00:18
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The market gave up its early morning gains on likely profit booking, with the Nifty hovering above 8950.
The Sensex was up 83.22 points at 29067.71, while the Nifty was up 23.10 points at 8968.90.
The market breadth indicated selling pressure as 1,258 shares advanced, 1,306 shares declined, while 144 shares remained unchanged.
Auto stocks topped the gainers list on both the indices, while Sun Pharma, NTPC and Idea Cellular were a drag.
Pharma stocks were in focus as Wockhardt plunged on the back of a warning letter issued by the US FDA to its subsidiary in the US. Credit Suisse is wary about high product concentration at Dr Reddy ’s Labs playing out, which could impact its earnings per share (EPS) for FY18 and market share. It has maintained an underperform rating on the stock.
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Posted in: Indian Market Tips
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