HDFC twins, Reliance Industries drag Sensex; Sun Pharma gains 1%

HDFC twins, Reliance Industries drag Sensex; Sun Pharma gains 1%
Indices opened flat and it slipped later on in the morning session tracking weakness in Asian peers and a surge in crude oil prices.
Equity benchmark indices opened flat and slipped later in the morning session tracking weakness in Asian peers and a surge in crude oil prices. Heavy selling pressure was witnessed in HDFC twins, Reliance Industries, Kotak Mahindra Bank, M & Mand NTPC.
The Sensex slipped 133 points at 36,108, and the Nifty is down 29 points at 10,855. About 800 shares have advanced, while 707 shares declined, and 534 shares remained unchanged.

 The BSE MidCap and BSE SmallCap Indices rose over 0.25% each.


Shares of Sun Pharma gained 1% on the BSE as the pharma company held a conference call on Monday after market hours over the recent broker report that raised several corporate governance issues. There was also a news that the SEBI is planning to reopen the insider trading probe pertaining to the Ranbaxy acquisition. Sanghavi has said that points raised by the broker are sourced from public domain sources and are already known to the markets. Some of the points raised are old, unrelated, and misinformed. 

 Rupee slipped 5 paise to open at 70.51 against the US dollar. The local currency dropped by 88 paise, its biggest single-day loss in more than three months as oil prices rebounded and the US currency gained strength.  

 On the sect oral front, realty, banking, metal, media and auto stocks were showing weakness, while pharma, energy and IT index are in the green.


ONGC, HPCL, Dr. Reddy’s, Yes Bank, and BPCL were the top Nifty gainers, while M&M, HDFC, Bharti Airtel, NTPC and Eicher were among the top losers.

 Volatility index India VIX rose 0.72% to 18.35.

 The most active stocks were Sun Pharma, Yes Bank, HDFC, HUL, Tata Steel, and RCOM.

 Meanwhile, oil extended rally after Saudi Arabia and Russia continued their cooperation pact. US West Texas Intermediate (WTI) crude futures were at $53.20 per barrel, up 25 cents from their last close.
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 Reference : indiainfoline

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