Live Stock Market Updates – Sensex, Nifty flat; Pharma, IT stocks drag

Dalal Street CapitalHeightThe Indian stock market fluctuated between gains and losses as a selloff in drug makers was countered by rally in FMCG companies.  The domestic market has opened in green.

At 9:40 AM, the S&P BSE Sensex is trading at 27,439 up mere nine points, while NSE Nifty is trading at 8,486 up mere two points.

The BSE Mid-cap Index is trading up 0.05% at 13,021 whereas BSE Small-cap Index is trading down 0.14% at 13,148.

ITC, HUL, Adani Ports, Cipla, GAIL and ICICI Bank are among the gainers, whereas Sun Pharmaceuticals, Dr Reddy’s, Lupin, L&T and Maruti Suzuki are losing sheen on NSE.

Some buying activity is seen in FMCG, private banking, media and metal sectors, while pharma, auto, banking, IT and realty sectors are showing weakness on NSE.

The INDIA VIX is 0.71% at 16.5825. Out of 1,867 stocks traded on the NSE, 807 declined, 663 advanced and 397 remained unchanged today.

A total of 20 stocks registered a fresh 52-week high in trade today, while 13 stocks touched a new 52-week low on the NSE.

The rupee opened marginally higher by one paise at 66.73/$ as against the previous close of 66.74/$.

Asian markets would see further weakness creep in as the losing streak in equities continues. Historically most US elections have seen a pre-election rally which may not be in the offing this time as uncertainty has been prevalent right till the end of the campaigns, with both participants equally poised near the finish line. However market underperformance before the event could see a smart year end rally as most negatives would be priced in & event uncertainty over equities could bounce sharply from oversold levels.

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