The broader markets are also caught in the bear grip with the CNX Midcap tumbling more than 2 percent. Stocks like IRB Infra and JSPL saw cuts of around 6-7 percent. Advance-decline ratio is extremely weak at 1:10 in favour of the declines.
Banking stocks led the losses with Bank Nifty sliding almost 3 percent today. Heavyweights like ICICI Bank, PNB, Axis Bank fell between 3-4 percent. Cipla bucked the trend in an otherwise weak market, seeing marginal gains on acquisition of US based companies InvaGen Pharma & Exelan Pharma for USD 550 million. Management told CNBC-TV18 that the acquisition will be EPS accretive from day 1. Lupin gained 0.7 percent after it launched Duloxetine 40 mg delayed-release capsules in US. Duloxetine is used to treat depressive disorder.
The market remained under immense selling pressure. The 30-share BSE Sensex dropped 468.62 points or 1.82 percent to 25296.16 and the 50-share NSE Nifty shed 147 points or 1.88 percent to 7676, dragged by banks, metals & oil and gas stocks. Asian markets, too, declined ahead of US jobs data due later today. The broader markets are also caught in the bear grip with the CNX Midcap tumbling more than 2 percent. Stocks like IRB Infra and JSPL saw cuts of around 6-7 percent. Advance-decline ratio is extremely weak at 1:10 in favour of the declines.
For More Detail Visit -- http://www.allianceresearch.in/
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Banking stocks led the losses with Bank Nifty sliding almost 3 percent today. Heavyweights like ICICI Bank, PNB, Axis Bank fell between 3-4 percent. Cipla bucked the trend in an otherwise weak market, seeing marginal gains on acquisition of US based companies InvaGen Pharma & Exelan Pharma for USD 550 million. Management told CNBC-TV18 that the acquisition will be EPS accretive from day 1. Lupin gained 0.7 percent after it launched Duloxetine 40 mg delayed-release capsules in US. Duloxetine is used to treat depressive disorder.
For More Detail Visit -- http://www.allianceresearch.in/
Or Call On - 9993716323, 0761-4025251
Stock markets world over have far outgrown real economies of the world which is still in murky waters due to free american money printing finding its way to stocks! This coupled with bankruptcy of upa Congress mma regime and blocking of key reforms and parliament by Congress scamgress lootgress khangress is the reason for the downfall of Indian Stocks! If it was not for PM Modi and his bold reforms and visits, we would be seeing 2008 levels! TIME TO STOP CONGRESS GOONSHIP ON RAJYASABHA BY DEFEATING IT IN STATE ELECTIONS
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