Equity indices close flat, pharma stocks hit but PSU banks gain
Aug 12, 2020
Mumbai (Maharashtra) [India], Aug 12 : Equity benchmark indices erased early losses but lay flat in the negative terrain at close on Wednesday with pharma stocks remaining under pressure.
The BSE S&P Sensex wound up 37 points or 0.1 per cent lower at 38,370 while the Nifty 50 lost by 14 points or 0.12 per cent at 11,308.
Sectoral indices at the National Stock Exchange were mixed with Nifty pharma slipping by 1.6 per cent, metal by 0.6 per cent and private bank by 0.5 per cent. But Nifty PSU bank gained by 2.6 per cent and auto by 2 per cent.
Among stocks, Cipla fell by 2 per cent to Rs 762 per share while Sun Pharma was also down by 2 per cent and Dr Reddy's by 1.5 per cent.
Kotak Mahindra Bank slipped by 2 per cent, Britannia by 1.6 per cent, Wipro by 1.3 per cent and Bajaj Finserv by 1.2 per cent.
However, State Bank of India gained by 4.3 per cent to Rs 203.50 per share and Punjab National Bank by 3.2 per cent to Rs 33.90.
Auto stocks too showed some improvement with Eicher Motors gaining by 2.7 per cent, Tata Motors by 2.2 per cent, Hero MotoCorp by 2.1 per cent and Maruti Suzuki by 1.2 per cent.
Meanwhile, Asian stocks gained marginally amid growing uncertainty over whether the US lawmakers will agree on an additional round of fiscal stimulus to support the economy still struggling with the novel coronavirus.
Japan's Nikkei advanced by 0.41 per cent, Hong Kong's Hang Seng by 1.42 per cent and South Korea's Kospi by 0.57 per cent.
