Nifty Trades Below 16,250, Dragged By Pharma Stocks

Indian benchmark indices managed to cut down initial losses by afternoon, however they were still trading lower as Nifty remained below 16,250 mark.

Indian benchmark indices managed to cut down some initial losses by afternoon, however they were still trading lower as the Nifty remained below the 16,250 mark. The Sensex was down by 191 points at 54,363. Analysts noted that the Indian benchmark continues to trade within a small range, the overall sentiments are positive as Government has indicated that the impact of the second wave of the Coronavirus pandemic did not have much impact on businesses. More than 150 stocks, including Bharti Airtel, HCL Technologies and Infosys touched their respective 52-week high prices on the Bombay Stock Exchange (BSE) in intraday trade on Wednesday. Today is also the last day to subscribe to CarTrade Tech and Nuvoco Vistas Corporation IPOs, while initial offers of Chemplast Sanmar and Aptus Value Housing Finance India have entered the second day of their sale. BSE metal index also went up by more than two per cent, while the oil and gas index traded with nominal gains. The remaining sectoral indices faced losses as realty, consumer durables and healthcare shares fell.