Sensex, Nifty remain in negative territory as weakness persists

Sensex, Nifty remain in negative territory as weakness persists

Last Updated: Wed, Oct 19, 2016 12:30 hrs

With stocks swinging between gains and losses amid cautious moves by investors, the market remains quite sluggish today, after a slightly listless start.

Though global cues are a bit positive, investors appear a bit reluctant to build up positions, after previous session's sharp upmove. Activity is mostly stock specific with quarterly earnings reports and other corporate news providing some direction.

The Sensex is down 43 points or 0.15% at 28,007.88. The Nifty50 of the National Stock Exchange is down 8.55 points or 0.1% at 8669.35.

Wipro is up nearly 2.5%. GAIL India is moving up 2.2% and Adani Ports is up 1.6%, while Reliance Industries and Axis Bank are gaining about 1% each.

Sun Pharmaceutical Industries is up 1.7% at Rs 756.20 after the company said that it has entered into new exclusive collaboration with International Centre for Genetic Engineering and Biotechnology to develop novel dengue vaccine for India & Global markets.

Among other pharma majors, Lupin is up 1.8%, Glenmark Pharmaceuticals is rising 1%, Cipla is gaining 0.6% and Dr Reddy's Laboratories is up 0.5%.

BHEL, up 4.5%, remains the top gainer in the Nifty50 index. Idea Cellular is up nearly 2% and Tech Mahindra is gaining about 1.5%.

ITC, ICICI Bank, Hero Motocorp, Tata Motors, Mahindra & Mahindra, Bosch, Zee Entertainment Enterprises, Bosch, Tata Consultancy Services and HDFC are down 0.8% - 2%.

Endurance Technologies is having a great debut. The stock, which opened at Rs 572 on NSE, rose to Rs 616.45, and is currently trading at Rs 614.40, up more than 30% from its issue price of Rs 472. The Endurance Technologies counter on the National Stock Exchange has clocked a volume of over 23.4 million shares so far in the session.

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