Midcap stocks see selling pressure in the ultimate hour; pharma names such as Sun Pharma, Cipla and Lupin push up Nifty Pharma.
Some selling pressure gripped the market in the last hour of trade as investors may have turned cautious ahead of US Federal Reserve’s policy meet decision later in the day.
The day witnessed some volatile moves. The Nifty was seen eyeing 10,900 at one point during the day. Benchmark indices began the day on a mildly higher, with the Sensex rising around 50 points higher.
However, buying counters were ringing in case of PSU banks, pharmaceutical names as well as IT stocks through the day. These further pushed indices higher, with the Sensex gaining over 100 points.
The Sensex closed up 46.64 points or 0.13% at 35739.16, while the Nifty was up 13.80 points or 0.13% at 10856.70. The market breadth was negative as 1278 shares advanced, against a decline of 1371 shares, while 175 shares were unchanged.
Midcap index, meanwhile, witnessed some weakness in the later part of the day, which could have also dragged indices lower.
Stocks in focus
Shares of Bharat Forge ended flat after gaining two percent intraday as the company has entered into an investment agreement with Tevva Motor, Bharat Forge International, UK and existing shareholders of Tevva.
Meanwhile, Sun Pharma ended over a percent higher after the company received EIR (establishment inspection report) from the USFDA for the inspection conducted at its Halol facility.
Page Industries ended 4 percent higher after the firm extended its license agreement with Jockey International Inc till December 31, 2040.
Ruchi Soya Industries were locked in 5 percent upper circuit as Adani group emerged as highest bidder for the company. Adani's Group company offered about Rs 6,000 crore to emerge as the highest bidder for acquisition of bankruptcy-hit edible oil firm Ruchi Soya, sources with direct knowledge of the matter said.
Telecom stocks, Idea Cellular, Airtel and Reliance Communications ended up to 5 percent lower after its rival Reliance Jio introduced another data-based offering.
Asian markets closed lower as investors may have turned cautious ahead of US Federal Reserve’s policy meet outcome later in the day. The S&P/ASX 200 declined 0.51 percent to 6,023.50.Meanwhile, markets in European hovered near flat levels, as investors too awaited the latest monetary policy decision from the Fed. Stoxx 600 index was flat with the different sectors moving in opposite directions.