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Sensex, Nifty Off Day's Highs; Auto, Pharma Shares Underperform

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Auto, pharma, PSU banking and FMCG shares were facing selling pressure.The S-P BSE Sensex and NSE Nifty 50 indexes came off intraday highs in afternoon trading on the back of weakness in auto, FMCG, pharma and state-run banking stocks.

The benchmarks staged a gap up opening wherein the Sensex rose over 500 points and Nifty 50 index moved above its important psychological level of 15,300 mirroring gains in other Asian markets.

However, profit booking at higher levels led to benchmarks giving up most of the day's gains.As of 12:55 pm, the Sensex was up 137 points at 51,416 and Nifty 50 index advanced 28 points to 15,203."The Nifty's nearest support would be around 15,100-15,130 while 15,410-15,440 can act as a resistance in the short period of time," Gaurav Garg, head of research at CapitalVia Global Research told TheIndianSubcontinent.All the major sector gauges came off intraday highs with seven of 11 indexes compiled by the National Stock Exchange trading higher.

Nifty Financial Services index with a gain of nearly half a per cent was top gainer.

Nifty Bank, Metal, IT, Private Bank and Realty sector gauges were trading with a gain of close to 0.5 per cent.On the other hand, auto, pharma, PSU banking and FMCG shares were facing selling pressure.Mid- and small-cap shares were trading on a mixed note with Nifty Midcap 100 index rising 0.6 per cent while Nifty Smallcap 100 index was trading flat.Bharat Petroleum was top Nifty gainer, the stock rose 3 per cent to Rs 459.

Indian Oil, Power Grid, Titan, Larsen - Toubro, JSW Steel, Bajaj Finserv, HDFC Bank, HDFC, Bajaj Finance, Bharti Airtel and Infosys also rose between 1-3 per cent.On the other hand, SBI Life, Maruti Suzuki, Hero MotoCorp, HDFC Life, Bajaj Auto, Hindlco, Eicher Motors, Dr Reddy's Labs, Sun Pharma, Kotak Mahindra Bank, Reliance Industries and Adani Ports were among the losers.The overall market breadth was marginally positive as 1,614 shares were trading higher while 1,236 were declining on the BSE.




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