US Fed effect: Sensex stalls around 33,600; pharma stocks shine, Tech Mahindra dives 5%

By: | Published: November 2, 2017 9:49 AM

Sensex and Nifty traded flat on Thursday after the US Federal Reserve kept the key policy rates unchanged in its latest two-day meeting.

Bombay Stock Exchange building. (Image: BSE)

Sensex and Nifty opened flat on Thursday after the US Federal Reserve kept the key policy rates unchanged in its latest two-day meeting. Shares of Vedanta and Power Grid Corporation will in close watch ahead of their second-quarter numbers today. BSE Sensex started 15.57 or 0.05% higher at 33,615.84 points while NSE Nifty opened flat at 10440.5 points. The pharma stocks gained the most with Nifty Pharma index emerging as the top gainers among the sectoral indices of NSE. The index jumped nearly 2.7% led by the shares of Divi’s Laboratories, Aurobindo Pharma, Sun Pharma, Cipla and Lupin.

Shares of Sun Pharma, Lupin and Cipla were the lead gainers on Sensex, advanced up to 2.11% while Hero MotoCorp, NTPC, Tata Motors, HUL, M&M, and SBI lost up to 1.3%. Shares of Tech Mahindra were the worst loser on NSE Nifty, fell 5.65% to the day’s low of Rs 460.9 even after the company posted a rise of 29.7% in the consolidated net profit increased to Rs 836.15 crore for the quarter ended 30 September.

Other major companies which are also scheduled to announce their Q2 earnings report are, Berger Paints, Cera Sanitaryware, Edelweiss, Ge T&D India, Glenmark Pharmaceuticals, HCC, ICRA, Natco Pharma, Shriram City Union Finance, Ujjivan Financial Services, Accelya Kale Solutions, Akzo Nobel India, Andhra Bank, Bharat Road Network, Borosil Glass Works, CCL Products, Deepak Fertilizers, Orient Cement, Sundram Fasteners, Ramco Cements, Transport Corporation Of India.

US markets ended marginally higher following the Fed’s action to leave the rates unchanged. “The US central bank pointed to solid US economic growth and a strengthening labor market while downplaying the impact of recent hurricanes, a sign it is on track to lift borrowing costs again in December,” Reuters reported. The Dow Jones Industrial Average rose 57.77 points or 0.25% to 23,435.01, the S&P 500 gained 4.1 points or 0.16% to 2,579.36 and the Nasdaq Composite dropped 11.14 points or 0.17% to 6,716.53.

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