02:12
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The market continued to consolidate in noon trade with the Nifty hovering around 7600 level. Asian markets were also under pressure with the Shanghai falling over a percent.The 30-share BSE Sensex declined 46.13 points to 24920.27 and the 50-share NSE Nifty slipped 9.45 points to 7605.65. The broader markets, too, were marginally down as the market breadth remained weak. About two shares declined for every share advancing on the BSE.
Reliance Industries, Tata Motors, Maruti Suzuki, Axis Bank, Tata Steel and Hindalco Industries gained 1-2.5 percent whlie Sun Pharma, Dr Reddy’s Labs, Cipla, ONGC, GAIL and BHEL fell 1-3 percent.
Lupin tanked 9 percent after IIFL reported that the company’s Mandideep unit in Madhya Pradesh was inspected by the USFDA and has been given a 483 letter. Mandideep is second largest revenue contributor to US business after Goa unit.
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Posted in: Indian Market Tips
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