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    Market opens in the red, IndiGo shares tank 10%, pharma stocks up

    Market opens in the red, IndiGo shares tank 10%, pharma stocks up

    Market opens in the red, IndiGo shares tank 10%, pharma stocks up
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    By Ajay Vaishnav   IST (Updated)


    The Sensex was trading lower by 84 points at 37,410.47, while the Nifty was trading below 11,300 mark at 11,295.25, down by 24.30 points at 10.10 am.

    The market opened lower tracking weak global cues on Tuesday and ahead of the Reserve Bank of India’s decision on the monetary policy and key interest rates on Wednesday.
    Investor sentiments were also guided by the movement of rupee, oil prices and a slew of corporate earnings.
    The Sensex ​traded lower by 20.48 points to 37,473.90, while the Nifty 50 was down by 16.20 points to 11,303.30. Nifty Bank shed more than 67 points, lower by 0.24 percent to 27,775. Nifty MidCap was trading flat, marginally higher at 18,814.50.
    Index gainers included Axis Bank, Tech Mahindra, Dr Reddy's Labs, ONGC, Power Grid, while the laggards were led by BPCL, ICICI Bank, Vedanta, HPCL, HDFC.
    Among sectoral indices, Nifty PSU Bank was down by 0.08 percent, while others trading in the red were metal, fin service, FMCG. Nifty Pharma was higher by 0.43 percent, while Nifty Realty rose by 1.49 percent.
    BSE MidCap and SmallCap were largely flat, trading higher by 0.30 percent and 0.20 percent respectively. Among BSE sectoral indices, realty was up by 1.49 percent, consumer durables 0.74 percent higher, power was up by 0.69 percent and utilities rose by 0.83 percent.
    Among specific stocks, shares of InterGlobe Aviation, the parent company of IndiGo, tanked over 10 percent in early trade on Tuesday after the aviation company’s first quarter results disappointed the streets with brokerage firms revising their calls on the stock.
    Shares of Shree Cement recovered 7 percent from Monday's lows after CNBC-TV18 clarified to the street that the other expenses included a large forex loss.
    Oil marketing companies' stocks were down after Brent crude oil prices strengthened, while pharma stocks led by Dr Reddy's and Lupin rallied higher.
    Asian markets slipped into the red tracking rout in technology stocks on Wall Street. Japan’s Nikkei surged over 0.3 percent after the Bank of Japan kept interest rates unchanged, while Hong Kong's Hang Seng was down by over half a percent.
    US markets slided yesterday after rout seen in technology stocks.
    Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
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