Market Update: Market hovers in red in the afternoon

Market UpdateSensex and Nifty erase their morning gains as the weakness in Auto, Metals, Healthcare, FMCG and Reality sectors push the indices in the red terrain. Nifty Pharma index loses over 1 percent, with Aurobindo Pharma, Sun Pharma and Glenmark, losing around 1.5 percent. The BSE Sensex is trading at 33,192 levels, down by 25 points, while NSE Nifty is trading at 10,298 levels down by 12 points, post lunch hours.

Indices opened with modest gains, supported by positive global cues. After hitting day’s peak, key indices hovered in positive territory in morning trade. Indices were not able to sustain at higher levels as a quick reversal of trend in other Asian stocks prompted profit booking in Indian shares in mid-morning trade.

Buying activity seen in some sectors like consumer durables, Telecom and Energy, while Healthcare, Auto FMCG, Metals and Reality sectors were losing sheen on the BSE.

Out of 1,975 stocks traded on the NSE, there were 805 advances, against 837 declines, and 333 remained unchanged today. A total of 53 stocks clocked a fresh 52-week high in trade, while 18 stocks touched a new 52-week low on NSE.

Auto Stocks such as Ashok Leyland, Eicher Motors, Bharat Forge and M&M were trading down by 0.63%, 3.48%, 1.64%, 1.63% and 1.58% respectively.

Nifty Pharma Index was at day’s low, going down nearly 1%, which includes Cadila Health care down by 5%, Aurobindo pharma down by 2%, and Glenmark, Divis Lab, Lupin, Cipla were down 1 percent each.