses.

The S&P BSE Sensex and the NSE Nifty 50 traded little changed at 38,740 as of 2:30 p.m. and 11,489 respectively. The broader markets represented by the NSE Nifty 500 Index fell 0.48 percent.

The benchmark indices are set to halt their three-month losing streak. While the 31-stock index is set for its best September since 2013, the 50-share gauge is set for their best September since 2014.

Shares of the oil marketing companies traded little changed even as Brent crude swung to a fall of as much as 0.71 percent to $61.55 a barrel from a gain of as much as 0.53 percent.

Shares of Sundaram-Clayton fluctuated between gains and losses to trade 0.11 percent higher at Rs 1,976.

“The company's major plants has declared Oct. 1, 2019 as non-working day due to business slowdown across sectors,” it said in a statement on the exchanges.

Of the shares traded, 44 percent were at the ask price and 42 percent were at the bid.

Tata Communications

• Stock swung to a gain of as much as 2.1 percent to Rs 378 from a fall of as much as 4 percent.
• Trading volume was nearly double its 20-day average.

Sonata Software

• Stock rose as much as 11.3 percent to Rs 339.
• Trading volume was almost eight times its 20-day average.

New India Assurance

• Stock rose as much as 6.9 percent to Rs 113.
• Trading volume was more than seven times its 20-day average.

Indiabulls Housing Finance

• Stock fell as much as 38.5 percent to Rs 240.05.
• Trading volume was almost six times its 20-day average.

Indian equity benchmarks extended fall for the second consecutive trading session.

The S&P BSE Sensex fell 0.76 percent or nearly 300 points to 38,527 as of 2 p.m. and the NSE Nifty 50 fell 0.71 percent to 11,430.95. The broader markets represented by the SNE Nifty 500 Index fell as much as 0.91 percent.

The market breadth was tilted in favour of sellers. About 1,402 stocks declined and 382 shares advanced on National Stock Exchange.

Brent crude swung to a fall of as much as 0.71 percent to $61.55 a barrel from a gain of as much as 0.53 percent.

The Asia’s crude benchmarks is set to halt two-month losing streak after gaining 1.85 percent so far this month.

The mid- and small-cap index represented by the NSE Nifty MidCap 100 Index and NSE Nifty SmallCap 100 Index are set to snap their three-month losing streak.

While the mid-cap index is marching towards its best monthly returns since May 2019, small-cap index is heading towards its best monthly returns since March 2019.

Stocks in Europe and Asia edged lower on Monday while U.S. index futures rose, as investors struggled to interpret the latest escalation in trade rivalry between the world’s two largest economies.

• The Stoxx Europe 600 Index dipped 0.1 percent.
• Futures on the S&P 500 Index advanced 0.3 percent.
• Japan’s Topix index sank 1 percent.
• The Shanghai Composite Index decreased 0.9 percent.
• The MSCI Asia Pacific Index declined 0.3 percent.

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Source: Bloomberg

Indian equity indices continued to trade near day’s low.

The S&P BSE Sensex fell 0.86 percent to 38,488 as of 1 p.m. and the NSE Nifty 50 fell 0.8 percent to 11,419. The broader markets represented by the NSE Nifty 500 Index fell 0.98 percent.

The NSE Nifty PSU Bank Index fell 3.5 percent as of 12:45 p.m. led by the declines in Central Bank of India, Union Bank of India and Syndicate Bank.

About 12.9 lakh shares of IOCL changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of Indiabulls Housing Finance extended opening losses and fell as 38.5 percent, the most in record, to Rs 240.05.

This came after the Delhi High Court agreed to hear a plea seeking probe against Indiabulls Housing Finance Ltd. for allegedly advancing dubious loans, misappropriation and diversion of funds to the promoters of the company.

The bench, headed by Chief Justice DN Patel, issued a notice to Indiabulls Housing Finance, the Reserve Bank of India, Securities and Exchange Board of India and asked them to file their replies within two weeks.

Indian equity indices accelerated opening losses to trade near day’s low during midday, led by the declines in ICICI Bank ltd. and HDFC Ltd.

The S&P BSE Sensex fell 0.5 percent to 38,612 as of 11:50 a.m. and the NSE Nifty 50 fell 0.56 percent to 11,447. The broader markets represented by the NSE Nifty 500 Index fell 0.81 percent.

The market breadth was firmly tilted in favour of sellers. About 1,328 stocks declined and 392 shares advanced on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty PSU Bank Index’s 3.4 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 1.35 percent.

