Sensex ends little changed, pharma stocks big gainers

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Mumbai | Published: July 8, 2016 6:09:39 AM

The Sensex ended Thursday’s session at 27,201.49, up 0.13% while the broader Nifty 50 closed at 8,337.90, up 0.02%.

The Sensex ended Thursday’s session at 27,201.49, up 0.13% while the broader Nifty 50 closed at 8,337.90, up 0.02%. Pharma companies, Lupin and Dr Reddy’s Laboratories were among the bigger gainers rising 6.25% and 2.97% respectively to end at `1,657.30 and `3,550.

Lupin announced it has received the Establishment Inspection Report (EIR) from the US Food and Drug Administration (USFDA) on the inspection carried out at the company’s Goa facility. Due to deviations from manufacturing norms in the US, the two drug majors had also announced that they will be recalling over 1.7 lakh bottles which are used to treat blood pressure and acidity. FMCG firm Hindustan Unilever was among the other gainers, closing at `917.35, up 3.03%.

Shares of Tata Steel were down 4.92% or 16.45 points, closing at `317.65. On Friday, the company is expected to announce that it may pause the sale of most of its UK business, including Port Talbot. An HSBC report states that the possible extension of trade barriers in India and the sale of Port Talbot would have positive impacts.

The BSE Healthcare index gained 1.14%, followed by BSE FMCG and BSE Finance which gained 0.92% and 0.59% respectively. Ahead of the June quarter results season, analysts at Edelweiss observe the pharma sector are expected to report good results. The report also observed that though Sun Pharma, Lupin, Aurobindo Pharma and Natco are likely to report good growth though Dr Reddy’s, Glenmark and Cadila may disappoint the Street.

Among the Asian markets, the benchmark index in Taiwan closed 65.16 points up and South Korea’s KOSPI gained 20.96 points, where as Shanghai Composite was down 0.01% and the benchmark index in Indonesia was down 0.90%.

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