Sensex ends lower on global worries; Sun Pharma rallies

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Sensex ends lower on global worries; Sun Pharma rallies
Markets ended the day sharply lower as increasing political worries in Europe and a drop in Asian equities saw Indian benchmark indices retreating for the fourth successive day in a row.

The Nifty closed the day lower by 30 points, while the Sensex shed 83 points (provisional) in trade today. Among the worst performers today was Jaiprakash Associates which dropped sharply by 4 per cent. Other Nifty losers in trade were Bhel, Bank of Baroda, BPCL, Bharti Airtel, HCL Tech, Sesa Goa, IDFC and Infosys.

Among the best performers from the Nifty was Sun Pharma which rallied after the company received FDA approval for a cancer drug. Other Nifty stocks that gained were Gail, Ranbaxy Laboratories, ACC Ambuja Cements, DLF and Ultra Tech Cement.

Mid Cap stocks came in for some heavy selling pressure with Apollo Tyres, Bharat Forge, JSW Steel, Opto Circuits, Sun TV and Tech Mahindra ending the day down.

Shares of Jain Irrigation plunged after the company reported losses. The stock ended the day lower by 5 per cent. Jubilant Foodworks closed lower by 8 per cent after its results disappointed the street.

PSU banking stocks continued to lose ground in trade with Bank of Baroda, Canara Bank and Union Bank all dropping in trade.

Realty stocks managed to hold ground today with DLF, Parsvnath, Phoenix Mills ending the day steady.

Shares of Adani Enterprises dropped after the company said that the promoters would sell shares through an offer for sale. Mid-sized hotel player Royal Orhid dropped after the company reported a loss for the 3rd quarter.

Meanwhile, markets in Europe were trading with gains after the huge sell-off witnessed on Monday. Indian markets are expected to remain volatile ahead of the Union Budget 2013 to be delivered by the Finance Minister.

Read more about: sensex, nifty
Story first published: Tuesday, February 5, 2013, 15:00 [IST]
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