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Nifty Closes Above 11,000, Pharma Stocks Slide

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Benchmark indices taking cues from a set of positive global and domestic developments recovered in trade today. The US President Donald Trump backed off additional 10% trade tariff imposition on some of Chinese goods on the one hand and benign July retail inflation levels lifted market sentiment.

Nifty Closes Above 11,000, Pharma Stocks Slide
 

Sensex and Nifty ended the day higher but off day's high. The market wrapped up with Sensex at 37,311.53, up 353.37, while Nifty climbed higher by 103.50 points at 11,029.40.

The gains were largely led by stocks from the financials and auto space which were beaten down heavily in yesterday's sell-off.

On the Nifty, major gainers were UPL, Bajaj Finserv, Vedanta, Tata Steel and Zee Entertainment, while losers in trade were Sun Pharma, Indiabulls Housing, Wipro, Dr Reddy's Labs and Coal India.

Extending Tuesday's gain, RIL surged 1.2% today. Metals stocks including Tata Steel and Vedanta also gained by more than 4% as the global risk-on sentiment improved slightly.

Sun Pharma shares slipped by more than 6% even after reporting strong earnings for the quarter ended June.

Meanwhile, rupee after hitting a 6-month low in yesterday's session of 71.40 per US dollar, recovered to 70.85 levels.

GoodReturns.in

Story first published: Wednesday, August 14, 2019, 15:54 [IST]
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