Sensex, Nifty Off Day's High As Pharma, Capital Goods Shares Fall
The S&P BSE Sensex and Nifty came off intraday highs as pharma, capital goods, telecom and industrials sector shares came under selling pressure. In the morning deals, Sensex rose as much as 90 points from its previous close and the NSE Nifty 50 Index advanced to intraday high of 11,185. However, the benchmarks turned flat as investors remain wary of outcome of general elections due on May 23 and ongoing trade concerns between US and China, analysts said.
As of 11:39 am, the Sensex traded 0.01 per cent or 5 points lower at 37,110 and the NSE Nifty 50 Index rose 0.09 per cent or 10 points to 11,167.
Twelve of 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Realty Index's 1.5 per cent gain. Information Technology, Energy, Utilities, Power and Consumer Durable sector shares were also witnessing buying interest as the respective sector gauges rose between 0.5 and 0.8 per cent each.
On the other hand, S&P BSE Healthcare Index was top loser, down 1 per cent. Telecom and Capital Goods shares were also witnessing selling pressure.
Mid- and small-cap shares were witnessing a mild selling pressure as the S&P BSE MidCap Index fell 0.14 per cent and the S&P BSE SmallCap Index declined 0.04 per cent.
Among the individual shares, Tata Chemicals rose as much as 8.36 per cent to Rs 604 and Tata Global Beverages climbed as much as 10.61 per cent after Tata Group on Wednesday announced transfer of the branded food business from Tata Chemicals to Tata Global Beverages to create an over Rs. 9,000-crore FMCG giant.
In the Nifty 50 basket of shares, Zee Entertainment was top gainer, up 4.2 per cent at Rs 336. Tata Motors, Adani Ports, JSW Steel, Power Grid, Titan, Infosys, UltraTech Cement and Bajaj Finance were also among the gainers.
On the flipside, Sun Pharma was top Nifty loser, down 2.54 per cent at Rs 399.35. Indiabulls Housing Finance, Yes Bank, Bharti Airtel, Coal India, Mahindra & Mahindra and Larsen & Toubro were also among the losers.