Market Live: Sensex, Nifty lower on Asia fall post North Korea#39;s nuclear test
Mon Sep 04 2017
Rajesh Sharma (2003 articles)

Market Live: Sensex, Nifty lower on Asia fall post North Korea#39;s nuclear test

Aurobindo Pharma, Cipla, Hero Motocorp, Coal India and Tata Motors gained up to 1 percent while IOC, Sun Pharma, BPCL, Asian Paints, MM, Dr Reddy#39;s Labs and LT were under pressure.

Dr Reddy’s Labs was the biggest gainer among Sensex 30 and Nifty 50 stocks, rising nearly 10 percent after a settlement agreement with US-based Vivus to resolve a long-pending patent litigation related to anti-obesity pill (or weight management capsules) Qsymia.

The rally was also spilled over to other pharma stocks – Aurobindo Pharma surged 4.5 percent followed by Sun Pharma and Lupin with over a percent gain. Nifty Healthcare index gained 2.4 percent.

Auto sector hogged the limelight today as the Nifty Auto index gained 2 percent after better-than-expected sales data from all major companies for August.

Tata Motors (stock up 3.74 percent) showed 14 percent sales growth in August YoY and Ashok Leyland (5.4 percent) registered a 25 percent growth. Bajaj Auto (stock up 4 percent) reported 3 percent sales growth while Maruti Suzuki (1.43 percent) registered healthy 24 percent growth and Eicher Motors’ (1 percent) sales increased 22 percent compared with year-ago month.

The Nifty Metal index also gained 2 percent due to rally in global steel prices. Hindalco Industries, Nalco, Jindal Steel, Hindustan Zinc, SAIL, Tata Steel and Vedanta rallied 2-4 percent.

Reliance Industries closed above Rs 1,600 for the first time in 3 weeks, up 1 percent at Rs 1,609.35. Asian Paints rallied 4 percent whereas HDFC, TCS, Cipla, HDFC Bank, TCS, Wipro and Bharti Airtel lost 0.5-1.3 percent.

Rajesh Sharma

Rajesh Sharma

Rajesh Sharma is Correspondent for Stock Market of South East Asia based in Mumbai. He has been covering Asian markets for more than 5 years.

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