The market extended losses in morning trade with the Nifty breaking 7950 level, dragged by FMCG and technology stocks. However, buying in oil and select banking & financials stocks arrested the fall.
The 30-share BSE Sensex fell 79.56 points to 25900.04 and the 50-share NSE Nifty slipped 28.70 points to 7950.40. The broader markets also traded lower with the BSE Midcap and Smallcap indices falling 0.3-0.5 percent on weak breadth. About 1036 shares declined against 707 advancing shares on the BSE. Sun Pharma rebounded over a percent on short covering after falling nearly 11 percent in previous seven consecutive sessions on concerns over its Halol plant.
The company has acquired 1.3 crore series B preffered stock of US-based company scPharmaceuticals Inc for USD 13 million. Meanwhile, Bank of America Merrill Lynch says the complete resolution of Halol might now be delayed by another 6-9 months.
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