Category Archives: Sun Pharma

Indian Market Closes Marginally Lower; Metal Stocks Shine

Indian Stock Market closed marginally lower after hovering in negative territory for the trading session. European markets closed marginally higher compared to previous closing. BSE Sensex was down by 22 points at 19453 during the closing bell.

USD gained further ground compared to Indian currency. USD-INR was trading at 54.85. Euro was also trading strong at 72.81. Euro is near its all time high compared to Indian currency.

Among major gainers in today’s session were metal stocks. Hindalco gained 2.35% to close at Rs 132. Jindal Steel gained 2.2%. Tata Steel was also higher by 1.77% at Rs 431.

Major losers included Ambuja Cements, Sun Pharma, BPCL and Jaiprakash Associates.

Among major companies, Reliance, ONGC, ITC and Coal India closed flat. TCS gained Rs 19.4 to close the day at Rs 1252.

The banking amendment bill received final approval in the parliament today. BJP has retained similar number of seats in Gujarat. Congress won 36 seats in Himachal Pradesh.

Nifty Below 5500; Sensex Declines 202 Pts

Decline in manufacturing figures in US, Europe and China hit investor opinion all over the world.

The benchmark Sensex lost 200 points with rate sensitive stock such as banking, real estate and capital goods taking a beating.

The 50-share NSE Nifty was ruling at 5,455 after slipping 62 points whereas the 30-share index BSE Sensex declined 202 points to trade at 18,112 late morning trade.

As per portfolio manager PN Vijay, worldwide events would be the vital factor for market by the next six months.

“There may be a slightly negative backdrop but substantially the action has to come within India.”

Technology scrips saw selling pressure as retardation will absolutely have impact on exports of these firms.

Infosys, TCS and Wipro shed between 1% & 2%.

Heavyweight stocks like Bharti Airtel, ITC, L&T, SBI, ICICI Bank and HDFC Bank dropped between 1% & 2%. Reliance Industries shed more than 0.5%.

But, Sun Pharma, NTPC, HUL, Cipla, Ranbaxy and GAIL topped the gainers’ charts on Nifty.

On the worldwide front, Asian bourses broadened losses – Kospi was the key loser, declining 2.4%.

Shanghai, Nikkei, Straits Times and Taiwan remained down by 1-1.7%. Hang Seng lost 0.7%.

Richard Ross, global technical analyst at Auerbach Grayson said that the genuine financial scene in US is dull, irrespective of what comes out of Washington.