Markets turn negative in afternoon trade; Lupin falls over 4%

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Swinging between gains and losses, benchmark indices remained range-bound in afternoon trade, with the Nifty slipping below the 9,600-level due to lack of global as well as domestic cues. Gains were capped by a sharp correction in pharma stocks while ITC, Tata Motors continued to support the market.

 

Asian stocks also continued to be steady on Friday after US stocks fell for the fourth time in five days as selling in technology shares resumed. Japan's Nikkei advanced 0.7% while MSCI's broadest index of Asia-Pacific shares outside Japan slipped about 0.1%.

 

At 2:34 pm, the S&P BSE Sensex was trading at 31,041, down 34 points, while the broader Nifty50 was ruling at 9,570, down 8 points.

 

In the broader market, the S&P BSE Smallcap index pared gaines after hitting record high to trade flat, while the S&P BSE Midcap index was up 0.05%.

 

Pharma was the top losing index down 1.4% dragged by Lupin which tanked over 4% during the day. Divi’s Lab, Cadila Healthcare, Sun Pharma and Cipla added to the losses.

 

Infosys fell nearly 1% after Sandeep Dadlani, the head of Americas and global head of manufacturing and retail resigned from the company, in a setback for chief executive Vishal Sikka.

 

Reliance Industries pared losses to trade in positive on BSE after the company announced that BP, world's leading integrated oil and gas companies and the company will progress and expand partnership.

 

Ipca Laboratories tanked 15% to Rs 437 on BSE in intra-day trade after the company said the US Food and Drugs Administration (USFDA) has refused admission to all drugs made at the company's Pithampur and Silvassa facility. The stock is currently trading near to its 52-week low of Rs 435 touched on June 24, 2016.