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Sensex consolidates; Mid, Smallcap continue to outperform

The market entered into consolidation mode after rallying in last five consecutive sessions. Private banking & financials stocks declined whereas oil and PSU banks stocks gained.

10:00

The News International Team

The market entered into consolidation mode after rallying in last five consecutive sessions. Private banking & financials stocks declined whereas oil and PSU banks stocks gained.

The Sensex declined 7.82 points to 28877.39 and the Nifty fell 2.30 points to 8776.00. However, the broader markets continued to outperform benchmarks; the BSE Midcap and Smallcap indices gained more than 0.5 percent. About 1157 shares have advanced, 684 shares declined, and 132 shares are unchanged on the BSE.

In the pharma sector, Cipla slipped over a percent as CLSA downgraded stock to a sell from underperform with a target price of Rs 619. Biocon gained 2 percent on approval for insulin glargine in Mexico.

IDFC gained more than 3 percent as shareholders approved scheme of arrangement between company and IDFC Bank. Rajiv Lall, CEO & MD of IDFC said banking operations will start on October 1, with the total balance-sheet size on October 1 will stand at Rs 70,000 crore.

09:26

Sensex, Nifty open lower; Cipla falls 2%, IDFC gains 2%

The market fell marginally in opening trade on last day of the week. The Sensex declined 58.69 points to 28826.52 and the Nifty slipped 18.25 points to 8760.05. About 583 shares have advanced, 398 shares declined, and 97 shares are unchanged on the BSE.

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