Pharma, oil scrips stay afloat

STOCK REPORT

Key indices ended nearly flat for the second straight session on Friday, after trading in 1 per cent range as investors continued to churn portfolios following the 6 per cent rise in indices in over a week.

Sentiment was optimistic, as foreign funds have bought shares worth $394.4 million over the past seven sessions compared with $314.3 million in entire June and $306.0 million in July, dealers said.

On Friday, oil retailers were major gainers on news the government will review oil product prices on September 1.

An oil ministry aide said retail prices of kerosene and liquefied petroleum gas also need to be reviewed.

Hindustan Petroleum , up 7.6 per cent at Rs 273.75, and Bharat Petroleum, up 7.8 per cent at Rs 374.50, lead Nifty gainers.

BSE Healthcare Index, up 2.2 per cent, was the best performer among sector indices.

According to analysts, Thursday's government move to cap margins on some generic drugs will impact operating margins of retailers and not that of drug makers.

Multinational pharmaceutical companies topped pharmaceutical gainers on expectations that new drug policy may drop the present price control system.

GlaxoSmithKline Pharmaceuticals, Pfizer, Aventis Pharma, and Novartis India were up 7-8 per cent.

On Friday, the Bombay Stock Exchange Sensex closed at 11465.72, down 11.76 points or 0.1 per cent. Intraday, it moved between 11409.11 and 11508.17.

The National Stock Exchange Nifty closed 3356.75, up 2.85 points or 0.1 per cent. Intraday, it moved between 3332.20 and 3366.25.

Turnover on both the exchanges together was Rs 9,650 crore, down 11 per cent from Thursday.

HCL Technologies, down 2.6 per cent, was worst hit among Nifty companies. The company will detail its April-June earnings on Saturday.