Equity benchmark indices recovered morning losses in the late morning trade, as selling pressure was seen in pharma, metal, media, FMCG and IT stocks. The Nifty50 slipped below 11,000-mark in the early morning trade and struggled to regain the crucial level.
The Sensex is trading down by 26 points at 37,285.26 and the Nifty50 also fell 11 points at 11,018.
Aurobindo Pharma, Glenmark Pharma, Lupin, Sun Pharma, Dr Reddy's Labs and Divis Labs were among top losers on the Pharma index. The index is trading lower at 1% at 7,664.45 levels.
The Nifty Metal fell in today’s trade led by Hindalco Industries, JSW Steel, Jindal Steel and Power, Hindustan Copper, NMDC, SAIL, Tata Steel and Vedanta.
Shares of Tata Consultancy Services and Infosys fell 1% each, dragging the Nifty IT services index down by 1%.
Shares of IDBI Bank, Glenmark Pharma, V Mart Retail, Cyient, GSFC, Hindustan Zinc, Britania Industries, Tata Power and BHEL hit a 52-week low on the BSE.
On the macro front, India’s merchandise exports increased by 2.2% to $26.33 billion in July 2019 over a year ago. Meanwhile, merchandise imports dipped 10.4% to $39.76 billion. The trade deficit narrowed 27.9% to $13.43 billion in July 2019 from $18.01 billion in July 2018.
Shares of Tata Motors slipped 1% after CRISIL downgraded company’s rating to CRISIL AA-/ on the backdrop of weakening of the business risk profile of JLR.
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