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Pharma Stocks in red
Tue, 21 Apr 01:30 pm

Indian markets are trading with a negative bias as yesterday's sell-off continued. Indian benchmarks BSE-Sensex and NSE-Nifty are trading sideways in the post noon session. Today, all the sectors are trading marginally in the green, with realty sector witnessing maximum buying interest. However, Healthcare stocks witnessed maximum selling pressure led by losses in Sun Pharma, Dr Reddy and Cipla.

The BSE-Sensex is trading down by 10 points while the NSE-Nifty is down by around 3 points. S&P BSE Midcap and S&P BSE Smallcap are trading up by 0.5% and 0.25%, respectively. The rupee is trading at Rs 62.92 to the US dollar.

According to a leading financial daily, shares of Sun Pharmaceutical Industries have tanked 9% to Rs 950 after Japanese pharmaceuticals company Daiichi Sankyo sold its stake in the company via an open market transaction. Daiichi Sankyo put 8.9% stake, approximately 215 million shares on the block. Reportedly, the promoter Dilip Sanghvi is likely to pick up part of the 9% stake on offer. Sun Pharma has fallen to lowest level since March 3 post Daiichi stake sale.

Engineering stocks are trading on a mixed note today. Crompton Greaves and Honeywell Automation are the losers, while Voltas and Kalpataru Power are the largest gainers. According to a leading financial daily, state owned power equipment maker BHEL has commissioned a 250 MW coal based thermal power plant in Gujarat. The unit has been custom-built at the Gujarat State Electricity Corporation Ltd's (GSECL) Sikka thermal power station (TPS) by Bharat Heavy Electricals Ltd (BHEL), on engineering, procurement and construction basis. Reportedly, two units of 120 MW supplied and executed by BHEL are already in operation at Sikka and another 250 MW unit is in an advanced stage of commissioning. GSECL has recently entrusted BHEL with an order for setting up an 800 MW supercritical coal based project at Wanakbori in Gujarat.

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