This Article is From May 10, 2018

Sensex, Nifty Edge Lower; Aurobindo Pharma, Dr Reddy's Lab, Cipla Among Top Losers

The broader markets were weak today with BSE midcap and smallcap indices falling nearly 1.5 per cent. Healthcare, metal and capital goods led the losers.

Sensex, Nifty Edge Lower; Aurobindo Pharma, Dr Reddy's Lab, Cipla Among Top Losers

Pharma, capital goods stocks were among top losers.

Sensex and Nifty edged lower today amid caution ahead of Karnataka elections, snapping a three-day winning streak. Votes will be cast on Saturday with counting being held on May 15, and results will be declared later that day. The market could get a little volatile in the next couple of sessions, says Aditya Agarwal, head-technical research, Way2Wealth. The Sensex fell 73 points to close at 35,246 while Nifty settled at 10,716, down 25 points. ONGC shares rose 2.5 per cent as Brent crude extended gains to hit 3-1/2 year-highs after the US pulled out of a nuclear deal with Iran.

The broader markets were weak today with BSE midcap and smallcap indices falling nearly 1.5 per cent. Healthcare, metal and capital goods led the losers.

Among pharma stocks, Aurobindo Pharma fell 2.5 per cent while Dr Reddy's Lab declined 3.5 per cent. Other major Nifty50 decliners included Tata Motors, Cipla and Indiabulls Housing Finance.

Among the decliners, Federal Bank shares slumped over 10 per cent after March-quarter net profit fell 43 per cent.

Eicher Motors Ltd rose 1 per cent after announcing upbeat March-quarter results on Wednesday.Oil marketing companies HPCL, BPCL and Indian Oil eked out gains despite rising global crude prices. 
 

Asian markets mostly closed higher today while European equities were mixed today. In currency markets, rupee pulled back after falling to 67.43 against the US dollar. In recent trade, rupee was at 67.27 against the US dollar, compared to previous close of 67.26.

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