Mumbai: The market was in sluggish mood today as the Nifty remained stuck above 6750-levels but was unable to move any further due to lack of triggers. However, midcaps and pharma stocks added zing to the market with stars like UPL, Wockhardt and Jain Irrigation rising 15-20 percent.
The Sensex closed down 56.46 points at 22631.61, and the Nifty ended at 6761.25, down 21.50 points. About 1424 shares have advanced, 1327 shares declined, and 147 shares are unchanged. Raamdeo Agrawal of Motilal Oswal believes that the market has already priced in a Modi-led government.
He, however, warns that a landslide win for BJP's Prime Ministerial Candidate Modi is not factored in. "Don't buy junk stocks, buy quality stocks and companies which you understand, like tech and pharma which is not so much in fashion right now. We are not hesitating to build portfolios on those companies," he said in an interview to CNBC-TV18.
The market also seems to be little cautious as Ukrainian crisis worsened with pro-Russian rebels in east Ukraine taking several European military inspectors hostage. US President Barack Obama threatened sectoral sanctions against Russian banks and defence companies.
Buzzing stocks
Cipla, Sun Pharma and Dr Reddy's Labs gained 2-3 percent each as pharma counter saw smart buying on Monday. Wipro and SBI were other gainers in the Sensex. Capital goods were under severe pressure. GAIL, BHEL and L&T were among the laggards while auto stocks like Hero MotoCorp and Tata Motors also suffered loss of around 2 percent.
Meanwhile, FMCG giant Hindustan Unilever was in focus as it announced March quarter earnings just before market closed. It managed to meet the street view with total income at Rs 7,094 crore and net profit at Rs 872 crore. The FMCG major has also reported an exceptional gain of Rs 66 crore, which includes sale of properties as well.
However, midcaps were flavour of the day. Stocks like UPL, Jain Irrigation and Wockhardt kept the cash registers ringing. On the global deal street, Astrazeneca declined to engage with Pfizer for a potential $100 billion dollar deal. Germany's Siemens has now joined the race for France based Alstom, as the French government voiced its reservation on a takeover bid from the US multinational GE.####
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