Sensex consolidates; Mid, Smallcap continue to outperform

The market entered into consolidation mode after rallying in last five consecutive sessions. Private banking & financials stocks declined whereas oil and PSU banks stocks gained.



The Sensex declined 7.82 points to 28877.39 and the Nifty fell 2.30 points to 8776.00. However, the broader markets continued to outperform benchmarks; the BSE Midcap and Smallcap indices gained more than 0.5 percent. About 1157 shares have advanced, 684 shares declined, and 132 shares are unchanged on the BSE.



In the pharma sector, Cipla slipped over a percent as CLSA downgraded stock to a sell from underperform with a target price of Rs 619. Biocon gained 2 percent on approval for insulin glargine in Mexico.



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Posted in: Indian Market Tips