 "Nifty hovers near 8,300; pharma shares rebound")
Benchmark indices remain subdued after opening on a flat note dragged by weakness in select bank and index heavyweights. However, pharma shares rebounded from their early lows and were trading higher.
By 11:30, the Sensex slipped 97 points at 27,818 mark whereas the Nifty has declined by 20 points to 8,318.
Meanwhile, the broader market is trading mixed as BSE Mid cap index has gained around 0.2% and BSE Small cap index has lost around 0.2%. The market breadth is negative on the BSE with 1.326 declines against 1,173 advances.
Asian Market
Japan's Nikkei has gained around 0.4% as sentiment was supported by a pledge from the European Central Bank to take further steps to revive the euro zone economy. Meanwhile, Chinese shares gained after after the Chinese central bank pumped liquidity into the financial system to help the economy. Hang Seng has gained around 0.1% after rebounding from early morning low and Shanghai Composite is up around 0.6%.
Sectors and Stocks
BSE Healthcare index is the top gainer and is up around 1% followed by BSE Consumer Durables index with a gain of 0.5%. On the other hand, BSE Capital Goods and FMCG indices are the major losers.
Pharma shares have recovered sharply from the early morning lows. Dr Reddys Lab has gained close to 2% after the US Food and Drug Administration (FDA) said it has granted final approval to Indian drugmaker Dr Reddy's Laboratories and US firm Endo International Plc to make cheaper copies of Roche Holding AG's antiviral Valcyte. The tentative approval granted to Ranbaxy was revoked by FDA.
Sun Pharma has gained nearly 0.8% after paring early morning loss while Cipla is up around 1.2%.
Auto shares are trading mixed with Tata Motors gaining around 0.6% while other auto majors continue to decline. Bajaj Auto and Maruti Suzuki have declined nearly 0.7% each while Hero Motocorp has declined 1.7% on a block sell-off of 8.5 million its shares by private equity company Bain Capital. The stock may recover later as there is a strong demand for its shares.
Among bank shares, Axis Bank has gained close to 1.5% while SBI is down 1%. HDFC Bank has declined around 1.4% on reports that it has been excluded from MSCI India index.
Metal shares have gained in today's trade with the exception of Sesa Sterlite which has lost around 1.4% while Tata Steel and Hindalco have climbed between 0.2-0.5%.
L&T has declined around 0.7% ahead of its results to be released later today while Coal India has lost around 1% ahead of its quarterly results to be released tomorrow.
Among other shares, Ranbaxy is down around 0.4% after trimming losses. The stock declined after after U.S. Food and Drug Administration (FDA) revoked the six months exclusivity for generic version of Roche Holding AG's antiviral Valcyte and the tentative approval to make a generic version of AstraZeneca's heartburn drug Nexium granted to the pharma major.
Bank of Baroda is down 2% as the bank reported a 5.5% dip in Q2 net profit at Rs 1,104 compared to Rs 1,168 crore in the year-ago period.
Realty firm Godrej Properties declined nearly 3% as the company reported a 4.07% decline in its revenue in the second quarter.
By 11:30, the Sensex slipped 97 points at 27,818 mark whereas the Nifty has declined by 20 points to 8,318.
Meanwhile, the broader market is trading mixed as BSE Mid cap index has gained around 0.2% and BSE Small cap index has lost around 0.2%. The market breadth is negative on the BSE with 1.326 declines against 1,173 advances.
More From This Section
Foreign institutional investors were net buyers in Indian equities worth Rs 1,031 crore on Wednesday, as per provisional stock exchange data.
Asian Market
Japan's Nikkei has gained around 0.4% as sentiment was supported by a pledge from the European Central Bank to take further steps to revive the euro zone economy. Meanwhile, Chinese shares gained after after the Chinese central bank pumped liquidity into the financial system to help the economy. Hang Seng has gained around 0.1% after rebounding from early morning low and Shanghai Composite is up around 0.6%.
Sectors and Stocks
BSE Healthcare index is the top gainer and is up around 1% followed by BSE Consumer Durables index with a gain of 0.5%. On the other hand, BSE Capital Goods and FMCG indices are the major losers.
Pharma shares have recovered sharply from the early morning lows. Dr Reddys Lab has gained close to 2% after the US Food and Drug Administration (FDA) said it has granted final approval to Indian drugmaker Dr Reddy's Laboratories and US firm Endo International Plc to make cheaper copies of Roche Holding AG's antiviral Valcyte. The tentative approval granted to Ranbaxy was revoked by FDA.
Sun Pharma has gained nearly 0.8% after paring early morning loss while Cipla is up around 1.2%.
Auto shares are trading mixed with Tata Motors gaining around 0.6% while other auto majors continue to decline. Bajaj Auto and Maruti Suzuki have declined nearly 0.7% each while Hero Motocorp has declined 1.7% on a block sell-off of 8.5 million its shares by private equity company Bain Capital. The stock may recover later as there is a strong demand for its shares.
Among bank shares, Axis Bank has gained close to 1.5% while SBI is down 1%. HDFC Bank has declined around 1.4% on reports that it has been excluded from MSCI India index.
Metal shares have gained in today's trade with the exception of Sesa Sterlite which has lost around 1.4% while Tata Steel and Hindalco have climbed between 0.2-0.5%.
L&T has declined around 0.7% ahead of its results to be released later today while Coal India has lost around 1% ahead of its quarterly results to be released tomorrow.
Among other shares, Ranbaxy is down around 0.4% after trimming losses. The stock declined after after U.S. Food and Drug Administration (FDA) revoked the six months exclusivity for generic version of Roche Holding AG's antiviral Valcyte and the tentative approval to make a generic version of AstraZeneca's heartburn drug Nexium granted to the pharma major.
Bank of Baroda is down 2% as the bank reported a 5.5% dip in Q2 net profit at Rs 1,104 compared to Rs 1,168 crore in the year-ago period.
Realty firm Godrej Properties declined nearly 3% as the company reported a 4.07% decline in its revenue in the second quarter.