Sensex erases losses to end flat, Nifty above 10,750; pharma
gains big
The Indian market ended on flat note after
witnessing volatile trading during the day as bulls took control in the last
hour of trading supported by major pharma companies.
The PSU banking index rose nearly 2%, while
midcap and smallcap outperformed the main indices.
The Sensex down 19.41 points at 35443.67, and the
Nifty down 0.70 points at 10767.70.
Tepid global cues, weak rupee and rising crude
and bond yields have a negative impact on the market.
Sun Pharma, Dr Reddy’s Labs, SBI, Tata Motors,
Reliance Industries, Lupin, Cipla and Gail are the top gainers on the indices.
HEADLINES OF THE DAY
NCC has bagged the package three of Mumbai-Nagpur expressway
contract.
Dhanuka Agritech has received
environment clearance (EC) for setting up a pesticide unit in Bharuch district
of Gujarat at a cost of Rs 90 crore.
Sun Pharmaceutical Industries surged
9 percent during the day’s trade as investors cheered a regulatory development
on the stock.
Cipla partnered with Eli Lilly and
Company for the marketing and distribution of Lilly’s BASAGLAR (insulin
glargine injection) in India.
Shares of Aurobindo Pharma added
more than 3 percent as company received final approval from the US Food &
Drug Administration (USFDA).
Shares of Omax Autos gained 5
percent as company approved to double its existing capacity.
Shares of Tata Motors gained over a
percent in the morning trade as investors bet on the firms’ fundraising plans.
NIFTY RESISTANCE AND SUPPORT
The NIFTY will now have Resistance 10820 after that next
resistance will be 10915. The support for nifty will be 10600 and next support
for nifty will be 10525.
BANK NIFTY RESISTANCE AND SUPPORT
The BANK NIFTY will now have Resistance 26635 after that next
resistance will be 26800. The support for nifty will be 26140 and next support
for nifty will be 25960.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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