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Sensex extends losses, Nifty breaks 7950; Sun Pharma rebounds

Epic Update Sun PharmaceuticalEpic Update Sun Pharmaceutical



The market extended losses in morning trade with the Nifty breaking 7950 level, dragged by FMCG and technology stocks. However, buying in oil and select banking & financials stocks arrested the fall.
The 30-share BSE Sensex fell 79.56 points to 25900.04 and the 50-share NSE Nifty slipped 28.70 points to 7950.40. The broader markets also traded lower with the BSE Midcap and Smallcap indices falling 0.3-0.5 percent on weak breadth.
About 1036 shares declined against 707 advancing shares on the BSE.
Sun Pharma rebounded over a percent on short covering after falling nearly 11 percent in previous seven consecutive sessions on concerns over its Halol plant. The company has acquired 1.3 crore series B preffered stock of US-based company scPharmaceuticals Inc for USD 13 million. Meanwhile, Bank of America Merrill Lynch says the complete resolution of Halol might now be delayed by another 6-9 months.

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