Financial business

Clever, Sensex open in red; Pharmaceutical stocks gain, banking and financial stocks fall

The Indian market started in the red on Monday amid negative global indices. Pharms shares shone, while bank and financial stocks fell the most when the market opened on Monday.

The national stock benchmarks Nifty50 and the S&P BSE Sensex opened at 16,937.75 and 56,948.33 respectively.

Cipla, Divis Labs, Sun Pharma, PowerGrid, NTPC were the main winners of both indices, while IndusInd Bank, Bajaj Finance, Bajaj Finserv, Axis Bank, SBI, ICICI Bank were the laggards.

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During the pre-open, the Sensex gained 175.98 points to start at 56,948.33 as only six stocks advanced, one remained neutral and the others traded negatively.

Earlier, SGX Nifty Futures traded in the red as the index traded 52 points lower at 16,945, hinting at a negative open for Indian markets.

Meanwhile, on Monday morning, Asian markets traded flat to negative as the Japanese Nikkei 225 was down 0.24%, while the Shanghai Composite traded negatively with a loss of 0.027% around 7.15am.

Earlier, US markets ended in the green on Thursday as all three major indices closed higher in a week shortened by the Christmas holidays. The Dow Jones gained 196.67 (0.55%) to close at 35,950.56, the Nasdaq Composite came in at 15,653.37 after adding 131.48 (0.85%) and the S&P 500 closed 29.23 (0.62%) at 4,725.79.