Market Update: Nifty pharma sprints ahead as Sun Pharma zooms 8%; Bajaj Finance hits new 52-week hig

The broader indices continue to trade on a negative note this Friday afternoon but managed to regained some lost ground with the Nifty trading lower by 11 points at 10,757 and the Sensex shed 41 points at 35,422.

Pharma stocks continued to outperform with the Index extending gains, jumping over4 percent led by Sun Pharma, Lupin, Aurobindo Pharma, Cipla, Dr Reddy’s Labs, Cadila Healthcare and Glenmark Pharma.

Also PSU banking stocks were trading in the green led by Punjab National Bank which jumped 3 percent while Allahabad bank, Andhra Bank, Indian Overseas Bank and Union Bank of India were the other gainers.

Nifty IT was up half a percent led by KPIT Tech, Tata Elxsi, Tech Mahindra, Mindtree and Tata Consultancy Services.

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Oil & gas stocks are also trading weak with HPCL and BPCL down1 percent while Reliance Industries added close to 1 percent.

The top gainers among Nifty constituents were Sun Pharma, Dr Reddy’s Labs, Lupin, Cipla and Tata Motors.

The most actively traded stocks on the NSE were Sun Pharma, Tata Motors, Strides Shasun, Reliance Industries and Tata Steel.

Some of the top gainers on BSE were Sun Pharma Advanced, Sintex Industries, Sun Pharma,Lupin and Intellect Design .

Bajaj Finance, Infosysand Firstsource Solutions were the few stocks that hit fresh 52-week highs in theafternoon trade.

On the other hand, 62 stocks hit a new 52-week low. These include Kwality, Alembic Pharma, Manpasand Beverages, Kwality, VA Tech Wabag and Videocon Industries among others.

The breadth of the market favoured advances, with 942stocks advancing, 764 declining and 352 remaining unchanged. On BSE,1348 stocks advanced,1208 declined and 122 remained unchanged.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
First Published on Jun 8, 2018 02:53 pm

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