Sensex, Nifty turn choppy as IT, pharma stocks fall

TIL Desk/Business/Mumbai/ The BSE benchmark Sensex pared early gains and turned choppy after opening over 200 points higher Monday, led by fall in IT and pharma stocks amid strengthening rupee.  The 30-share Sensex pared early gains and was trading 4.38 points, or 0.01 per cent, higher at 34,985.40.

The NSE Nifty too witnessed similar movement, and was trading 10.15 points, or 0.09 per cent, higher at 10,536.75. Infosys, TCS and Sun Pharma were the biggest contributors to the losses on bourses in early trade, falling up to 2.13 per cent.

Yes Bank, Adani Ports, ONGC, Vedanta and Kotak Bank were among other lop losers, dropping up to 5.55 per cent. On the other hand, Bharti Airtel, Axis Bank, Asian Paints, HDFC and Power Grid rose up to 1.77 per cent. Investors also booked profits at higher levels after indices opened on a strong note.

Rising for the eighth straight day, the rupee climbed 39 paise to 70.30 against the US dollar in early trade Monday, as global crude prices slipped below the USD 60 per barrel mark and was trading at USD 59.47 per barrel.