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| Edited By: Sachin P Mampatta |Source: DNA |Updated: Mar 16, 2018, 05:55 AM IST
On the Bombay Stock Exchange, the Sensex was down 88.43 points to close with a similar fall. It closed at 16693.
The rise in the pharma sector has been attributed its fundamentals. "The rise is driven by valuations and with issues like the swine flu continuously in the news, pharma stocks were bound to attract interest," said one market expert.
The healthcare index was up 5.33%. Metal lost 2.23% and IT went down 1.72% to become the top losers of the day.
The Nifty was down 27.60 points to close at 4958.95. It has fallen 0.55%.
Sun Pharma was the top gainer of the day, it went up by 6.66% to close at Rs1310.00. Ranbaxy and Cipla were the other gainers of the day from the pharma space, going up by 3.85% and 2.82% respectively. Ranbaxy closed at Rs408.70 while Cipla closed at Rs266.00. Cairn and BPCL also went up over a percent during the day.
There were 18 advances and 31 declines among the Nifty pack with one stock remaining unchanged.
If Pharma was popular, then IT seemed to have been on the sell list of many investors. HCL Tech led the pack in losses, going down 3.66% during the day to close at Rs334.20. Wipro was down 2.88% to close at Rs564.05. TCS was the other tech company to close with losses, this time of 2.73%, It ended the day at Rs586.10. ICICI Bank and Tata Power also ended the day with losses in excess of 2.5%.
Analysts expect the market to remain choppy but see a limited downside. "Some amount of correction might happen but that is only healthy," said an analyst.
