Markets trade flat; domestic pharma stocks rally

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Updated: Tuesday, April 2, 2013, 12:49 [IST]
 
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Markets opened the day marginally lower with the Sensex down 13 points and the Nifty dropping 9 points in early trade. Among the top losers from the Sensex was Tata Motors which dropped more then 1 per cent following a sharp fall in passenger vehicle sales.

Other auto stocks that dropped in line were Maruti Suzuki, while from the two-wheeler space Hero Motor Corp fell following a disappointing set of numbers.

However, shares in Mahindra and Mahindra were trading higher after the auto-maker reported a 10.62 per cent increase in its total sales at 51,904 units in March 2013. The company had sold 46,919 units in the same month in 2012.

Domestic Pharma companies continued to rally following Monday's ruling by the Supreme Court on Novartis which was viewed as a setback to MNC Pharma companies. Stocks that rallied from the space were Dr Reddy's, Sun Pharma, Cipla Ltd and Ranbaxy Laboratories.

High beta names like DLF and Reliance Infra which gained sharply in trade on Monday were subdued in line with the major indices.

Software stocks declined in early trade with Tata Consultancy Services and Infosys amongst the early losers in trade.

Jindal Stainless gained 1 per cent after the company said it has allotted over 1.35 crore equity shares of the company to one of its promoters Jindal Overseas Holdings on preferential basis for a total consideration of Rs 100 crore.

SKS Finance gained after the country's lone-listed microlender said it has raised Rs.226 crore through two securitization transactions.

Realty stocks saw some buying support with prominent gainers from the space including DB Realty, Parsvnath and Anant Raj.

Meanwhile, markets in Asia were trading almost flat without substantial gains. The Japanese Nikkei, however, continued to lose ground and was down more then 1 per cent.

GoodReturns.in

Topics: sensex, nifty
Story first published:  Tuesday, April 2, 2013, 9:44 [IST]
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