There’s all-round selling among all sectors, with banks, pharmaceuticals, automobiles and FMCG dragging the most. In the broader markets, midcaps, too, are trading weak, down one-third of a percent
Buzzing stock: Shares of Sun Pharmaceuticals fell over 5 percent on Friday morning on buzz of observations being issued by the US drug regulator for its Halol plant.
The stock touched an intraday high of Rs 658.00 and an intraday low of Rs 640.95.
According to reports on CNBC-TV18, the US Food and Drug Administration (FDA) issued six observations for its Halol unit in Gujarat.
The observations include aspects such as lack of appropriate test measures for lab controls along with some procedural issues too.
Further, the report quoted observations such as procedures designed to prevent objectionable microorganisms were not followed. It also said that written stability programme did not include sample size based on statistical data.
Cleaning and maintenance of equipment did not see any written procedures being followed as well.
Market opens: It’s a negative start on the market on this Friday morning as tepid global cues weighed on indices.
There’s all-round selling among all sectors, with banks, pharmaceuticals, automobiles and FMCG dragging the most. In the broader markets, midcaps, too, are trading weak, down one-third of a percent.
Among stocks, Bajaj Auto, Hero MotoCorp, and GAIL are the top gainers, while Sun Pharma and ICICI Bank have lost the most. Sun Pharma and Cadila are under pressure due to regulatory pressures and are trading 3-5 percent lower.
The Sensex is down 160.22 points or 0.42% at 38082.59, and the Nifty down 48.50 points or 0.42% at 11488.40. The market breadth is negative as 478 shares advanced, against a decline of 527 shares, while 55 shares were unchanged
Rupee Opens: The Indian rupee opened marginally higher at 71.95 per dollar on Friday versus 71.99 Thursday.
Yesterday the Indian currency settled at 71.99 per US dollar, down 24 paise from the previous close of 71.75, after hitting a fresh record low of 72.10 intraday Thursday.
Rupee depreciated by about 13 percent so far this year, 5 percent in last one month and 3 percent in last seven straight sessions. It has fallen from 70 to 72 a dollar in 21 sessions.
Market at pre-open: In the pre-opening trade on Friday the equity benchmark indices are trading higher, with Nifty trading above 11,550.
At 09:03 hrs IST, the Sensex is up 138.69 points or 0.36% at 38,381.50, while Nifty is up 50.90 points or 0.44% at 11,587.80.
Aurobindo Pharma, L&T Tech, Wipro, Infosys, Bajaj Auto, Ultratech Cement are trading higher, while Sun Pharma slipped in the pre-opening trade.
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