Nifty in the red again; drops for 5th day in a row

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Benchmark indices which opened higher today, quickly slipped into the red as sustained selling pressure pushed the Nifty into the red for the fifth consecutive day.

The Nifty was down 5 points, while the Sensex was trading with losses of 29 points. Pharma stocks saw huge cuts in trading with Sun Pharma, Glenmark and Cipla down more sharply. Reports of the U.S. Food and Drug Administration imposing an "import alert" on a plant operated by generic drugmaker Wockhardt Ltd, saw the stock plummeting for a second day in a row.

Ranbaxy Laboratories also continued to trade in the red after allegations by Daiichi Sankyo on the ex-promoters of the company accusing them of hiding information on US probe into drug adulteration.

Other Nifty losers in trade were Bharat Heavy, Maruti Suzuki and Cipla. Stocks that gained from the Nifty were Tata Steel, Lupin, NTPC and BPCL.

PSU banking stocks continued to see selling pressure after State Bank of India reported a poor set of numbers. PSU stocks that dropped were Andhra Bank, Bank of Baroda, Indian Overseas Bank and Oriental Bank of Commerce.

Realty stocks were also subdued and trading almost flat in trade.

Meanwhile, markets in Asia were trading flat to negative with the Japanese indice dropping into the red once again, while the Korean Kospi and the Indonesian indices were in the green.

Read more about: sensex, nifty
Story first published: Friday, May 24, 2013, 10:11 [IST]
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