Sensex consolidates; Ranbaxy recovers 7% from day's low
BSE Sensex was trading flat in the last one hour of trade on Tuesday. Indian shares consolidated for most part of the day. Index heavyweight Ranbaxy Laboratories recovered more than 7 percent from its intraday low.
Moneycontrol Bureau
Key equity benchmarks were consolidating today after shedding close to 2 percent Monday on widening trade deficit data that renewed concerns of India’s current account deficit. The Sensex was up 21 points at 19713 and the Nifty was up 10 points at 5990. About 1048 shares advanced, 1209 shares declined, and 140 shares were unchanged.Major gainers in the BSE Sensex were ONGC, Bharti Airtel, Sun Pharma, GAIL and Tata Motors, up over a percent each.Dr Reddys Labs, Bajaj Auto, HDFC Bank, BHEL and NTPC were key losers.Earlier in the day Ranbaxy plummeted to Rs 423 after the company agreed to pay USD 500 million as settlement against the felony charges related to drug safety.Brokerage ViewsBrokerage house Nomura has assigned 'Reduce' rating on Reliance Power citing regulatory and fuel supply risks at 3 major projects. Nomura also feels that at current market price, the stock is trading at expensive valuations.Nomura has also assigned 'Neutral' rating on GAIL with a price target of Rs 350 on the stock. The tariff approved for KG basin was 53% lower than expectations.Broking house Citi has assigned 'Buy' rating on Nestle India as the firm feels earnings are likely to recover in the next few quarters. Citi maintains a price target of Rs 5625. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
