This Article is From Jan 09, 2017

Sensex Struggles For Gains, IT Under Pressure; Aurobindo Pharma Up 2.5%

Sensex Struggles For Gains, IT Under Pressure; Aurobindo Pharma Up 2.5%

Aurobindo Pharma rose over 3 per cent.

BSE Sensex and Nifty50 indices were under pressure today amid selling pressure in IT stocks. Both the Sensex and Nifty were trading with minor losses. 

Selling pressure continued in IT stocks for the second straight day with Tech Mahindra, TCS, Wipro and HCL Tech down between 0.5 per cent and 1 per cent. 

IT stocks have been under pressure after a bill backing key changes in the H-1B programme was reintroduced in the US. The bill which allows skilled workers from countries like India to fill high tech jobs in the US, has been reintroduced in the US Congress by two lawmakers who claim that that it will help crack down on the work visa abuse.

The bill, among other things, proposes to increase the minimum salary of H-1B visa holders to $100,000 per annum (from around $60,000 currently) and eliminate the Master's Degree exemption.  

Meanwhile, analysts say that if the bill is passed in the US, the operating margins of Indian outsourcers will he hurt. 

Among the Nifty50 stocks, Aurobindo Pharma was up over 3 per cent. 

Aurobindo Pharma on Saturday said it has inked a pact to acquire Portugal's Generis Farmaceutica SA from Magnum Capital Partners for a consideration of 135 million euros (around Rs 969 crore).

The company has inked a binding agreement through its wholly-owned subsidiary Agile Pharma BV Netherlands to acquire Generis Farmaceutica for a total consideration of 135 million euros, Aurobindo Pharma said in a statement.