Nifty Clocks Longest Losing Streak In Over 8 Years; Sun Pharma Recovers From 20% Drop

Indian equity benchmarks ended lower for the ninth consecutive trading session.

The S&P BSE Sensex closed 372 points or 0.99 percent lower at 37,090.82, the lowest in over two months. The NSE Nifty 50 registered its longest losing streak in over eight years and ended below 11,150 after falling 1.16 percent. The broader market index represented by the NSE Nifty 500 Index closed 1.4 percent lower.

The market breadth was tilted in favour of sellers. About 1,429 stocks fell and 352 shares advanced on National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE ended lower, led by the NSE Nifty PSU Bank Index’s 5 percent fall. On the flipside, the NSE Nifty IT Index was the only sectoral gainer, up 0.04 percent.

Delta Corp, today, said in a statement that the company has not received any notice against the company or its unit for any alleged evasion of GST.

“We believe we are in compliance with GST laws and have not evaded any GST,” Delta Corp said.

Shares of Sun Pharmaceutical industries fell as much as 21.3 percent, their biggest intraday fall since its listing. The stock recovered later to trade 7 percent lower.

Trading volume was more than double its 20-day average, Bloomberg data showed. The stock declined 9.7 percent in the past 12 months. The Relative Strength Index was below 30, indicating that the stock may be overbought.

Indian equity benchmarks were trading at day’s low. Sensex fell over 100 points and Nifty traded at 11,215.