Shares of Bajaj Finance extended gains for the third consecutive trading session. The stock rose as much as 1.3 percent to hit an all-time high at Rs 4,111.75.

The stock returned 54 percent so far this year and advanced 87.9 percent in the past 12 months. The scrip traded at 37.5 times estimated forward earnings per share compared to 32.9 times for the two-year historical average, according to Bloomberg data.

Shares of Sonata Software rose as much as 8.4 percent, the most in seven months, to Rs 330.20.

Trading volume was more than six times its 20-day average, according to Bloomberg data. Of the shares traded, 46 percent were at the ask price and 43 percent were at the bid.

The stock traded at 12 times estimated forward earnings per share for the coming year, Bloomberg data showed.

Shares of Housing Development & Infrastructure extended declines for the tenth consecutive trading session, their longest losing streak in eight years. The stock fell as much as 4.8 percent to Rs 4.76.

The now-suspended managing director of the crisis-hit Punjab and Maharashtra Cooperative Bank, Joy Thomas, has reportedly admitted to the Reserve Bank of India that the bank’s actual exposure to HDIL is over Rs 6,500 crore—four times the regulatory cap or 73 percent of its entire assets of Rs 8,880 crore, according to PTI report.

The stock has declined 84 percent so far this year compared to 7.98 percent advance in the Sensex.

Shares of Reliance Capital fell as much as 13.1 percent, the most in over a month, to hit an all-time low at Rs 24.30.

The company plans to repay Rs 15,000 crore more to the lenders by March, the Group’s Chairman Anil Ambani said at the company’s annual general meeting, adding that the company will no longer be in lending business.

The stock declined 7.8 percent in the past five days and dropped 23 percent in the past 30 days, according to Bloomberg data.

Ten out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Media Index’s 315 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 0.67 percent.

Indian equity indices extended opening declines to trade at day’s low.

The S&P BSE Sensex fell over 300 points or 0.8 percent to 38,510 as of 11 a.m. and the NSE Nifty 50 fell 0.76 percent to 11,427.30. The broader markets represented by the NSE Nifty 500 Index fell 0.88 percent.

Shares of Yes Bank fell for the fourth consecutive trading session, their longest losing streak in nearly two weeks. The stock dropped as much as 13 percent to Rs 42.40, the lowest in nearly a decade.

The Relative Strength Index was below 30, indicating that the stock may be oversold, according to Bloomberg data. The stock declined 20 percent in the past five days and fell 26 percent in the past 30 days.

India’s equity benchmark NSE Nifty 50, which opened lower, is expected to witness sideways move during the day.

That’s according to homegrown broking firm Nirmal Bang. “The Nifty is taking good support at 11,470 levels whereas resistance lies at 11,640. If Nifty sustains above 10,540 level then we may witness the extension of the towards 11,640-11,700,” according to its research report.

Shares of Future Consumer fell as much as 3.4 percent to Rs 28.40.

The company acquired 50 percent stake in Genoa Rice Mills, thus making it the company’s wholly owned arm.

Of the shares traded, 51 percent were at the ask price and 40 percent were at the bid, according to Bloomberg data. The stock traded at 78 times its estimated earnings per share for the coming year.

Nifty’s 11,300 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract, which is set to expire on Thursday, fell 54.36 percent to Rs 49.15. Over 14.98 lakh shares were added to the open interest which stood at over 24.10 lakh shares.

Indian equity benchmarks extended opening losses, led by the declines in ICICI Bank Ltd. and HDFC twins.

The S&P BSE Sensex fell as much as 0.85 percent to 38,491.74 and the NSE Nifty 50 fell as much as 0.83 percent to 11,417.20. The broader markets represented by the NSE Nifty 500 Index fell as much as 0.89 percent.

The market breadth was tilted in favour of sellers. About 1,157 stocks declined and 445 shares advanced on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index 2.3 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 0.9 percent.

Shares of 63 Moons Technologies rose as much as 4.9 percent to Rs 133.85.

The company completed sale of 55.35 percent stake in Atom Technologies to NTT Data. The company continues to hold 36 percent stake in Atom Technologies and will have one-third representation on board as well.

The stock declined 7.8 percent in the past five days and advanced 19 percent in the past 30 days.

Shares of the pharmaceutical company fell as much as 4.1 percent to Rs 421.55.

