Sensex, Nifty Climb; Divi's Labs Drops 20% On FDA Woes

21 March, 2017, 11:42 | Author: Benny Bass
  • Stock markets may open flat as investors factor-in rising protectionism

At 9.23 a.m, the Sensex was trading up 39.33 points or 0.13% at 29,558.07 with 16 components gaining.

The NSE Nifty fell by 33.20 points or 0.36 per cent to close at 9,126.85 points, while the Sensex closed at 29,518.74 points - down 130.25 points or 0.44 per cent.

Indian equity markets on Monday slipped on the back of broadly negative global cues and heavy selling pressure witnessed in IT, banking and Teck (technology, media and entertainment) stocks.

Mumbai: The benchmark BSE Sensex fell nearly 129 points in early trade on Monday due to profit booking by investors after recent strong gains.

The BSE market breadth was marginally bearish - with 1,488 declines and 1,307 advances. BSE Midcap index slumped 0.7 per cent but Smallcap index lost 0.4 per cent.

Metals, pharma, auto and telecom stocks dragged down the markets.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 1,532.90 crore last Friday while domestic institutional investors (DIIs) sold shares worth a net Rs 711.50 crore, as per provisional data.

On Monday, Indian share markets closed down tracking Asian and European bourses as investors factored in rising protectionism after the G20 failed to agree on free trade even though they reiterated their resolve to avoid competitive currency devaluation.

Asian shares hit 15-month highs on Tuesday, while the dollar and United States bond yields were on the back foot on the prospect of a less-hawkish Federal Reserve policy trajectory.

"However, cement sector stocks traded with firm sentiments due to buying support".

On the other hand, Dr Reddy'S Laboratories (3.59%), Axis Bank (1.88%), Sun Pharmaceutical Industries (1.24%), Reliance Industries (0.78%), Bharti Airtel (0.67%), and GAIL (India) (0.55%) were the major losers in the Sensex.

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