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Nifty hovers around 7950; Strides Arcolab up 6%, IT gains

Defensives like pharma and IT lend support while select metal and FMCG stocks correct and midcaps outperform.

14:30

The News International Team

The Nifty is hovering around 7950, down 12.80 points at 7956.05. The Sensex is down 32.78 points at 26593.54. About 1846 shares have advanced, 1004 shares declined, and 84 shares are unchanged. 

Defensives like pharma and IT lend support while select metal and FMCG stocks correct and midcaps outperform.

Sun Pharma is the top gainer on the Nifty. Its merger with Ranbaxy is expected to be on FIPB agenda on October 1. Additionally, CNBC-TV18 learns the company is planning to focus on dermatology post Ranbaxy merger. It expects almost 38-40 percent of US sales to come from dermatology by FY18.

TCS, Infosys, BHEL, GAIL are top gainers in the Sensex. Among the laggards are the Tata Steel, ITC, Sesa Sterlite, Coal India and Bajaj Auto.

Strides Arcolab is up 6 percent while Shasun Pharma is down 1 percent.

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