- Title: Indian shares reverse gains as metals drag; Cadila jumps
- Date: 23rd August 2021
- Summary: MUMBAI, MAHARASHTRA, INDIA (AUGUST 23, 2021) (ANI - NO USE INDIA) VARIOUS OF BOMBAY STOCK EXCHANGE (BSE) BUILDING VARIOUS OF TICKER SHOWING LIVE PRICES OF STOCKS PEOPLE WALKING OUTSIDE BSE (SOUNDBITE) (Hindi) STOCK MARKET ANALYST, SUNIL SHAH, SAYING: "When the market corrects by some percentage, we see new buying emerging. So basically yes, the market is in a bull grip. There could be, you know, capital flight from particularly Sector A to Sector B and Sector B to Sector C but overall, the market undercurrent is bullish and things are going great for the investors." VARIOUS OF BSE BUILDING
- Embargoed: 6th September 2021 11:22
- Keywords: Bombay Stock Exchange India NSE Nifty Sensex Sunil Shah markets stocks
- Location: MUMBAI, MAHARASHTRA, INDIA
- City: MUMBAI, MAHARASHTRA, INDIA
- Country: India
- Topics: Asia / Pacific,Economic Events
- Reuters ID: LVA001ERI1UTR
- Aspect Ratio: 16:9
- Story Text:Indian shares reversed course to trade lower on Monday (August 23) as metal stocks tumbled, while drugmaker Cadila Healthcare jumped nearly 8% after its COVID-19 vaccine was approved by the country for emergency use.
By 0520 GMT, the blue-chip NSE Nifty 50 index was down 0.32% at 16,398.30, after rising as much as 0.86%. The benchmark S&P BSE Sensex fell 0.01% to 55,321.86, having gained as much as 0.82%.
The Nifty Metal index - which had scaled peaks last week - dropped 2.7% to be the worst-performing sub-index as losses in Tata Steel, Jindal Steel, and Power, and Steel Authority of India weighed.
The Nifty IT index held on to gains and was up 1.6%, led by shares of Mphasis, MindTree, and HCL Technologies.
As a sector, IT (information technology) has been outperforming the market, AK Prabhakar, head of research at IDBI Capital, said, adding that the COVID-19 pandemic-led shift of focus to working from home had boosted order books of IT firms.
Pharma stocks, after rising as much as 1.46% due to a boost from Cadila, were flat. India's drug regulator on Friday granted emergency use approval for the company's DNA COVID-19 vaccine - the world's first such shot against the novel coronavirus - in adults and children above 12 years.
Aurobindo Pharma jumped as much as 6.6% after scrapping a deal to acquire a 51% stake in Cronus Pharma Specialities.
Meanwhile, the Indian central bank's minutes from its latest monetary policy committee meeting - released on Friday - showed that the COVID-19-hit economy still required support and that it was watchful of inflationary pressures.
Among broader markets, Asian shares bounced as a wave of bargain hunting swept beaten-down markets and China reported no new locally acquired COVID-19 cases for the first time since July. - Copyright Holder: ANI (India)
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