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Market trades higher on geopolitical developments; Sun Pharma tanks 9%

Market trades higher on geopolitical developments; Sun Pharma tanks 9%

Market trades higher on geopolitical developments; Sun Pharma tanks 9%
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By Ajay Vaishnav  Dec 3, 2018 10:10:57 AM IST (Published)

The Indian market started on a positive note on Monday yet under-performed when compared to its Asian peers. The gains in Asian bourses came as investors celebrated the thaw in US-China trade tariff war after both countries agreed to freeze new tariffs for next three months following a meeting between President Donald Trump and his Chinese counterpart Xi Jinping at the G-20 Summit.

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Domestically, investor sentiment remained cautious after weak macro numbers and ahead of the crucial OPEC and Reserve Bank of India meetings this week.
The Sensex surged 222 points to 36,416.70 in the initial trade, while the Nifty also moved higher by more than 55 points to 10,932.
The Nifty MidCap gained 0.59 percent, while the Nifty Bank was up by 0.43 percent. Among sectoral gainers on the NSE, Nifty Pharma dipped nearly 2.5 percent, while Nifty PSU Bank shares were also under pressure. Nifty Metal moved higher by 2.5 percent, while FMCG also rose nearly a percent.
Among top gainers, Hindalco surged more than 4 percent and Vedanta gained nearly 4 percent up. Tata Stel, JSW Steel and Yes Bank shares rose by up to 3.39 percent.
Among losers, Sun Pharma plunged the most with nearly 9 percent fall. Markets regulator Securities and Exchange Board of India has initiated a probe on the country’s largest drug maker following a whistle-blower complaint on alleged irregularities in corporate governance.
Eicher Motors dipped more than 2.6 percent, while downstream public sector companies HPCL, IOC and BPCL dipped by up to 2.63 percent as global crude oil prices recovered.
Shares of aviation companies traded almost flat despite an 11 percent reduction in aviation turbine fuel prices.
The Indian rupee opened weak at 69.87 against the US dollar on Monday. The rupee had closed at 69.59 against the greenback on Friday.
Asian markets were trading higher with Hong Kong's Hang Seng up by 2.7 percent. Japan's Nikkei was up 1.53 percent.
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