Sensex edges up in mid-trade; pharma stocks gain
The BSE benchmark Sensex edged up from early losses to gain over 26 points or 0.14 percent in midday trade Monday with pharma stocks leading the way.
Mumbai: The BSE benchmark Sensex edged up from early losses to gain over 26 points or 0.14 percent in midday trade Monday with pharma stocks leading the way.
Earlier in the opening trade, the 30-share index fell by over 14 points due to profit-booking at higher levels amid a weakening Asian trend.
Pharma stocks were up with shares of Dr. Reddy's Laboratories gaining 0.8 percent, up for a sixth day while Cipla gained 1.8 percent ahead of its quarterly earnings later in the day.
Similarly, the wide-based National Stock Exchange Nifty Index also gained 6.20 points to 5,704.
Brokers said investors booked profits, following upsurge in the past few seasons.
They said the sentiments further dampened on a weakening Asian trend.
The Asian markets were down, tracking a sell-off in global shares late last week, as investors continued to shed risk ahead of the closely fought US presidential election and looked past a strong US jobs data to fragile economic growth worldwide.
Meanwhile, in the Asian region, Japan's Nikkei was down by 0.44 percent, while Hong Kong's Hang Seng index fell 0.39 percent.
The US Dow Jones Industrial Average ended 1.05 percent lower in Friday's trade.
With Agency Inputs