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Nifty pares losses; Ranbaxy,Cipla lead

25 Sep 09 04:21 PM
MUMBAI: Indian markets pulled back from day’s lows on Friday led by gains in pharma and auto stocks. Traders were actively buying second rung stocks ahead of the long weekend.

“US markets closed in the red and other Asian markets are negative. Asian stocks dropped, dragging the MSCI Asia Pacific Index to its biggest weekly decline in a month, after Nomura Holdings said it will sell new shares and sales of existing homes unexpectedly declined in the US. For the day we expect our market to open down and correct,” said Niket Shah, associate research analyst, Institutional Equity, Religare Capital Markets.

At 10:50 am, National Stock Exchange’s Nifty was at 4978.80, down 7.75 points or 0.16 per cent. The index touched an intra-day high of 4989.50 and low of 4931.25.

Bombay Stock Exchange’s Sensex was at 16766.97, down 14.46 points or 0.09 per cent. The 30-share index hit a low of 16618.43 and high of 16787.67.

“Trend deciding level for the day is 4969 / 16703. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 5034 - 5082 / 16912 - 17043. However, if Nifty trades below 4969 / 16703 for the first half-an-hour of trade then it may correct up to 4922 / 16573,” the Angel Broking note said.

BSE Midcap Index was up 1.08 per cent and BSE Smallcap Index moved 1.30 per cent higher.

Amongst the sectoral indices, BSE Healthcare Index gained 2.74 per cent, BSE Auto Index moved 2.20 per cent higher and BSE Realty Index advanced 0.61 per cent.

BSE IT Index was down 0.67 per cent and BSE Metal Index moved 0.54 per cent lower.

Ranbaxy Laboratories (3.84%), BPCL (1.94%), Cipla (1.80%), M&M (1.69%), Maruti Suzuki (1.57%) were amongst the Nifty gainers.

Losers included HCL Tech (-2.08%), TCS (-1.69%), Bharti Airtel (-1.23%), IDEA (-1.17%) and Infosys Technologies (-1.11%).

US stocks fell on Thursday as signs of weakness in housing and investors' worries that authorities might be curbing stimulus efforts too soon sparked caution.

The Dow Jones Industrial Average dropped 41.11 points, or 0.42 per cent, to 9,707.44. The Standard & Poor's 500 Index fell 10.09 points, or 0.95 per cent, to 1,050.78 and the Nasdaq Composite Index slid 23.81 points, or 1.12 per cent, to 2,107.61.

Stocks in the Asia-Pacific region took a beating following Wall Street cues and a slump in commodity prices. The Nikkei tumbled 2.24 per cent, Hang Seng fell 0.56 per cent and Seoul Composite lost 0.30 per cent.