Despite trading on a positive note in the morning session, the Indian benchmark indices have turned negative with the Nifty50 down 27 points, trading at 10,849 while the Sensex shed 76 points at 36,117.
Nifty Pharma is down over 2 percent dragged by Sun Pharma which plunged over 8 percent after news of SEBI may reopen insider trading case. This is followed by Dr Reddy’s Labs and GSK Pharma.
Auto stocks are also weak dragged by Ashok Leyland which is down 4 percent followed by Mahindra & Mahindra and TVS Motor.
From the media space, the top losers are Zee Entertainment, Dish TV, INOX Leisure, Jagran Prakshan, UFO Moviez and DB Corp.
Nifty Metal is the outperforming sector, up 2 percent led by Hindalco Industries and JSPL jumping 3 percent each followed by JSW Steel, SAIL, Tata Steel, Vedanta and Hindustan Zinc.
Realty stocks are also buzzing with gains from Oberoi Realty, Godrej Properties, Phoenix Mills and Sobha.
The top gainers from NSE include Vedanta, Hindalco Industries, Indiabulls Housing Finance, Tata Steel and Power Grid.
The top losers included Sun Pharma, M&M, UPL, HPCL and Zee Entertainment.
The most active stocks were YES Bank, Sun Pharma, Tata Steel, Indiabulls Housing Finance and HDFC.
Adani Power, Apollo Hospitals Enterprises, Dr Reddy’s Laboratories and GSS Infotech are some of the few stocks which hit new 52-week high on the NSE.
67 stocks have hit new 52-week low including names like ABG Shipyard, Ashapura Intimates, Amtek Auto, Igarashi Motors, IL&FS Transportation Networks, RAIN Industries, Sun Pharma Advanced Research Company, Tejas Networks and Ujaas Energy among others.
The breadth of the market favoured the advances with 902 stocks advancing and 764 declining while 408 remained unchanged. On the BSE, 1187 stocks advanced, 1131 declined and 135 remained unchanged.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/d-street-buzz-nifty-pharma-underperforms-as-sun-pharma-tanks-8-oberoi-realty-jumps-4-autos-drag_11796121.html