Markets end lower as banking stocks drag; Nifty settles below 15,800; Sun Pharma surges 10% post Q1 earnings

On the sectoral front, baring financials, most key sectoral indices traded in the green today, while strong buying continued to remain visible in midcap and small cap stocks.

Jul 30, 2021 03:07 IST India Infoline News Service

Bombay Stock Exchange Building
Domestic equity markets trimmed early gains and ended on a flat note with negative bias.

The market traded in a range-bound today, while sharp recovery in auto, pharma and realty stocks supported benchmark indices. Further, better than expected performance reported by Tech Mahindra and Sun Pharma helped stocks to see a sharp up-move. However, financials remained soft today.

India VIX was down 1.16%.

On the sectoral front, baring financials, most key sectoral indices traded in the green today, while strong buying continued to remain visible in midcap and small cap stocks.

For the week benchmark Nifty contracted marginally by 0.5%, while investors wealth grew modestly by Rs500bn during the week.

Sun Pharma, Tech Mahindra, Cipla and Shree Cement were among top Nifty gainers, while Bajaj twins, Hindalco, SBI Life, Bajaj Finance and SBI were laggards.

Asian markets ended in red today led by mounting regulatory concerns about Chinese tech stocks.

The BSE Sensex ended 66 points, or 0.13% lower at 52,587 levels, while Nifty50 settled at 15,763 levels, down 15 points.

Shares of Sun Pharma hit a high after strong numbers in Q1FY22. The pharma company reported better-than-expected consolidated sales from operations at Rs9,669cr, a growth of 29% over Q1 last year and 14% over Q4 last year. The strong revenue growth was mainly due to 39% yoy jump in domestic formulations to Rs3,308cr and 35% yoy rise in the US formations to Rs2,800cr. 

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