D-Street Buzz: Nifty Pharma in red dragged by Dr Reddy’s Labs; ONGC sheds 3%, Sun TV shines

Business News

The Indian stock market continues to stay in the red with the Nifty and Sensex down half a percent each in this Monday afternoon session. Nifty50 was trading lower by 54 points, trading at 10,889 while the Sensex fell 153 points and was trading at 36,392 mark.

Nifty Pharma was the underperforming sector, down close to 2 percent with loses from Dr Reddy’s Labs which fell over 6 percent as investors reacted to observations being issued to the company by US FDA.

The company on Friday told the exchanges that its Formulations Manufacturing Plant – 3 at Bachupally, Hyderabad had been inspected by the US FDA. It has been issued a Form 483 with 11 observations.

The other losers included names like Piramal Enterprises, Divis Labs and Glenmark Pharma.

From the real estate space, the top losers were Indiabulls Real Estate and Unitech which were down 4 percent each followed by Godrej Properties, Sobha and Phoenix Mills.

Nifty Energy was also down over a percent dragged by ONGC and GAIL India which shed 2-3 percent followed by Reliance Industries, Tata Power and BPCL.

From the midcap space the top losers were Apollo Hospitals, Castrol, Cummins India, DHFL, GMR Infra, NALCO and Tata Global Beverage among others.

Nifty IT along with the media sector was trading in the green with gains from Mindtree, Oracle Financial Services, TCS, Infosys and Tech Mahindra. The top gainers from the media space were Sun TV Network which jumped over 8 percent as brokerages remained positive on the stock and expect 38-54 percent return after stellar earnings performance in Q3.

The top gainers from NSE included Cipla, Indian Oil Corporation, TCS, Eicher Motors and Tata Steel while the top losers included Dr Reddy’s Labs, M&M, ONGC, Hindalco Industries and GAIL India.

The most active stocks were Tata Steel, Reliance Industries, Indiabulls Housing Finance, Sun TV Network and Dr Reddy’s Labs.

Mahamaya Steel Industries, Info Edge (India) and Wipro have hit new 52-week high in this afternoon session.

290 stocks have hit new 52-week low on the NSE including names like Indiabulls Housing Finance which fell 4 percent followed by Vedanta, Mahindra & Mahindra, NTPC, JSW Steel, MRF, Motherson Sumi Systems and Coal India among others.

The breadth of the market favoured the declines with 487 stocks advancing and 1232 declining while 359 remained unchanged. On the BSE, 700 stocks advanced, 1578 declined and 135 remained unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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