Sensex down by 88 pts but pharma shares surge | business | Hindustan Times
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Sensex down by 88 pts but pharma shares surge

business Updated: Sep 25, 2009 18:30 IST

PTI
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The benchmark Sensex on Friday ended down by over 88 points on profit booking by investors amid weak global cues ahead of a long weekend holidays.

After remaining in the negative terrain for most part of the day, the Bombay Stock Exchange 30-share barometer closed down 88.43 points or 0.53 per cent at 16,693.00.

Brokers said weak cues in the overseas market weighed against the market sentiment here. Investors discarded impressive a 22.7 per cent increase excise duty collection for August, which is seen as a clear sign of industrial recovery.

Global stocks turned weak on discouraging US housing data. They further said profit-selling emerged as operators refrained from taking long positions ahead of the long weekend holidays.

Despite the general weak trend, health care counters were in limelight. Majority of the pharma shares attracted heavy investment as well as value-based buying by cautious investors lifting the sectorial index up by 5.33 per cent, which avoided steep fall in Sensex.

Metal, IT and banking counters, however, suffered a sharp to moderate setback.

Among Asian indices, barring Tainwan all closed lower in the range of 2.64 and 0.13 per cent. European markets were trading narrowly mixed in their afternoon trade.