Sensex Slips From Record Highs, Lupin Surges 4%

Pharma stocks were in limelight with Lupin surging over 4 per cent. Dr Reddy's, Cipla and Aurobindo Pharma rose 1-2 per cent.

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Sensex Slips From Record Highs, Lupin Surges 4%

Shares of drugmaker Lupin surged over 4 per cent.

The Sensex and Nifty moved lower from their record highs as market participants booked profit amid a lacklustre trend overseas. Stocks of FMCG, capital goods, banking, IT and realty remained subdued. Sensex, which had closed at a record high of 31,369.34 yesterday, was down 56.84 points, or 0.18 per cent at 31,312.50. The gauge had gained 159.55 points in the previous two sessions. The broader NSE Nifty too declined 21.55 points, or 0.22 per cent, at 9,653. The Nifty had also ended near its record closing high yesterday.

Pharma stocks were in limelight with Lupin surging over 4 per cent. Dr Reddy's, Cipla and Aurobindo Pharma rose 1-2 per cent.

US jobs data coming in below par and concerns about a tighter monetary policy gave investors some anxiety. Other Asian markets struggled to recover from the current stand-off between the US and North Korea over the latter's missile launch.

Comments
Quarterly earnings numbers are due this month. Investors are also tracking monsoon progress ahead of their next move. The laggards were HDFC Ltd, ICICI Bank, ITC, Tata Motors, Bajaj Auto and Asian Paints, falling by up to 1.10 per cent.

Hong Kong's Hang Seng was down 0.42 per cent while Japan's Nikkei shed 0.14 per cent in their early deals. Shanghai Composite too lost 0.36 per cent. The US Dow Jones Industrial Average ended 0.74 per cent lower yesterday. (With PTI inputs)
 

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