Sensex Down Nearly 50 Points, Metal Stocks Under Pressure

11.40 a.m.: Selling in metal, pharma and FMCG shares dragged markets lower. The Sensex was down 42 points at 26,477.53, while the Nifty traded 17.3 points lower at 8,136.30. The metal sub-index of NSE was down 1.3 per cent led by selling in Hindalco, Vedanta and GMDC, which were down between 1.3-3.2 per cent. 

11.35 a.m.: Claris Life Sciences shares surged as much as 20 per cent on Friday after it entered into a definitive agreement with US-based Baxter International Inc. to sell its wholly-owned subsidiary, Claris Injectables, for $625 million or Rs 4,237 crore, nearly 7 times its FY2016 revenue. (Read full story here) 

10.30 a.m.: Sumeet Bagadia of Choice Broking, suggests buying TCS for a target of Rs 2,320-2,350 with stop loss at Rs 2,210. (See more such trading calls) 

10.20 a.m.: Markets continued to trade on a flat note. The Sensex was down 9 points at 26,510 and the Nifty traded 11 points lower at 8,143 as gains in auto and IT stocks were offset by selling in metal and pharma shares.

The pharma and metal sub-indices of NSE were down 0.91 and 0.8 per cent respectively.

9.20 a.m.: Indian markets turned flat after opening marginally higher. The Sensex was up 13 points, at 26,532 after rising nearly 75 points after opening, while the NSE benchmark Nifty was up 2 points at 8,155. 

Among the 51 Nifty stocks, 27 shares traded higher, while 24 stocks were in red. Tata Motors was the top gainer in Nifty up 1.93 per cent at Rs 472 followed by Tata Motors DVR, Bharti Infratel, Bosch and Zee, which were up between 1-1.5 per cent each. 

Meanwhile, Aurobindo Pharma was the top loser in Nifty, down 3.4 per cent followed by Sun Pharma, HCL Tech, M&M, UltraTech Cement and Bharti Airtel.

Among sectoral indices, IT and auto stocks outperformed the broader indices. The Nifty IT and Nifty Auto sub-index of NSE were up 0.4 per cent each.