On the laggards, it was Ranbaxy and Hindalco Industries, which were the worst performers. Both the pharma and metal sectors have been suffering on account of volatility in international markets. While Ranbaxy has problems marketing its drugs in the US markets, the metal companies are under pressure on account of international prices. But over the last few weeks there has been a revival of prices in aluminium and copper which is expected to help Indian companies.
Again, 40% of the business of Hindalco is associated with copper which has experienced a fall in demand over the recent past. Both Ranbaxy and Hindalco have fallen by 3.3% and 4% to touch Rs 397 and Rs 162, respectively over the last 1000 point journey of the Sensex. Ranbaxy had lost 29% when the Sensex moved from 8000 to 9000 mark.
Other laggards include ICICI bank and HDFC. With a slight rise in interest rates, both the companies have been affected as investors feel that growth in retail loans will be affected. Both ICICI Bank and HDFC are the market leaders in home loans. While ICICI went down by 1.5%, HDFC saw its stock price fall by 2% to touch Rs 597.80 and Rs 1310.95, respectively.