Sensex, Nifty remain in negative territory; Pharma stocks rally

Last Updated: Thu, Mar 28, 2013 05:55 hrs
BSE Sensex falls for 3rd week in four; outlook subdued

Due to sustained selling at several blue chip counters, amid concerns about near term economic outlook and weak global cues, the Indian stock market which opened lower this morning, continues to languish in negative territory.

At 18,629.48, more than 60 points off the day's low of 18,568.43, the Sensex is nodw down 75.05 points or 0.4% from its previous close. The Nifty index of the National Stock Exchange is down 20.40 points or 0.36% at 5621.20, off the day's low of 5604.85.

Automobile stocks are among the most prominent losers. Realty and bank stocks too are mostly down in negative territory. Consumer durables and oil stocks have come off their lows thanks to modest support. Power, FMCG, capital goods and metal stocks are trading mixed. A few blue chips from information technology and healthcare sectors are up with strong gains.

Apollo Hospitals Enterprises is up more than 5% on reports the company is in advance stage to acquire the Chennai-based Lifeline Hospitals. According to reports, Lifeline Hospitals chairman Dr J S Rajkumar has confirmed that his team was negotiating with the Apollo Hospitals.

Novartis jumped 10% after the company said it received a letter from Swiss drug firm Novartis AG, about their intention to reduce its holding to meet minimum public shareholding norm.

Aurobindo Pharma, Biocon, Lupin, Opto Circuits, Piramal Enterprises, Strides Arcolab and Wockhardt are trading higher by 1% - 5%. Cadila Healthcare, Cipla, Dr Reddy's Laboratories and Ranbaxy Laboratories are up with modest gains.

Among IT majors Infosys (1.2%), HCL Technologies (2%) and Tech Mahindra (up nearly 3%) are up with strong gains. Mahindra Satyam and Oracle Financial Services are trading notably higher, while Financial Technologies, Mphasia, Tata Consultancy Services and Wipro are trading weak.

In the automobile space, Hero Motocorp is down 2.7 percent, Tata Motors is trading lower by 2.4%, Mahindra & Mahindra is down with a loss of 2% and Bajaj Auto is down 0.8%, while Maruti Suzuki, faring slightly better, is down with a modest loss of 0.4%.

Cairn India, Bharti Airtel, DLF, Jindal Steel & Power, HDFC, ICICI Bank, Hindustan Unilever, Tata Steel, Reliance Industries, Reliance Infrastructure and ACC are down 1% - 2.4%. Ambuja Cements, HDFC Bank, Axis Bank, State Bank of India and BHEL are also trading weak.

GAIL India, Hindalco, BPCL, Bank of Baroda and IDFC are up 2% - 2.4%. ONGC, Sesa Goa, Siemens, Kotak Bank and Coal India are also trading notably higher.

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