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Sensex, Nifty start on a volatile note; Sun Pharma biggest loser among pharma stocks, tanks 10%

  • There was heavy selling on pharma and banking banking counters amid weakening rupee

  • Sensex turned negative and was trading 79.53 points or 0.22% lower at 36,294.55 in early trade

  • The NSE Nifty slipped 16.25 points or 0.15% to 10,888.95

Mumbai: The BSE benchmark Sensex and NSE Nifty on Friday started on a volatile note tracking heavy selling on pharma and banking banking counters amid weakening rupee.

After opening marginally higher, the 30-share index turned negative and was trading 79.53 points, or 0.22 percent, lower at 36,294.55 in early trade.

Similarly, the NSE Nifty slipped 16.25 points, or 0.15 percent, to 10,888.95.

On Thursday, the Sensex settled 52.79 points, or 0.15 percent, higher at 36,374.08; and the broader NSE Nifty inched up 14.90 points, or 0.14 percent, to 10,905.20.

In morning session on Friday, Sun Pharma was the biggest loser on Sensex, cracking up to 10 percent.

 Sensex, Nifty start on a volatile note; Sun Pharma biggest loser among pharma stocks, tanks 10%

Representational image. Reuters.

Other losers were Yes Bank, Bharti Airtel, HUL, Axis Bank, M&M, Coal India, Asian Paints, Tata Motors and TCS, shedding up to 1.49 percent.

ONGC, PowerGrid, RIL, Vedanta and Maruti were the top gainers, rising up to 1 percent.

On a net basis, foreign portfolio investors (FPIs) purchased shares worth Rs 842.13 crore Thursday, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 727.46 crore, provisional data available with BSE showed.

According to analysts, global trade tensions and risk of recession will cast cloud over the sentiment; while lack of major triggers in the domestic market could steer a range bound movement in the near term.

The rupee, meanwhile, depreciated 18 paise against the US dollar to 71.21.

The benchmark Brent crude futures rose 0.88 per cent to $61.72 per barrel.

Elsewhere in Asia, Hong Kong's Hang Seng was up 0.94 percent, Shanghai Composite Index was trading 0.79 percent higher, Kospi rose 0.55 percent in early trade and Japan's Nikkei rallied 1.26 percent.

On Wall Street, Dow Jones Industrial Average ended 0.67 percent higher at 24,370.10 points on Thursday.

 

 

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Updated Date: Jan 18, 2019 10:04:32 IST