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Market gains for 3rd session; pharma stocks hold back

Mumbai: Continuing the winning run for the third straight day, Sensex rose nearly 107 points to finish at an over two-month high of 27,247.16 and Nifty breached the key 8,400-mark -- fuelled by power, IT and banking stocks rally, but the gains were restricted by battered pharma counters.

Shares of power, IT, teck, utilities and capital goods firmed up on good buying enquiries, while those of pharma, FMCG, auto and realty declined on selling pressure.

Among the laggards, pharma stocks were worst hit following US President-elect Donald Trump's strong remarks on pricing of medicines, indicating tougher working environment for Indian drug firms going ahead in the US.

Lupin was battered the most by falling 2.03 percent. Anand James, Chief Market Strategist, Geojit BNP Paribas Financial Services Ltd, said, "Markets opened the day on a firm note but could not sustain gains, as Trump's comments during yesterday's press conference held pharma stocks back. With key macros as well as Q3 numbers expected to be announced shortly, markets were not in a mood to chase prices higher anyway."

Reuters

Reuters

The Sensex opened higher at 27,171.66 and hovered in a range of 27,166.69 and 27,278.93 before ending at a two-month high of 27,247.16, showing a gain of 106.75 points, or 0.39 percent.

The 30-scrip bundle has gained 520.61 points, or 1.95 percent, in three days. The Sensex had last seen this level on November 10, 2016, when it ended at 27,517.68.

The NSE 50-share Nifty also rose by 26.55 points, or 0.32 percent, to close at a two-month high of 8,407.20. It had also ended at 8,525.75 on November 10 last year.

Domestic institutional investors (DIIs) bought shares worth a net Rs 1,116.15 crore yesterday while foreign funds sold shares worth a net Rs 627.30 crore yesterday, as per provisional data released by the stock exchanges.

In the broader markets, BSE Mid-Cap index provisionally rose 0.19 percent. Small-Cap index provisionally fell 0.16 percent. Both these indices underperformed the Sensex. Of the 30-share Sensex pack, 13 scrips ended higher while 17 closed lower.

Major gainer was NTPC as it advanced by 5.69 percent after the company signed a non-binding pact with Rajasthan Rajya Vidyut Utpadan and Rajasthan Urja Vikas Nigam for
take-over of Chhabra thermal power plant stage-I (4x 250 MW) and stage-II (2x660 MW) of Rajasthan Urja Vikas Nigam.

It was followed by Power Grid 4.14 percent, Infosys 3.20 percent, L&T 2.57 percent, Wipro 1.52 percent, Cipla 1.44 percent, ICICI Bank 1.30 percent and TCS 0.87 percent.

However, Lupin fell by 2.03 percent followed by Hindunilver 1.76 percent, ITC 1.29 percent, Coal India 1.28 percent, Dr Reddy 1.19 percent and M&M 1.12 percent.

Among BSE sectoral and industry indices, utilities rose by 3.22 percent, followed by power 3.19 percent, IT 3.22 percent, teck 1.55 percent, capital goods 1.51 percent and industrials 0.45 percent.

While FMCG fell by 0.96 percent, healthcare 0.73 percent, bankex 0.19 percent and realty 0.06 percent. The market breadth turned negative as 1,575 stocks ended
lower, 1,193 closed higher while 155 ruled steady.

The total turnover on BSE amounted to Rs 3,166.79 crore, lower than turnover of Rs 3,662.68 crore registered during the previous trading session.

US stocks rebounded to close higher Wednesday following Donald Trump's press conference, with the Nasdaq notching its fifth straight record close in a row.

The Dow Jones Industrial Average rose 98.75 points, or 0.5 percent, to finish at 19,954.28. The Nasdaq Composite index finished up 11.83 points, or 0.2 percent, at 5,563.65, its fifth record close in as many sessions and the seventh straight day of gains for the tech-heavy index.

Asian stocks witnessed a mixed trend today as key indices like China, Hong Kong, Japan and Singapore fell by 0.29 percent to 1.19 percent while indices in South Korea and Taiwan moved up by 0.58 percent to 0.69 percent. However, European stocks were trading lower. Key indices like France, Germany and UK moved down by 0.21 percent to 0.63 percent.


Updated Date: Jan 12, 2017 20:08 PM

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