New Delhi, India (BBN)-The Sensex was trading on a flat note in the morning deals on Monday tracking subdued trading selling pressure in pharma, auto and capital goods stocks.
The 50-share Nifty was also trading on a subdued note tracking losses in Sun Pharma, Bharti Airtel, Lupin, HCL Technologies and Tata Motors, reports NDTV.
On Friday, post the market hours, the government released the gross domestic product figures. March quarter gross domestic product or GDP data showed that India is the fastest-growing major economy in the world.
India’s gross domestic product grew by 7.5 per cent in the fiscal fourth quarter, beating estimates.
A Reuters poll of economists had expected GDP to grow by 7.3 per cent in the January-March quarter.
According to Goldman Sachs, Q4 GDP numbers were disappointing.
Meanwhile, selling pressure was visible in pharma, consumer durables, auto and oil & gas stocks.
At the same time, buying was seen in banking, power, metal and capital goods stocks
Pharma stocks were the worst hit in trades on Monday.
The CNX Pharma index fell nearly 3 per cent after India’s largest pharmaceutical company reported a net profit of Rs 888 crore for the January-March quarter, while analysts on average had forecast a profit of Rs 1,609 crore.
In the same quarter a year earlier, Sun Pharma posted a profit of Rs 1,587 crore.
Shares of Sun Pharma plunged 7.52 per cent to Rs 893.
Bharti Airtel, Lupin, HCL Technologies, Mahindra & Mahindra, Tata Motors, Hero MotorCorp, ONGC, BPCL, ACC and Bosch were also among the laggards.
On the other hand, Cipla was the top Nifty gainer, the stock jumped 1.5 per cent to Rs 660 post its Q4 numbers which came in on Friday after the market hours.
Yes Bank, HDFC, Infosys, NTPC, State Bank of India, Punjab National Bank and Reliance Industries were also among the gainers.
At 9:40 am, the Sensex was up 13 points at 27,841 and the Nifty advanced 3 points to 8,436.