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Sensex, Nifty off to a negative start; Lupin, Dr Reddy’s top gainers

NEW DELHI: Benchmark indices kicked off on a negative note on Friday tracking weak cues from global markets that slipped after soft labour data in the US, and flare up in geopolitical tensions – thanks to North Korea – triggered a 1 per cent selloff in US stocks overnight.

At 9.30 am, the BSE Sensex was trading 27 points, or 0.09 per cent, lower at 31,341.74. The Nifty 50 was trading 16.40 points, or 0.17 per cent, lower at 9,658.15. Midcap and smallcap indices inched down up to 0.1 7 per cent, lower at 9,658.15. Midcap and smallcap indices inched down up to 0.10 per cent.

“We are meticulously observing the placement of ‘Parabolic SAR’ indicator which turned into a ‘Sell’ mode last week. The Nifty is now placed tad below the higher end of this indicator and going ahead, we still believe that it would be a daunting task to overcome it in the near term. Hence, we would continue to advise staying light in the market (at least index specific longs should be avoided ) and should focus on individual stocks,” Angel Broking said in a note.

“On the flipside, 9,640-9,600 are seen as immediate support levels; but, with a near term view, these levels may get breached soon,” the brokerage said.

ICICI BankBSE -0.85 % declined 0.77 per cent to Rs 291.30. It was followed by HDFC, ITCBSE -0.88 % and Tata MotorsBSE -0.81 %, which fell 0.75 per cent, 0.52 per cent and 0.47 per cent, respectively.

LupinBSE 3.41 % advanced 2.57 per cent to Rs 1,109.05. Dr Reddy’s Labs rose 1.71 per cent to Rs 2,713.55. Bharti AirtelBSE 1.02 %, CiplaBSE 1.17 % and Sun PharmaBSE 1.12 % gained 1.17 per cent, 1.69 per cent and 0.84 per cent, respectively.

Meanwhile, inventory destocking before the implementation of the goods and services tax (GST), , continued slack in private sector capital expenditure, and slowdown in the erstwhile defensive sectors, including information technology and pharmaceuticals, are seen as the major triggers for a dull performance in the upcoming quarterly results.

Average year-on-year revenue growth of the sample in the June quarter is expected to be 4 per cent, down from 12 per cent in the previ ous quarter. By a similar compar ison, net profit is expected to grow by 6 per cent as against 29 per cent in the March quarter, ET reported.