Markets Trade Flat; Sun Pharma Slumps 10%

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    Benchmark indices opened the day lower once again with the Nifty dropping 4 points and the Sensex falling 2 points as sustained selling in frontline stocks dragged the markets lower.

    Markets Trade Flat; Sun Pharma Slumps 10%
    Indices
    Shares in Sun Pharma slumped 10 per cent in trade after Daiichi Sankyo's exit via share sale. Other notable losers in trade were banking stocks like Yes Bank, Kotak Bank and IndusInd Bank.
     

    However, select banking stocks like Axis Bank and ICICI Bank saw some recovery in trade. HCL Tech which reported results that did not meet expectations fell a huge 6 per cent in trade.

    Stocks that lent support to the markets were BPCL and Cairn India. FMCG stocks like ITC and Hindustan Unilever which fell sharply in trade on Monday gained ground.

    PSU Banking stocks saw good buying support in trade with Union Bank, Syndicate Bank and Punjab National Bank among the winners.

    IT stocks saw a mixed reaction in trade following the results of HCL Tech. While TCS saw some recovery along with Infosys, Wipro dropped in trade.

    Meanwhile, most of the Asian markets were trading with gains following robust closings across the US markets.

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