The market entered into consolidation mode after rallying in previous sessions. Banking stocks gained while pharma stocks led declines.
The Sensex rose 21.03 points to 28728.78 and the Nifty gained 6.95 points at 8721.35. The broader markets outperformed benchmarks marginally; the BSE Midcap and Smallcap indices climbed 0.5 percent.
About 1300 shares have advanced, 941 shares declined, and 159 shares are unchanged on the BSE.
Frontline pharma stocks saw profit taking. Bank of America Merill Lynch has downgraded Sun Pharma to underperform from buy and downgraded Lupin, Cipla and Cadila Healthcare to neutral from buy despite being positive on long term prospect.
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