1. Pharma stocks aid fails to boost Sensex; Infosys recoils, HDFC Bank, Reliance Industries drop

Pharma stocks aid fails to boost Sensex; Infosys recoils, HDFC Bank, Reliance Industries drop

Indian stock markets were trading lacklustre on Thursday in the early after noon trade but inch up marginally since the morning.

By: | Published: August 24, 2017 1:20 PM
BSE Sensex was trading 0.2% higher at 31,632.03 and NSE Nifty was trading up 0.17% at 9,869.6 points. (Image: Reuters)

Indian stock markets were trading lacklustre on Thursday in the early after noon trade but inch up marginally since the morning. The gains in the heavyweight shares of Infosys, Sun Pharma, Lupin, Tata Motors and L&T were offset by the decline in other blue-chips such as HDFC Bank, HDFC, Maruti Suzuki, Kotak Mahindra Bank. The shares of India’s second-largest information technology firm Infosys rose as much as 2.6% to Rs 918 on the news that Nandan Nilekani is likely to return to resolve the leadership crisis and begin a second innings at the Indian IT bellwether.

BSE Sensex was trading 0.2% higher at 31,632.03 and NSE Nifty was trading up 0.17% at 9,869.6 points. Shares of Lupin (up 3.88%), Sun Pharma (up 3.39%), Dr Reddy’s (up 2.29%), Infosys (up 2.23%) and Cipla (up 1.4%) were the top gainers on the benchmark Sensex today.

Shares of the blue-chip companies Infosys, L&T, Sun Pharma and Tata Motors, Lupin and State Bank of India were the top contributors in uplifting the 30-share barometer Sensex while HDFCHDFC Bank, Maruti Suzuki, Kotak Mahindra Bank and HUL continue to cap the gains. The sectoral indices of NSE were trading mixed with six out of 11 of them are trading in red.

Shares of the drugmaker Cadila Healthcare gained over 8% on Thursday after Zydus Cadila received final approval from the US health regulator to market antipsychotic Ziprasidone Hydrochloride capsules in the American market. The stock of Cadial healthcare rose as much as 8.93% to the day’s high of Rs 504 on BSE. The Nifty Pharma index gained 3.14% to 8,886.15 points and was the biggest gainer today led by the upsurge in Cadila shares.

Gains were however muted as investors booked profit in banking shares after a rally in the previous session following federal cabinet’s approval of a mechanism to oversee consolidation in public sector banks. Shares of state-run lenders Punjab National Bank and Allahabad Bank fell 1.5% and 1.8%, after gaining 3.4% and 4.7% in the previous session, respectively.
Shares of liquor companies surged after India’s Supreme Court clarified that the liquor ban on highways did not apply to licensed establishments falling within municipal areas. United Spirits Ltd and Globus Spirits Ltd rose between 5% and 13%.

Foreign portfolio investors (FPIs) net diluted shares worth Rs 1,157.52 crore yesterday, showed provisional data. Domestic institutional investors (DIIs) bought shares worth Rs 929.84 crore.

US stocks closed lower on Wednesday as investors grappled with a threat from President Donald Trump to shut down the government if Congress fails to fund a Mexico border wall. The Dow Jones Industrial Average fell 0.4% to 21,812.09 points, the S&P 500 lost 0.34% to 2,444.07 points and the Nasdaq Composite dropped 0.3% to 6,278.41 points.

  1. No Comments.

Go to Top