Nifty below 12,100-mark; Aurobindo, Sun Pharma stocks surge

Equity benchmark indices snapped four day’s gaining streak, the Nifty fell 174 points and dropped below 12,100-mark, down 49 points. Selling pressure was seen in Eicher, IndusInd Bank, Tata Motors and Power Grid, which were down by 2-3% on the Nifty50.
The Nifty Pharma index gained 1.5% in an otherwise weak market in the noon trade. The index gained 123 points led by Aurobindo Pharma, Piramal Ent, Glenmark and Sun Pharma.

Shares of Aurobindo Pharma soared 8%, and among top gainers on the Pharma index. The company's net profit declined by 0.95% to Rs705.45cr in the quarter ended December 2019 as against Rs712.2cr during the previous quarter ended December 2018.
Shares of Sun Pharmaceutical rose 2% despite the company’s net profit dropped by 44% yoy, impacted by higher other expenses and lower forex gain with slow revenue growth. As per media reports, Morgan Stanley, CLSA and Jefferies maintained buy call on the stock.
Shares of Cipla are trading higher after media reports said that Nomura has upgraded the stock to buy from neutral.
Further, shares of Lupin Ltd dropped 3% after the company posted a consolidated loss at Rs835cr in December quarter from Rs151.75cr in the same quarter last year.
Shares of Cadila, Divis Lab, Biocon, Dr Reddy’s and Cipla gained in today’s trade.
The most active stocks on the NSE are Indiabulls, Housing, SBI, Aurobindo and Hero MotoCorp.

SHARE MARKET TIPS