India's Nifty, Sensex erase gains after hitting record highs; pharma stocks drop

Spicejet

11/12/2023 07:44

** India's blue-chip indexes Nifty 50  .NSEI  and Sensex
 .BSESN  pare gains after hitting fresh record highs in morning
trade, as a drop in pharma sector weighs
 
   ** Dr. Reddy's Laboratories  REDY.NS  drops 5.5%, leading
losses in Nifty 50 after U.S. drug regulator issues observations
on the drug maker's facility at Hyderabad
    ** The more domestic-focussed small-  .NIFSMCP100  and
mid-caps  .NIFMDCP100  up 0.4% and 0.8%, respectively
    ** Despite the rise, analysts see safety in large-caps due
to return of foreign buying
    ** "It is safe to stagger investments in small- and mid-caps
in view of the possibility of short-term volatility, says G
Pradeepkumar, chief executive at Union Asset Management Co
    ** Small- and mid-caps have gained 49% and 42% in 2023 so
far, outperforming the 16% rise in benchmark Nifty 50
    ** SpiceJet  SPJT.BO  jumps 15% ahead of results, due later
in the day

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India's Sensex erases gains after hitting 70,000 mark    https://tmsnrt.rs/3t98k8l
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 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))