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BSE Sensex edges lower,Ambuja Cements,Grasim Industries shares jump

BSE Sensex was down 0.09% while the broader NSE Nifty index fell 0.07%.

Written by Reuters | Published: May 17, 2013 3:16:30 pm

India’s main index the BSE Sensex was down 0.09 percent while the broader NSE Nifty index fell 0.07 percent as banks get hit by profit-booking after a strong rally this week.

Shares in India’s 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 collusion charges from the Competition Commission of India.

SBI (State Bank of India) shares fall 0.39 percent after gaining almost 5 percent earlier this week. HDFC Bank Ltd also falls.

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 shares are almost flat after it posted a 19.5 percent jump in quarterly net profit.

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