 "Markets consolidate; pharma shares in focus")
Markets seem to consolidate as investors booked profits at higher levels after gains in the previous six straight sessions that pushed the benchmark share indices to fresh record highs.
At 12PM, the 30-share Sensex was down 35 points at 26,390 and the 50-share Nifty was down 8 points at 7,890.
The Indian rupee was trading lower after the US dollar firmed up against other Asian currencies while the weakness in the domestic stock markets also weighed on sentiment. The rupee was trading at Rs 60.73 compared to the previous close of Rs 60.67.
BSE FMCG, Auto, Capital Goods, IT and Metal indices were among the top sectoral losers.
ITC, ONGC were down 0.6-1.9% each contributing the most to the Sensex decline.
Auto shares which had gained the most in the recent rally took a breather today. Mahindra & Mahindra was down 1% while Tata Motors, Maruti Suzuki and Hero MotoCorp were down 0.3%-0.7% each.
In the financial segment, HDFC was down 0.6% while SBI and Axis Bank were down 0.7-0.9% each.
Other Sensex losers include L&T and Hindustan Unilever among others.
The BSE Healthcare Index was the top sectoral gainer up 1.8% and has registered a new life-time high of 13,007. Ranbaxy and Sun Pharma were up 3% each, Dr Reddys Labs and Cipla were up 1.5% each. Other gainers include, Lupin, Wockhardt and Aurobindo Pharma among others.
IT shares were trading firm with Wipro up 1.2% and Infosys was trading with marginal gains.
Among other shares, Glenmark Pharma was up 3% after the company said it has entered the oncology segment with the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302, a HER2xCD3 bispecific antibody.
Lumax Industries has zoomed 16% to Rs 441, extending its 17% rally in past three trading sessions on National Stock Exchange, after reporting robust earnings for the quarter ended June 2014 (Q1FY15).
Arvind Limited has moved higher to 6% to Rs 248 after the textile firm announced its entry into the e-commerce space with the launch of a custom clothing brand, Creyate.
In the broader market, action was seen in small-caps with the Small-cap index up 0.9% while the BSE Mid-cap was up 0.1%.
Market breadth was positive with 1,446 gainers and 1,092 losers on the BSE.
At 12PM, the 30-share Sensex was down 35 points at 26,390 and the 50-share Nifty was down 8 points at 7,890.
The Indian rupee was trading lower after the US dollar firmed up against other Asian currencies while the weakness in the domestic stock markets also weighed on sentiment. The rupee was trading at Rs 60.73 compared to the previous close of Rs 60.67.
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Asian markets were trading firm tracking overnight gains on Wall Street on the back of encouraging US housing data. Japanese shares trimmed early gains and were trading flat. The benchmark Nikkei was trading flat with positive bias. Singapore's Straits Times was up 0.4%. Shares in Hong Kong were trading flat with the Hang Seng up 0.1% while shares in mailand China were trading flat with positive bias.
BSE FMCG, Auto, Capital Goods, IT and Metal indices were among the top sectoral losers.
ITC, ONGC were down 0.6-1.9% each contributing the most to the Sensex decline.
Auto shares which had gained the most in the recent rally took a breather today. Mahindra & Mahindra was down 1% while Tata Motors, Maruti Suzuki and Hero MotoCorp were down 0.3%-0.7% each.
In the financial segment, HDFC was down 0.6% while SBI and Axis Bank were down 0.7-0.9% each.
Other Sensex losers include L&T and Hindustan Unilever among others.
The BSE Healthcare Index was the top sectoral gainer up 1.8% and has registered a new life-time high of 13,007. Ranbaxy and Sun Pharma were up 3% each, Dr Reddys Labs and Cipla were up 1.5% each. Other gainers include, Lupin, Wockhardt and Aurobindo Pharma among others.
IT shares were trading firm with Wipro up 1.2% and Infosys was trading with marginal gains.
Among other shares, Glenmark Pharma was up 3% after the company said it has entered the oncology segment with the discovery and initiation of IND enabling studies of a novel clinical development candidate, GBR 1302, a HER2xCD3 bispecific antibody.
Lumax Industries has zoomed 16% to Rs 441, extending its 17% rally in past three trading sessions on National Stock Exchange, after reporting robust earnings for the quarter ended June 2014 (Q1FY15).
Arvind Limited has moved higher to 6% to Rs 248 after the textile firm announced its entry into the e-commerce space with the launch of a custom clothing brand, Creyate.
In the broader market, action was seen in small-caps with the Small-cap index up 0.9% while the BSE Mid-cap was up 0.1%.
Market breadth was positive with 1,446 gainers and 1,092 losers on the BSE.