Mumbai, Mar 21 (PTI) Pressured by banking and pharma
stocks, the market stayed in a state of weakness for the
second consecutive day today, coming on the heels of last
week’s stellar rally.
Data showing that domestic investors were net sellers
yesterday proved to be a dampener.
The market, according to traders, is in a phase of
consolidation after scaling record highs following BJP’s
mammoth win in UP and Uttarakhand and formation of its
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
cent. The gauge had fallen 130.25 points in the previous
The NSE Nifty slipped below the 9,100-mark before ending
down 5.35 points, or 0.06 per cent, 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.
But the rupee’s rising clout against the dollar on robust
capital inflows restricted the losses.
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, falling for the
second session in a row, after announcement of its merger with
Vodafone India to create the country’s largest mobile phone
Avenue Supermarts, the owner of D-Mart, made a stellar
debut on the bourses today by surging 114.30 per cent.
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 1.01 per cent.
While foreign portfolio investors (FPIs) bought shares
worth a net Rs 56.67 crore yesterday, domestic institutional
investors (DIIs) sold shares worth a net Rs 536.21 crore, as
per provisional data.
Drug major Dr Reddy’s topped the loser’s list by slumping
4.36 per cent while Axis Bank shed 3.28 per cent. Other major
losers were GAIL, Maruti Suzuki, RIL, Sun Pharma and ICICI
The broader markets fell after investors locked in gains,
pulling down both mid cap and small cap indices.
Major Asian indices ended on a mixed note. Europe
displayed a similar trend.
“Nifty found value buying towards close, though limited,
and with few domestic triggers before Q4 numbers, markets
should keep its ear on global cues, especially with Brexit
being triggered on March 29,” added James. MORE
This is published unedited from the PTI feed.