Sensex, Nifty snap two-day rally on profit-booking; Sun Pharma rallies 8% in a day
The Sensex ended at 35,443, down 19.41 points, while the broader Nifty50 settled at 10,767, down 0.70 points. In the broader market, the BSE Smallcap and the BSE Midcap indices gained 0.6 per cent and 0.4 per cent, respectively.
The Sensex and Nifty ended largely flat on Friday as losses in both indices on account of profit-booking were capped by gains in Sun Pharmaceutical Industries Ltd after its Halol plant received Voluntary Action Indicated (VAI) status from the U.S. health regulator.
The Sensex ended at 35,443, down 19.41 points, while the broader Nifty50 settled at 10,767, down 0.70 points. In the broader market, the BSE Smallcap and the BSE Midcap indices gained 0.6 per cent and 0.4 per cent, respectively.
Market breadth, indicating the overall health of the market, turned positive. On the BSE, 1,476 shares rallied, 1,167 shares declined, while 138 stocks remained unchanged.
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Both the key indices finished with gains for the third week in a row. The BSE Sensex recorded a rise of 216.41 points, or 0.61 per cent, while the NSE Nifty advanced 71.45 points, or 0.67 per cent, this week.
"Market reversed from low despite weak global sentiment as positive cues on pharma stocks and prospects of government measures on PSU banks supported the market to end flat. Weakening rupee and favorable US FDA outcome on domestic pharma helped to regain positive sentiment in the sector. Volatility in oil price and mixed earnings in the fourth quarter may led the market to stay on the consolidation path," said Vinod Nair, Head of Research, Geojit Financial Services.
On the Sensex, Sun Pharma, Dr Reddy's, Tata Motors and State Bank of India were the top gainers, while Power Grid, HDFC, Axis Bank and ITC shed the most.
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Meanwhile, on a net basis, foreign portfolio investors (FPIs) sold shares worth Rs 525.40 crore yesterday, while domestic institutional investors (DIIs) bought equities to the tune of Rs 1,197.89 crore, as per provisional data.
Overseas, European stocks followed Asian peers lower after a mixed close on Wall Street overnight amid uncertainty over global trade relations ahead of a key G7 meeting.
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