The U.S. Food and Drug Administration issued 12 observations for the drugmaker’s Goa plant after conducting Current Good Manufacturing Practice inspection between Sept. 16-27, according to its stock exchange filing.

Trading volume was more than seven times its 20-day average, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be oversold.

Shares of Reliance Nippon Life Asset Management Company rose as much as 3.4 percent to Rs 274.37.

Reliance Capital announced the completion of 21.54 percent stake sale in its mutual fund arm Reliance Nippon Life Asset Management Ltd. to joint venture partner Japan's Nippon Life Insurance for Rs 3,030 crore. The company will further monetise its balance 4.28 percent stake in RNAM worth Rs 700 crore.

Besides, shares of Reliance Cpaital fluctuated between gains and losses to trade 3.4 percent lower at Rs 27.

Shares of Indaibulls Group stocks extended declines for the second consecutive trading session.

This after the Delhi High Court on Friday has agreed to hear a plea seeking probe against Indiabulls Housing Finance Ltd. for allegedly advancing dubious loans, misappropriation and diversion of funds to the promoters of Indiabulls.

A Delhi High Court bench, headed by Chief Justice DN Patel, issued notice to Indiabulls Housing Finance, the Reserve Bank of India, Securities and Exchange Board of India and asked them to file their replies within two weeks.

Shares of Lakshmi Vilas Bank hit their lower circuit of 5 percent for the second consecutive trading session.

The Reserve Bank of India put the bank under Prompt Corrective Action framework. The bank clarified that PCA does not mean moratorium for the bank. There are no restrictions on operations by depositors. Bank can also undertake lending activities to all segments except corporates and other stressed and high risk sectors.

Besides, the lender clarified on Religare Finvest’s complaint with Economic Offences Wing that mere registration of FIR against the bank does not mean anything at this stage. “The Bank is committed to cooperate with the investigating agencies and regulatory authorities apparently in order to bring out the malicious attempts of Religare Finvest to mislead the public to cover up massive fraud indulged by their own promoters/ employees/ group companies,” according to its statement.

Indian equity benchmarks opened lower, led by the declines in HDFC Bank Ltd. and ICICI Bank Ltd.

The S&P BSE Sensex fell 0.22 percent to 38,732 and the NSE Nifty 50 fell 0.25 percent to 11,480.90. The broader markets represented by the NSE Nifty 500 Index fell 0.25 percent.

The market breadth was tilted in favour of buyers. About 753 stocks advanced and 585 shares declined on National Stock Exchange.

Nine out of 11 sectoral gauges compiled by NSE traded lower, led by the NSE Nifty Metal Index 1.37 percent fall. On the flipside, the NSE Nifty IT Index was the top sectoral gainer, up 0.33 percent.

The yield on the 10-year note fell as much as four basis points to 6.69 percent.

Indian government bonds may drop on a news report that the government may seek about Rs 30,000 crore as interim divided towards the end of the financial year to meet its fiscal deficit target of 3.3 percent of GDP.

Traders will also await the October - March borrowing calendar on Monday to see whether authorities stick to their borrowing target and announce an overseas bond sale.

The 10-year bond yield rose two basis points to 6.74 percent on Friday, after having surged to 6.77 percent intraday as the central bank’s liquidity report on managing funds in the banking system through long-term repo auctions triggered concerns the authority may go slow on open-market bond purchases.

October Futures

• Nifty October futures closed at 11579.5, premium of 67.5 points versus 59.6 points.
• Nifty futures open interest down 2 percent, sheds 2.3 lakh shares in open interest.
• Nifty Bank Oct futures closed at 30,080.9, premium of 204 points versus 222 points.
• Nifty Bank futures open interest up 9 percent, adds 78 lakh shares in open interest.

Options

• Nifty PCR at 1.19 versus 1.32 (across all series).

Nifty Monthly Expiry: Oct. 3

• Max open interest on call side at 11,600 (20.6 lakh shares).
• Max open interest on put side at 11,500 (12.3 lakh shares).
• Max open interest addition seen at 11,600C (+10.5 lakh shares), 11,700C (+6.2 lakh hares).

Nifty Monthly Expiry: Oct. 31

• Max open interest on call side at 11,500 (17.2 lakh shares).
• Max open interest on put side at 11,000 (18.2 lakh shares).

