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Sensex, Nifty Drift Lower On Weak Global Cues; Pharma Stocks Shine
(RTTNews) - Indian shares opened lower on Thursday, tracking weak global markets as traders grappled with inconclusive U.S. midterm election results and a turbulent cryptocurrency market.
The benchmark S&P BSE Sensex slipped 340 points, or 0.6 percent, to 60,692 in early trade, while the broader NSE Nifty index was down 102 points, or 0.6 percent, at 18,055.
Among the top losers, Tata Motors plunged 4 percent despite narrowing its Q2 consolidated net loss.
Axis Bank lost about 3 percent on news the government would completely exit the private sector lender after selling 4.65 crore shares representing 1.55 percent stake in the bank.
Adani Ports and Special Economic Zone fell around 1 percent after it acquired a 49.38 percent stake in liquid storage facility company Indian Oiltanking Ltd. for Rs. 1,050 crore.
Apollo Hospitals Enterprise, Mahindra & Mahindra and Tech Mahindra all fell around 2 percent.
Hindustan Unilever rose half a percent after it decided to terminate a distribution agreement with GSK Consumer.
Pharma stocks such as Divis Laboratories, Dr Reddy's Laboratories and Cipla were up 1-2 percent.
Narayana Hrudayalaya surged 5.4 percent as it logged a 71 percent rise in consolidated net profit for the second quarter ended September 2022.
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