The market remained under pressure in morning trade, dragged by profit booking in private banking & financials, technology and oil stocks. The rupee, too, see selling pressure, down 21 paise ot 65.21 a dollar. The Sensex fell 247.64 points or 0.88 percent to 27819.67 and the Nifty declined 62.60 points or 0.73 percent to 8455.95. However, the broader markets outperformed benchmarks, trading flat. Cipla topped the selling list, falling 4 percent on fears that Esomeprazole sales may slow down from Q2FY16 onwards. However, its Q1 numbers were strong, led by Esomeprazole sales.
Shares of HDFC declined 1.7 percent. The housing finance company said it would sell 17.95 crore of HDFC Life to Standard Life at Rs 95/share (9 percent equity). Post stake sale in HDFC Life, company’s holding in HDFC Life will be 61.65 percent and Standard Life will hold 35 percent in HDFC Life.
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