• Advanced Enzyme Technologies promoter Atharva Green Ecotech acquired 6.29 lakh shares on Sept. 26.
• Vakrangee promoter Dinesh Nandwana acquired 5.22 lakh shares on Sept. 27.
• GFL promoter Inox Leasing & Finance acquired 1 lakh shares on Sept. 25.
• Anant Raj promoter Amar Sarin acquired 2.15 lakh shares from Sept. 24-25.
• Zee Media Corporation promoter 25FPS Media sold 1.04cr shares from July 26-Sept. 20.

Who’s Meeting Whom

• ACC to meet Millennium Partners on Sept. 30.
• Mahindra & Mahindra Financial Services to meet Citigroup Global Markets, Goldman Sachs Asset Management and other investors from Sept. 30-Nov. 20.
• Shriram City Union Finance to meet Sundaram Asset Management on Sept. 30.

• Aarti Industries record date for bonus share issue at 1:1.
• Monsanto record date for amalgamation.
• Snowman Logistics, GATI, Themis Medicare, Dai-Ichi Karkaria to move into short term ASM Framework.
• Pioneer Distilleries price band revised to 10 percent.
• Manpasand Beverages, Ruchi Soya Industries, Vikas EcoTech, Reliance Naval and Engineering to move out of ASM Framework.

The Indian rupee opened higher against the U.S. dollar. The home currency appreciated as much as 0.3 percent to 70.35 against the greenback.

The local legal tender is seen trading steady, but with trade tensions brewing on the sidelines, gains will be capped. The dollar is headed for its biggest monthly drop since March this year.

Indian equity benchmarks are set for a tepid start.

The S&P BSE Sensex rose 0.21 percent to 38,916.41 during the pre-market trade and the NSE Nifty 50 traded little changed at 11,518.65.

