Home / Business / Money / Nifty hovers around 8700; Inox Wind lists with 24% premium

Nifty hovers around 8700; Inox Wind lists with 24% premium

Inox Wind listed with 24 percent premium at Rs 401 on the National Stock Exchange compared to issue price of Rs 325 apiece.

10:03

The News International Team

Nifty hovers around 8700; Inox Wind lists with 24% premium

The marked wiped out all its early gains due to profit booking in healthcare and heavyweights like Infosys, Reliance Industries & ITC. The Sensex shed 75.36 points to 28632.39 and the Nifty fell 28.80 points to 8685.60.

The broader markets too followed the same trend. About 955 shares have advanced, 822 shares declined, and 139 shares are unchanged on the BSE.

Pharma sector stocks dropped. Sun Pharma and Lupin fell over 2 percent. Bank of America Merrill Lynch downgraded Sun Pharma to underperform from buy and Lupin, Cipla & Cadila to neutral from buy. The brokerage said some stocks in sector may be priced to perfection with less room for error. Dr Reddy’s Labs and Cipla declined 1-2 percent.

Inox Wind listed with 24 percent premium at Rs 401 on the National Stock Exchange compared to issue price of Rs 325 apiece.

09:15

Sensex, Nifty erase early gains on profit booking

The market came off day’s high. The Sensex rose 43.32 points to 28751.07 and the Nifty advanced 8.15 points to 8722.55 but the broader markets continued to outperform.

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