The News International Team
1:30 pm: Pharmaceutical shares are trading higher, bucking the negative market trend. But which shares are likely to fare well going forward?
According to Nitin Agarwal of IDFC, these are Sun Pharma, Dr Reddy’s Labs and Lupin. Read the interview to know why .
1:00 pm: Indian stocks traded marginally lower as stocks continued to consolidate for the third day running.
At the time of this writing, the Sensex was off 0.27 percent and Nifty 0.22 percent to 27,955 and 8,364, respectively.
A broad-based decline set in, with capital goods and utilities leading the fall with a more than 1 percent cut each, while oil & gas, telecom, metals and auto falling between 0.4 percent and 0.7 percent.
A fall in the rupee worsened with the local currency falling about 0.3 percent to 62.3 with dealers attributing the fall to banks buying dollars.
As a result, shares of IT and pharma companies, which derive a significant chunk of their revenues from abroad, edged higher with 0.4 percent and 0.8 percent gains, respectively.
Among the frontline indexes, JSPL was the worst hit with a 4.2 percent loss, while Kotak Mahindra Bank rose 6.8 percent amid speculation it was going to acquire ING Vysya Bank.