Indian stock markets close lower, reversing Friday’s gains
Mumbai, Sept 7: Ending Friday’s rebound, Indian equity benchmarks closed lower today, with broad-based selling witnessed through the trading hours, except in healthcare sector.
The benchmarks opened lower amid mixed global cues and extended losses through the session, pushing the Nifty below 23,750 and the Sensex below the 76,000 mark.
At close, the Sensex fell 382.62 points, or 0.50 per cent, to 76,132.81, while the Nifty declined 118.55 points, or 0.50 per cent, to 23,779.15.
The broader market also remained under pressure. The Nifty Midcap index declined 0.5 per cent, while the Smallcap index ended largely unchanged.
The Nifty Pharma index was the sole sectoral gainer, rising 0.75 per cent. All other sectoral indices ended in the red, with IT, Media, Metal, PSU Bank and Realty indices falling between 1 per cent and 2.8 per cent.
Infosys, SBI Life Insurance, Tech Mahindra, Jio Financial Services and HDFC Life were among the biggest Nifty laggards. Apollo Hospitals, Bharti Airtel, Larsen & Toubro, Coal India and Max Healthcare were the leading gainers.
Zee Entertainment Enterprises declined 6 per cent after the Central Bureau of Investigation registered a Rs 1,322-crore loan fraud case against Subhash Chandra. Molbio Diagnostics fell 2.5 per cent despite reporting a consolidated profit.
Morepen Laboratories gained 4 per cent after completing the first phase of its manufacturing capacity expansion programme ahead of schedule. Urban Enviro Waste Management jumped 8 per cent after securing a Rs 219-crore order.
Brightcom Group advanced 7 per cent following its inclusion in the FTSE Global Equity Index Series (FTSE GEIS) Micro Cap Index. Avalon Technologies rose 6 per cent after Nomura retained its ‘Buy’ rating and raised its target price to Rs 2,767.
Indoco Remedies fell 4.6 per cent after the US Food and Drug Administration (US FDA) issued seven observations for its sterile manufacturing facility in Goa.
Vodafone Idea gained nearly 4 per cent following reports that the Supreme Court dismissed the Centre’s plea seeking to recover a Rs 363-crore GST demand from the telecom operator. (BVI)
