6th Straight Day Of Losses for The Sensex; Pharma Stocks Tank

Business

oi-Sunil Fernandes

Markets fell again in trade today led by losses in Sun Pharma and HDFC twins.

By Sunil Fernandes

Published: Friday, November 4, 2016, 15:34 [IST]

It was a sixth straight day of losses for the Sensex, even as global markets were quiet, as US Presidential election worries weighed on these markets. European markets fell nearly one per cent as the Presidential race has become even tigher than ever before.

The Sensex ended the day with losses of 156 points, while the Nifty fell 51.20 points in trade. Declines were led by pharma stocks, which plunged following worries of an investigation over price collusion.

Sun Pharma shares fell as much as 6 per cent, while Dr Reddy's and Aurobindo Pharma were the other stocks that plunged in trade. Shares in Larsen also fell after the government sold its SUUTI holding in the company.

Leading the set of winners were tobacco companies, after hopes that the recent GST tax rates would be favorable and not as bad at it seemed.

ITC led gainers and the stock surged a huge 4 per cent in trade. However, the worst hit were the PSU banking stocks some of which lost 3-4 per cent. Among the big losers were Union Bank of India, Andhra Bank and Syndicate Bank.

Meanwhile, the rupee was seen trading at 66.70 to the US dollar.

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