Sensex edges lower; cement makers gain

Reuters Market Eye - The BSE Sensex and the Nifty trading around 0.3 percent lower are hit by profit-booking after a strong rally this week. SBI falls 0.39 percent after gaining almost 5 percent earlier this week. HDFC Bank is down 0.6 percent fall.

Shares in cement companies such as Ambuja Cements Ltd and Grasim Industries Ltd gain after a regulatory tribunal decided to continue its hearing on their challenge to price collusions charges from the Competition Commission of India.

Drugmakers' shares fall after the government formally notified a new drug pricing policy designed to increase the number of drugs deemed essential that are subject to price caps.

 

Dr.Reddy's Laboratories falls 1.65 percent and Ranbaxy Laboratories Ltd down 1.39 percent.

India's largest cigarette maker ITC Ltd's shares are almost flat after it posted a 19.5 percent jump in quarterly net profit.

(Reporting by Himank Sharma)