From the record highs, benchmark indices have corrected about 10% and this helped remove some froth over valuation. Valuations are closer to the fair value with Nifty50 trading at around 18 times its one-year forward earnings estimates.

Abbott India, incorporated in the year 1944, is a Large Cap company (having a market cap of Rs 42545.46 Crore) operating in Pharmaceuticals sector.

"Bears continue to have the upper hand as the benchmark index Nifty has been posting red candles for the last three days. The Nifty found support around the previous swing low on the daily timeframe. The momentum indicator RSI (14) is in bearish crossover, suggesting weak price momentum for the near term. Going forward, 17,770 is likely to act as support for the falling Nifty," says Rupak De, Senior Technical Analyst at LKP Securities

PFC stock has seen a strong build-up of long positions in the derivative segment. Since the expiry of the December derivative series, the stock has gained 14% and hit an over-five-year high of Rs 160.80 on Friday. If the stock manages to cross Rs 170 and trades above that level, it will become eligible to enter into the MSCI index.

For more than a decade, the stock has been taking support at a rising moving average followed by a breach of the intermediate falling trendline. In recent context, the stock is rising with the same characteristic,” he said.

​Technically, having closed at an 8-week low, Nifty formed a bearish candlestick pattern on weekly time frame with crucial support at 17,650-17,680. A breakdown below this zone could attract further selling pressure towards the 200-DMA at 17,200-17,250, while resistance on the upside is seen at 18,050-18,100.

This triggered fresh expectations of further rate hikes by the US fed. Asian markets closed with hefty losses as Japans core consumer inflation hit a fresh 40 year high of 3.7% in the month of November,” Mohit Nigam, Fund Manager & Head - PMS, Hem Securities, said.

The Nifty Pharma index was trading 0.4 per cent up at 12943.95.

The Nifty Realty index was trading 1.9 per cent down at 416.45.

Syncom Form, Ultra Wiring Connect, Vasa Retail & Overse, Omfurn India Ltd. and Abbott India, hit their fresh 52-week highs at 10:44AM.

Adani Ports SEZ, Tata Motors, Tata Steel, Hindalco and Adani Ent. were among the top losers on NSE.

A long negative candle was formed on the daily chart, which indicates a downtrend continuation pattern amidst range movement. We observe overlapping candles over the last few sessions which reflects markets inability to sustain the gains.

The Nifty Auto index was trading 1.11 per cent down at 12554.4.

The Nifty IT index was trading 0.17 per cent up at 28813.65.

The Nifty Pharma index was trading 0.13 per cent down at 12903.25.

The Nifty Bank index was trading 0.46 per cent down at 42421.95.

Goldstar Power, Arvee Laboratories, Vasa Retail & Overse, Vinny Overseas and Abbott India, hit their fresh 52-week highs at 10:29AM.

UPL, BPCL, Axis Bank, Bajaj Finserv and Tata Motors were among the top losers on NSE.

Momentum indicator Moving Average Convergence Divergence (MACD) showed bullish trade Morepen Labs, Cipla, Aurobindo Pharma and Thyrocare

Abbott India Ltd., incorporated in the year 1944, is a Large Cap company (having a market cap of Rs 41423.28 Crore) operating in Pharmaceuticals sector.

Abbott India Ltd., incorporated in the year 1944, is a Large Cap company (having a market cap of Rs 41757.96 Crore) operating in Pharmaceuticals sector.

Shares of Arfin India will trade ex-split in the ratio of 1:10. The companys shares will be sub-divided from a face value of Rs 10 to Re 1. Also, shares of Compuage Solutions will go ex-rights for the rights issue of eight shares for every 25 shares held offered at the rate of Rs 20 per share.

Abbott India Ltd., incorporated in the year 1944, is a Large Cap company (having a market cap of Rs 40626.54 Crore) operating in Pharmaceuticals sector.

“The whole world is trying to replace China in both its formulation – API, and its intermediate supply chain. We already have significant investments in firms like GMM, Alkyl, Divis. We are considering making some more investments in the space but as we invest in companies with barriers to entry with moats and that require careful work at the down level.”

“We built up a position in ICICI Lombard. We had a smaller position last year. It has been ramped up significantly over the last six months. A lot of stuff is happening in IRDA which is very encouraging for high quality multiline insurance companies like ICICI Lombard. We hope to make more money from it in the years ahead.”

Abbott India Ltd., incorporated in the year 1944, is a Large Cap company (having a market cap of Rs 39627.82 Crore) operating in Pharmaceuticals sector.

Among sectoral indices, BSE Metal index zoomed 5 per cent, followed by a 4 per cent rally in Capital Goods and Power indices each. Energy, utilities, finance and industrial stocks added 3 per cent each during the week. In the BSE 500 index, about 290 stocks settled in the green, whereas others dropped during the four trading sessions; 15 stocks were able to register double-digit gains, whereas only two plunged 10 per cent or more.

Asian stocks rose Thursday morning as traders tracked a rally on Wall Street fuelled by a drop in oil prices and better-than-expected US economic data. MSCI's index of Asia-Pacific shares outside Japan was up by 0.76 per cent.

Abbott India Ltd., incorporated in the year 1944, is a Large Cap company (having a market cap of Rs 41234.27 Crore) operating in Pharmaceuticals sector.

Jain is Executive Director and Chief Investment Officer at HDFC AMC.Data showed the mutual fund house bought a 0.02 per cent stake or 1,97,807 shares in Shriram City Union Finance worth Rs 32.85 crore. It added Sanofi, buying 8,365 shares worth Rs 5.38 crore. It also entered Metropolis Healthcare with 3,600 shares worth Rs 50 lakhs.

"The present range-bound movement could continue for the next 1-2 sessions and immediate supports to be watched around 15,600-15,650 levels. On the flip side, a decisive move above 15,850-15,900 levels is likely to open a sustainable upside for the market," he said.

The benchmark appears to be moving towards the support zone between 15,900 and 16,100. Despite the fact that this week's trading patterns suggest additional downside, the overall bearish momentum has moderated as Nifty is currently trading above the falling resistance line,” Yesha Shah, Head of Equity Research, Samco Securities said.

Momentum indicator Moving Average Convergence Divergence (MACD) showed a bullish trade setup on the counters of Oil India, Abbott India, Coromandel International, Dhani Services, Nocil and Zensar Tech.

Revenue from operations rose to Rs 1,255 crore in the period under review as compared with Rs 1,096 crore in the year-ago period, it added.