The price action has formed a bearish engulfing candlestick pattern on the daily scale. This pattern is considered to be a bearish reversal pattern and usually occurs at the top of an uptrend.

Meanwhile, BSE 500 index too surged by 3.8 per cent from 14,346.18 as on July 31, 2020, to 14,890.06 as on August 31, 2020.

The Sensex on Monday made an intraday high of 40010.17 in the morning session to tumble by more than 1500 points and close at 38628.29 levels. Sensex was down by 839.02 points or 2.13 per cent. Nifty closed at 11387.50 levels, down by 260.10 points or 2.23 per cent.

Fitch Ratings, in its recently released report, said that the sales of Indian pharmaceutical companies will rise after a gradual easing of the Coronavirus pandemic-related lockdown measures that caused disruptions across most markets in the first quarter of FY21

On the operational front, the sales volume declined 28 per cent on a YoY basis to 6.28 million tonnes in the first quarter of FY21. The resultant decline in the operating profit was 60 per cent over the same period last year to Rs 750 crore.

Biocon's subsidiary Biocon Biologics India Ltd, a fully-integrated pure-play biosimilars company and Mylan announced the launch of Semglee (insulin glargine injection) in the US to expand access for diabetes patients

Parag Milk Foods Limited, a dairy FMCG company, launched Pride of Cows ‘single-origin ghee’ on Monday. Famous for brands like ‘Gowardhan’, ‘Go’, ‘Pride of Cows’, and ‘Avvatar’, the single-origin ghee is procured from Pride of Cows milk, the first-of-its-kind farm-to-home milk.

Anil Ambani-led Reliance Infrastructure informed the bourses on Monday that it has defaulted on the repayment of a loan. The company's stock has deteriorated almost 95 in the last couple of years. The company in its latest quarterly filing has said that it has nearly Rs 60,000 crore of receivables pending

The consolidated net sales reported in Q1FY21 came in at Rs 2,779.48 crore, which increased by 6.5 per cent YoY from Rs 2,609.95 crore in Q1FY20. 

On Monday, Sensex opened with gains but soon, sentiments in the markets turned sour after reports of India-China tensions made the headlines.