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    Fag-end selling in financial stocks push Sensex lower by 66 pts; Sun Pharma surges 10% post Q1

    Synopsis

    The 30-share pack Sensex declined 66.23 points or 0.13 per cent to close at 52,586.84. The index ended about 325 points down from the day’s high. Its broader peer NSE Nifty fell 15.40 points or 0.20 per cent to 15,763.05.

    Fag-end selling in financials push Sensex lower by 66 pts; Bajaj Finance down 2.6%
    NEW DELHI: Fag-end selling on Friday pushed benchmark indices lower, wiping off all afternoon gains. Pharma stocks were in demand but selling in metals along with select banks put pressure on indices.

    Eurozone inflation in July rose to 2.2 per cent YoY, above the European Central Bank’s target, impacting the region's markets. Meanwhile, the Chinese market was fragile too, which impacted the sentiments back home.

    The 30-share pack Sensex declined 66.23 points or 0.13 per cent to close at 52,586.84. The index ended about 325 points down from the day’s high. Its broader peer NSE Nifty fell 15.40 points or 0.20 per cent to 15,763.05.

    “Pharma stocks were back in action beating early worries of weak Q1 results as recent quarters of major companies were in favor of market expectation. Fertilizer stocks were in focus today as Chinese firms were asked to suspend exports in order to ensure domestic supply," said Vinod Nair, Head of Research at Geojit Financial Services.

    Markets at a glance:
    • R Systems rallies 12 per cent as board to consider share buyback
    • Fertilizer stocks were on a roll as China suspends exports
    • Tech Mahindra leaps 7 per cent after Q1 show impresses investors
    • IPO watch: Rolex Rings subscribed 104 times
    • India VIX, a barometer of volatility, declines further 1 per cent

    Among the blue-chip names, Sun Pharma was the top gainer, rising 10.04 per cent. Tech Mahindra, Cipla, Adani Ports, Shree Cement, Power Grid, Bajaj Auto and NTPC were other gainers.

    Bajaj Finance was the top loser in the Nifty pack, falling 2.63 per cent. Bajaj Finserv, Hindalco, SBI, UPL, Tata Steel, SBI Life Insurance, JSW Steel and Asian Paints were others that ended in the red.

    Broader market indices ended higher outperforming their headline peers. Nifty Smallcap rose 0.44 per cent and Nifty Midcap climbed 1.10 per cent. Nifty 500, the broadest index on NSE, ended up 0.15 per cent.

    "The resilience of market breadth could suggest limited downside risk for the market ahead and chances of a strong buy on dips opportunity in the next week."

    — Nagaraj Shetti, HDFC Securities


    Sun Pharma Advanced Research, Quess Corps, Trident, SRF, Deepak Nitrate and Laurus Labs were top gainers from mid and smallcap indices, climbing in the range of 4-10 per cent.

    Dr Lal Pathlabs, Ajanta Pharma, Oberoi Realty, JK Lakshmi Cement, Sunteck Realty and Firstsource Solution were major losers from broader market space, falling in the range of 2-6 per cent.

    The sectoral matrix on the NSE was mixed. Nifty Pharma climbed 3.63 per cent while Nifty Media followed with a 1.95 per cent gain. Nifty Metal was the top loser, dropping 0.70 per cent. Nifty Bank and Nifty Financial Service were other losers.

    Market breadth was in favour of gainers as 1,837 stocks ended in the green, while 1,397 names settled with cuts. As many as 458 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 19 names hit 52-week lows, mostly from the microcap space. About 475 stocks hit upper circuit limits and 195 lower circuit limits.

    European markets were trading lower. London-based FTSE was down 1.11 per cent while Paris and Frankfurt declined 0.47 per cent and 1.05 per cent, respectively. In Asia, all markets ended in the red.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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