Science

Sensex closes lower as pharma stocks lose further ground

Sensex closes lower as pharma stocks lose further ground

Benchmark equity indices remained strong with the Nifty above 10,800-mark ahead of inflation data, which will be announced later in the day and Karnataka elections tomorrow.

Private banks shares recovered from Thursday's losses and were trading higher.

Sectorally, the BSE IT index ended 0.74% higher, while teck rose 0.56%, consumer durables 0.46%, capital goods 0.40%, bankex 0.23%, and metal 0.11%. ICICI Bank Ltd, up as much as 1.5%, was among the top gainers. Both the indices closed at their highest level since February 1 and recorded their biggest weekly gain in five.

At 9.18 a.m., the wider Nifty50 of the National Stock Exchange (NSE) traded at 10,758.50 points, up 41.95 points or 0.39 per cent from the previous close of 10,716.55 points.

Higher crude oil prices also weighed on the sentiment amid global stocks were trading mixed, with European shares trading lower and USA futures nudging upward.

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PC Jeweller share price pared all its early gains to lose over 5 per cent intraday on Friday as the buyback announcement failed to maintain far less boost the momentum. Revenue at Rs 2,535 Cr (+38%). BSE Telecom, however, lost 4.25% on Friday, with shares like Bharti Airtel and Idea taking a hit after Reliance Jio unveiled its new Rs 199 postpaid plan.

There were selling in mid-cap and small-cap counters with the BSE Mid-Cap Index and BSE Small-Cap Index down 1.5 per cent and 1.36 per cent, respectively.

Volatility index India VIX slipped 1.26% to 14.2425.

On the other hand, Bharti Airtel (5.39%), Sun Pharmaceutical Industries (1.73%), Bajaj Auto (0.81%), Oil & Natural Gas Corporation (0.61%), State Bank Of India (0.38%), and Tata Motors (0.33%) were the major losers in the Sensex. A total of 450 scrips advanced, 1,342 declined, while 67 remained unchanged.


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