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Wall Street is experiencing small gains and losses as a deadline looms for a deal to avoid a possible federal default. Futures for Dow and S&P rose less than 0.1%, while Federal Reserve Chair Jerome Powell hinted that interest rates may remain stable at the next meeting in June.

Morgan Stanley Investment Funds Emerging Markets Equity Fund has sold a 0.58% stake in Gland Pharma via open market transactions. The sell-off consisted of 9.6 lakh shares at a weighted average price of INR9,306.69 ($124.51). Majority promoter-owned Gland Pharma is injectables-focused and operates a business to business model. It manufacturers a range of injections, including vials, ampoules, pre-filled syringes, lyophilised vials, oncology and ophthalmic solutions. The company reported a 56% decline in Q4 profit in May 2021, dragged down by weak domestic and international sales.

The Board has also recommended dividend of Rs 4 per equity share for the financial year ended March.

Torrent Power board will consider a proposal to raise up to Rs 3,000 crore through the issuance of non-convertible debentures on a private placement basis. A meeting of the Board of Directors is scheduled to be held on Monday, May 29, 2023, to consider and approve the raising of funds by issuance of non-convertible debentures up to Rs 3,000 crore through private placement basis, a BSE filing showed

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Indian government bond yields declined on Monday after the Reserve Bank of India announced it will withdraw the highest denomination Rs2,000 note from circulation. The decision is expected to improve banking system liquidity and bring down short-term rates, according to reports. Analysts predict that on a net basis, deposits could rise by between INR 1.5tn ($23bn) and INR 2tn while durable liquidity could increase by roughly INR 1tn.

The Nifty Pharma index closed 0.99 per cent up at 12244.2.

In the international market, both gold and silver were trading lower at USD 1,978 per ounce and USD 23.87 per ounce, respectively.

The company said it has turned break even at the operating level for the quarter.

From the Sensex pack, Tech Mahindra, Wipro, TCS, Infosys, HCL Tech, L&T and Sun Pharma were the top gainers, while bank stocks including IndusInd Bank, HDFC Bank, ICICI Bank closed lower