Sensex, Nifty off day's high; pharma stocks down, ITC drags

 ITC, ICICI Bank, Tata Motors, Lupin, Sun Pharma, M&M and Cipla were down 0.6-1 percent while Adani Ports was the biggest gainer among Sensex stocks, up 2 percent followed by HDFC Bank, SBI, TCS, ONGC and Axis Bank  indices were off day's high in morning after erasing some early gains, weighed by ITC, ICICI Bank as well as auto and pharma stocks. Investors await Q3 earnings of SBI, the country's largest lender. The 30-share BSE Sensex was down 5.99 points at 28323.71 and the 50-share NSE Nifty gained 4.55 points at 8782.95 but the market breadth remained positive. About 1135 shares advanced against 779 declining shares on the Bombay Stock Exchange. 

At present, the market is witnessing time-wise correction in the markets which may extend further, considering the overbought market conditions," Jayant Manglik of Religare Securities says. He suggests continuing with stock specific trading approach till consolidation continues. Now, focus would return on earnings and it will drive the markets from here on, he feels. ITC, ICICI Bank, Tata Motors, Lupin, Sun Pharma, M&M and Cipla were down 0.6-1 percent while Adani Ports was the biggest gainer among Sensex stocks, up 2 percent followed by HDFC Bank, SBI, TCS, ONGC and Axis Bank

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