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Sensex, Nifty under pressure; metals drag, pharma rises

Vedanta, Tata Steel, Hindalco, Infosys and ONGC are among laggards while Lupin, Sun Pharma, Dr Reddy’s Labs, Bharti Airtel and HUL are top gainers.

10:00

TheNewsInternational Team

The market is slipping away dragged by metal stocks. The Nifty manages to hold 8450 level. The 50-share index is down 36.65 points or 0.4 percent at 8458.50 and the Sensex is down 90.46 points or 0.3 percent at 27841.18. About 771 shares have advanced, 1160 shares declined, and 62 shares are unchanged.

Vedanta, Tata Steel, Hindalco, Infosys and ONGC are among laggards while Lupin, Sun Pharma, Dr Reddy’s Labs, Bharti Airtel and HUL are top gainers.

Oil markets are weak following sharp falls the previous session, with US contracts hovering slightly above USD 40 per barrel, levels not seen since the credit crunch of 2009, and globally traded Brent tested support at USD 47.

Mohan Shenoi of Kotak Mahindra Bank said, “Lower crude oil prices, falling US 10-year yield and expectation of stabilising Rupee at current levels are expected to sustain the positive undertone in the bond market. The 10-year benchmark yield is expected to trade in a range of 7.71-7.74 percent today.”

09:15

Nifty above 8450, Sensex flat; Lupin, Sun Pharma gain 3-4%

Vedanta, Tata Steel, GAIL, ONGC and Hero Motocorp are major losers while Lupin, Sun Pharma, Bharti, Dr Reddy’s Labs and Cipla are top gainers in the Sensex.

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