Pharma shares on a downhill
Lupin slumped as much as 7.11 per cent in early trade.
At about 11.20 am, the stock was down 5 per cent or Rs 93.50 at Rs 1,775 and was set for its worst day since October.
TV reports suggested US FDA gave 8-9 observations on the drug major's Goa plant after inspection that ended on March 11.
The stock is the worst performer and biggest drag on the benchmark index and the broader Nifty 50 index.
The stock moved into negative territory for the year, but its YTD losses of about 3.5 per cent is still less than the more than 5 per cent losses in the two indexes YTD.
Shares of Pfizer and Procter and Gamble today fell by up to 3 per cent amid concerns over ban on their popular drug products.
Pfizer shares went down by 2.62 per cent to Rs 1,714.65 on BSE as the company has discontinued the manufacture and sale of popular cough syrup Corex with immediate effect.
Shares of Pfizer had slumped 9 per cent in the previous session also.
P&G’s stock fell by 2.09 per cent to Rs 6,000 following the company discontinuing manufacture and sale of its popular brand ‘Vicks Action 500 Extra’ with immediate effect after the government banned fixed dose combination drugs.
Oil retailers rise as Credit Suisse maintains 'outperform'
Shares of oil retailers rose 1-2 per cent after Credit Suisse maintained its "outperform" rating on fuel retailers.
BPCL was up 2.07 per cent or Rs 16.65 at Rs 819.50 while Indian Oil Corporation was 2.12 per cent higher at Rs 393.
Refining margins will remain strong for oil retailers as demand-supply tightens, according to a Credit Suisse note.
The brokerage expects aggregate fiscal 2018 operating profit to be twice of fiscal 2015.
It said BPCL was the top pick in the sector with a price target of Rs 1,130.
It cut price target of HPCL to Rs 980 from Rs 1,080.
IDBI Bank moves up
State-run lender IDBI Bank rose as much 2.2 per cent, bucking a 0.5 per cent fall in the benchmark BSE index.
At 11.15 am, the stock was up 1.40 per cent at Rs 65.25.
A media report said law enforcement agency has not found evidence of IDBI bankers being involved in any possible violation of the Money Laundering Act.
India is probing alleged money laundering by defunct Kingfisher Airlines founder Vijay Mallya in connivance with some IDBI Bank executives.
ICICI Bank gains as offshore bond sale raises $700 million
ICICI Bank gained as much as 1.4 per cent in an otherwise weak Mumbai market.
The stock was quoting 0.45 per cent higher at Rs 222.70 at about 11.15 am.
The bank has raised $700 mln via offshore 10-year bonds sale through its Dubai branch.
Global debt markets are slowly making room for bond issuances from India after a sluggish start to the year, even though uncertainty over Fed interest rates remain
Last month, NTPC Ltd raised $500 million from the offshore markets
Still ICICI is down 14.4 per cent YTD and NTPS is off 13 per cent vs. a 5.3 per cent drop in the Sensex.
GSFC rallies
Shares of GSFC rallied on plans to finance Canadian mine project. At 11.10 am, the stock was up 2.87 per cent at Rs 66.35.