Sensex, Nifty still trading flat; pharma stocks gain

Posted September 22, 2017

At 9:56 am, the Sensex was trading 208 points higher at 32483 level and the Nifty rose 78.10 points 10,162 level.

The 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,400.51 points - down 1.86 points, or 0.01 per cent, from its previous close at 32,402.37 points.

Rupee drops by 23p to 2-month low against United States dollar - The rupee dropped to pared its initial losses, but was still quoting over two months lows, down by 23 paise to 64.50 against the American currency in afternoon deals on sustained bouts of dollar demand from importers and banks amid bullish dollar overseas.

The wider Nifty50 of the National Stock Exchange (NSE) fell by 19.25 points, or 0.19 per cent, to close at 10,121.90 points.

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Caution over a US Federal Reserve rate-hike in December, coupled with a weak rupee and profit booking by investors, pulled the key Indian equity indices lower to close in the red on Thursday.

The Bank of Japan (BOJ), at the conclusion of its two-day monetary policy meeting today, 21 September 2017, kept monetary policy steady.

The Sensex was down by 1.86 points or 0.01 per cent at the Wednesday's closing. "Current developments to bring petroleum products under GST might enthuse investors", said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.

The rupee was trading at 64.480 down 0.095 paisa or 0.15% against the United States benchmark dollar index.

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Losses in Reliance Industries, ITC and HDFC Bank dragged the barometer into the negative. The five biggest losers were Sun Pharma, Dr Reddy's Laboratories, Tata Steel, ONGC and Lupin.

Sector-wise, the S&P BSE metals automobile index slipped by 171.59 points, consumer durables index by 120.81 points and banking index by 78.29 points. Domestic institutional investors (DIIs) showed support by taking shares worth a net Rs 775.61 crore while foreign portfolio investors (FPIs) discarded equities worth Rs 96.92 crore yesterday, according to provisional data.

Divis Labs rallied 5 percent as Axis Capital has upgraded rating on the stock to buy and hiked its target price to Rs 1,080 from Rs 625 per share, following increase in FY19 EPS estimates by 15 percent with improved visibility on US FDA resolution.

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