The market on Monday ended in red with the Nifty holding 8500. The 50-share index traded down 32.70 points or 0.4 percent at 8508.70, while the Sensex traded down 89.84 points or 0.3 percent at 27746.66.
Shares such as Infosys, Reliance Industries, HDFC, Tata Motors, Axis Bank and Maruti were amongst the most active shares on exchanges.
Alembic Pharmaceuticals gained three percent intraday as ICICI Securities has initiated coverage on the stock with an add rating and target price of Rs. 654.
The brokerage house is upbeat about company's long term growth outlook considering strong US and India business, increased focus on complex and niche research and development and track record of healthy return ratios.
However, high base of FY16 and ongoing heavy investment phase will impact growth in near term, it feels.
Alembic Pharma is a vertically integrated pharmaceutical company with major focus on formulations business in India and US.
Alembic has successfully transformed its domestic formulation business towards high margin and fast growing specialty segments over past five years. US business is on strong footing now with 29 abbreviated new drug applications (ANDAs) pending for approval, high base of FY16 with generic Abilify would lead to significant US revenue decline in FY17.