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Market gains for 3rd session; pharma stocks hold back

BSE

Mumbai : Continuing the winning run for the third straight day, Sensex rose nearly 107 points to finish at an over two-month high of 27,247.16 and Nifty breached the key 8,400-mark — fuelled by power, IT and banking stocks rally, but the gains were restricted by battered pharma counters.

Shares of power, IT, teck, utilities and capital goods firmed up on good buying enquiries, while those of pharma, FMCG, auto and realty declined on selling pressure.

Among the laggards, pharma stocks were worst hit following US President-elect Donald Trump’s strong remarks on pricing of medicines, indicating tougher working environment for Indian drug firms going ahead in the US.

Lupin was battered the most by falling 2.03 per cent. Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services Ltd, said, “Markets opened the day on a firm note but could not sustain gains, as Trump’s comments during yesterday’s press conference held pharma stocks back. With key macros as well as Q3 numbers expected to be announced shortly, markets were not in a mood to chase prices higher anyway.”

The Sensex opened higher at 27,171.66 and hovered in a range of 27,166.69 and 27,278.93 before ending at a two-month high of 27,247.16, showing a gain of 106.75 points, or 0.39 per cent.

The 30-scrip bundle has gained 520.61 points, or 1.95 per cent, in three days. The Sensex had last seen this level on November 10, 2016, when it ended at 27,517.68.

The NSE 50-share Nifty also rose by 26.55 points, or 0.32 per cent, to close at a two-month high of 8,407.20. It had also ended at 8,525.75 on November 10 last year.

Domestic institutional investors (DIIs) bought shares worth a net Rs 1,116.15 crore yesterday while foreign funds sold shares worth a net Rs 627.30 crore yesterday, as per provisional data released by the stock exchanges.

In the broader markets, BSE Mid-Cap index provisionally rose 0.19 per cent. Small-Cap index provisionally fell 0.16 per cent. Both these indices underperformed the Sensex.

Of the 30-share Sensex pack, 13 scrips ended higher while 17 closed lower.

Major gainer was NTPC as it advanced by 5.69 per cent after the company signed a non-binding pact with Rajasthan Rajya Vidyut Utpadan and Rajasthan Urja Vikas Nigam for take-over of Chhabra thermal power plant stage-I (4x 250 MW) and stage-II (2×660 MW) of Rajasthan Urja Vikas Nigam.

It was followed by Power Grid 4.14 per cent, Infosys 3.20 per cent, L&T 2.57 per cent, Wipro 1.52 per cent, Cipla 1.44 per cent, ICICI Bank 1.30 per cent and TCS 0.87 per cent.

However, Lupin fell by 2.03 per cent followed by Hindunilver 1.76 per cent, ITC 1.29 per cent, Coal India 1.28 per cent, Dr Reddy 1.19 per cent and M&M 1.12 per cent.

Among BSE sectoral and industry indices, utilities rose by 3.22 per cent, followed by power 3.19 per cent, IT 3.22 per cent, teck 1.55 per cent, capital goods 1.51 per cent and industrials 0.45 per cent.

While FMCG fell by 0.96 per cent, healthcare 0.73 per cent, bankex 0.19 per cent and realty 0.06 per cent.

The market breadth turned negative as 1,575 stocks ended lower, 1,193 closed higher while 155 ruled steady.

The total turnover on BSE amounted to Rs 3,166.79 crore, lower than turnover of Rs 3,662.68 crore registered during the previous trading session.

US stocks rebounded to close higher Wednesday following Donald Trump’s press conference, with the Nasdaq notching its fifth straight record close in a row.

The Dow Jones Industrial Average rose 98.75 points, or 0.5 per cent, to finish at 19,954.28. The Nasdaq Composite index finished up 11.83 points, or 0.2 per cent, at 5,563.65, its fifth record close in as many sessions and the seventh straight day of gains for the tech-heavy index.

Asian stocks witnessed a mixed trend today as key indices like China, Hong Kong, Japan and Singapore fell by 0.29 per cent to 1.19 per cent while indices in South Korea and Taiwan moved up by 0.58 per cent to 0.69 per cent. However, European stocks were trading lower. Key indices like France, Germany and UK moved down by 0.21 per cent to 0.63 per cent.

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