Mumbai, Mar 21 (PTI) Pressured by banking and pharma
stocks, the market stayed in a state of weakness for the
second straight day, coming on the heels of last week’s
Data showing that domestic investors were net sellers
yesterday were a dampener.
According to traders, the market is going through a phase
of consolidation after hitting record highs following BJP’s
mammoth win in UP and Uttarakhand and formation of governments
in Goa and Manipur.
After hitting the day’s high of 29,585.05, the 30-share
Sensex closed at 29,485.45, down 33.29 points, or 0.11 per
The gauge had fallen 130.25 points in the previous session
following profit-booking in recent gainers.
Reflecting the overall trend, the NSE Nifty slipped below
the 9,100-mark to touch a low of 9,087.20 before ending 5.35
points, or 0.06 per cent, lower at 9,121.50.
“While FDA observations kept pharma space depressed,
banking stocks were also under pressure from potential farm
loan waivers,” said Anand James, Chief Market Strategist,
Geojit Financial Services.
Meanwhile, further strength in the rupee, which
appreciated 10 paise to 65.25 (intra-day) against the dollar
on robust capital inflows, curbed losses.
Meanwhile, the foreign portfolio investors (FPIs) bought
shares worth a net Rs 56.67 crore yesterday while domestic
institutional investors (DIIs) sold shares worth a net Rs
536.21 crore, as per provisional data.
Shares of Divi’s Laboratories today slumped 19.77 per
cent to a 52-week low of Rs 634.35 after the company said the
US health regulator has issued an import alert on the products
manufactured at one of its units in Visakhapatnam.
Idea Cellular tumbled 4.76 per cent to Rs 92.95, falling
for the second session in a row, after announcement of its
merger with Vodafone India to create the country’s largest
mobile phone operator.
Among Sensex stocks, drug major Dr Reddy’s topped the
loser’s list by slumping 4.36 per cent to Rs 2,622.80 while
Axis Bank shed 3.28 per cent to Rs 488.
The broader markets too fell after investors locked in
gains, pulling down the mid cap by 0.45 per cent and
small cap 0.19 per cent.
Shares of Avenue Supermarts (D-Mart) made a stellar debut
on the bourses today by surging 114.30 per.
Globally, Asian bourses ended on a mixed note. European
shares too were mixed in morning deals.
Other major losers were GAIL 1.41 per cent, Maruti
Suzuki 1.40 per cent, RIL 1.29 per cent, Sun Pharma 1.12 per
cent and ICICI Bank 1.07 per cent.
However, there were notable gainers – ITC Ltd, ONGC,
Infosys, L&T, Hindustan Unilever, Coal India, HDFC Bank, Power
Grid and TCS.
Among BSE sectoral indices, healthcare dropped 1.44 per
cent followed by bank, auto, PSU and oil and gas. However,
realty rose by 1.35 per cent and FMCG gained 1.01 per cent.
This is published unedited from the PTI feed.