• Lakshmi Vilas Bank clarified on Religare Finvest’s complaint with Economic Offences Wing that mere registration of FIR against the bank does not mean anything at this stage. “The Bank is committed to cooperate with the investigating agencies and regulatory authorities apparently in order to bring out the malicious attempts of Religare Finvest to mislead the public to cover up massive fraud indulged by their own promoters/ employees/ group companies,” according to its statement. Besides, the Reserve Bank of India put the bank under Prompt Corrective Action framework. The bank clarified that PCA does not mean moratorium for the bank. There are no restrictions on operations by depositors. Bank can also undertake lending activities to all segments except corporates and other stressed and high risk sectors.
• Indiabulls Housing Finance said that public interest litigation filed by Citizens Whistle Blower Forum came up for hearing before Delhi High Court on Sept. 27 when the court was informed that the arguments made in the petition are a pack of lies motivated by vested interest and has been filed without any research even on publicly available records of the Company. The matter is listed for hearing on Dec. 13. The company also said that it has filed an application before the Delhi High Court for Perjury and misrepresentation under oath against Prashant Bhushan for willfully filing a PIL full of false and incorrect information and thereby causing wilful reputational loss to the Company. The Perjury petition against Prashant Bhushan will come up for hearing next week. Even a criminal defamation case against Prashant Bhushan has been filed.
• Reliance Capital: announced the completion of 21.54 percent stake sale in its mutual fund arm Reliance Nippon Life Asset Management Ltd. to joint venture partner Japan's Nippon Life Insurance for Rs 3,030 crore. The company will further monetise its balance 4.28 percent stake in RNAM worth Rs 700 crore. Besides, Reliance capital sold subsidiaries Reliance Capital Trustee Co. and Reliance Capital AIF Trustee Company to Nippon Life Insurance Company for Rs 1.8 crore.
• Sundaram Multi Pap said that ECL Finance Ltd. has disbursed Loan of Rs 25 crore to the company and further it has repaid the entire outstanding of Term Loan & Cash Credit facilities of SBI & Cash Credit facilities of IDBI Bank and hence company is successfully released from the restructuring of banking limits.
• Tata Power’s solar arm won 105 MWP bid for floating solar project worth Rs 343 crore.
• Seamec has entered into charter party worth $1 million with Posh Subsea.
• Gujarat Alkalies & Chemical: Board to appoint expert to explore the options relating to capital restructuring in the best interest of increasing the value of investment of shareholders. Till that time, the decision of split of equity shares of the Company and other consequential matters was deferred.
• Allcargo Logistics: The National Company Law Tribunal approved amalgamation of the company’s shipping arm with self.
• Union Bank of India said that Rs 6,216 crore has been remitted by the Government on Sept. 27.
• IDBI Bank: Board has granted in-principle approval to divest 6.23 crore equity shares, or 19.18 percent stake on Asset Reconstruction Company (ARCIL).
• Cox & Kings: Statutory Auditor DTS & Associates have resigned with effect from Sept. 26, citing that there has been an absence of any committed timelines for publishing the first quarter’s result for the current financial year 2020. Besides, the International Air Transport Association has terminated its license to the company for selling tickets and has asked company to surrender IATA ID Card. The company has as requested the IATA authorities to reinstate the Company’s IATA License against clearance of dues. The company also signed Term sheet with EBIX Software and will move business travel corporate clients to EBIX. The deal was done after after IATA ended ticket licence.
• Voltas: Board approved amalgamation of wholly owned arm Universal Comfort Products with the company.
• Bandhan Bank: NCLT Kolkata approved amalgamation of Gruh Finance with Bank. The scheme was already sanctioned by NCLT Ahmedabad. Scheme of Amalgamation will become effective upon the filing of the orders passed by both NCLT Kolkata and NCLT Ahmedabad with the respective jurisdictional Registrar of Companies.
• Mcnally Bharat Engineering has entered into a collaboration agreement with Turkish company Kaylon.
• Punjab & Sind Bank received Rs 787 crore from Government of India in connection with the capital infusion.
• Jain Irrigation Systems said that Working Capital Lenders in India have signed an Inter Creditor Agreement on Sept. 27.
• Syndicate Bank to link all new floating rate for personal, retail and MSMEs to the Repo Rate with effect from Oct. 1.
• Indian Overseas Bank has received a capital infusion of Rs 3,857 crore from the Government of India.
• V-Mart Retail has opened three new stores across Madhya Pradesh and West Bengal.
• 63 Moons Technologies has completed sale of 55.35 percent stake in Atom Technologies to NTT Data. The company continues to hold 36 percent stake in Atom Technologies and will have one-third representation on board as well.
• UCO Bank: Board to consider Issue of equity shares against Capital Infusion of Rs2,130 crore from Government of India.
• United Bank of India has received Rs 1,666 crore capital infusion from the Government of India. Board has proposed to secure the shareholders' approval to the proposed preferential allotment by a Special Resolution by convening an Extraordinary General Meeting/ conducting Postal Ballot shortly.
• Central Bank of India has received Rs 3,353 crore capital infusion from Government of India.
• Future Consumer acquired 50 percent stake in Genoa Rice Mills, thus making it the company’s wholly owned arm.
• Punjab National Bank has received a capital infusion of Rs 13,091 crore by the Government.
• DHFL defaulted in payment bonds and interest worth Rs 5 crore to PNB Gilts, according to Bloomberg report.
• Cipla: U.S. Food and Drug Administration Current Good Manufacturing Practice inspection was completed at the company’s Goa plant and 12 observations were issued. None of them were none related to data integrity. The inspection was conducted from Sept. 16-27.
• Aster DM Healthcare: The company acquired additional 9.49 percent stake in its subsidiary Sri Sainatha Multispeciatility. The total stake in subsidiary was increased to 67.5 percent from 58 percent.
• Inox Leisure: The NCLT approved scheme of merger with Swanston Multiplex Cinema with the company.
• GMR Infra: The Board approves allotting of four Optionally Convertible Debentures to Doosan Power Systems. The company will raise Rs 290 crore via issue of four OCD’s.

• India fiscal deficit data for April-August period.
• India eight infrastructure industries index for August, prior 2.1 percent.
• India Q2 current account balance, Bloomberg estimate at - $16.0 billion, prior -$4.6 billion.

• Brent crude futures nudged up 0.3 percent, after a 1.3 percent slide on Friday to finish its worst week since early August.
• The S&P 500 retreated on Friday to end at three-week low, after Bloomberg reported the Trump administration is considering sweeping limits to capital-market investments.
• In China, it’s the final day of trading before a week-long holiday.

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Good Morning!

The Singapore-traded SGX Nifty, an early indicator of NSE Nifty 50 Index’s performance in India, traded little changed at 11,579.50 as of 8:10 a.m.

Stocks kicked off the week in mixed fashion on Monday, with a slump in Japanese shares contrasting with more muted moves elsewhere.

Japan’s stocks opened with a thud as investors took in the latest escalation in trade tensions between the world’s two largest economies—news that the Trump administration has discussed curbing China’s access to U.S. finance. China’s stocks were little changed though as trading began in the final session before an important week-long holiday.

Short on time? Well, then listen to this podcast for a quick summary of All You Need To Know before the opening bell.