Indian equity indices opened lower on Wednesday tracking weakness across the global markets. The Sensex fell over 100 points to 31,885.41 while the Nifty slipped below the 9,950 mark. Pharma stocks led by Sun Pharma, extended selloff today. Sun Pharma fell over 4 per cent to a low of Rs 475 after its US subsidiary, Taro reported 50 per cent drop in June quarter profit to $54.5 million. Taro's revenue declined 31 per cent annually to $161.3 million. Auro Pharma and Dr Reddy's Lab also fell between 1.5-3.6 per cent. Meanwhile, Hindalco was the top gainer in Nifty, up 2.95 per cent followed by Vedanta and Infosys. Other Asian shares fell on Wednesday after tensions on the Korean peninsula escalated with Pyongyang's warning that it is "carefully examining" plans for a missile strike on the US Pacific territory of Guam. Japan's Nikkei was down 1.52 per cent, Hang Seng fell 0.74 per cent while Shanghai Composite shed 0.21 per cent.
Here are some trading calls shared by market expert Lovelesh Sharma:
Buy Rajesh Exports for a target of Rs 800 with stop loss at Rs 716
Disclaimer: Investors are advised to make their own assessment before acting on the information.