IndiaBulls Real Estate, Eicher Motors Rise as Nifty Pulls Back after Opening Lower

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IndiaBulls Real Estate, Eicher Motors Rise as Nifty Pulls Back after Opening Lower
Credit: © Reuters.

By Aditya Raghunath

Investing.com -- Nifty and BSE Sensex are trading in the red, thanks to a pullback by auto, pharma, and realty stocks. Nifty is down 0.11% and Sensex is down 0.15% right now.

The realty index was up 0.73% after the stimulus announced yesterday. Indiabulls (NS: INBF ) Real Estate Ltd (NS: INRL ) surged almost 12% after news came out that Rare Enterprises, owned by Rakesh Jhunjhunwala, had picked up a 1.1% stake in the company in an open market transaction. Rare Enterprises bought 50 lakh equity shares worth Rs. 28.86 crore at Rs. 57.73 per share according to data on the National Stock Exchange. The stock is currently trading at Rs. 61.6.

The auto index was up 0.53%. Eicher Motors (NS: EICH ) has gained almost 8% today and hit a 52-week high at Rs. 2,565, after it reported its earnings for the second quarter of FY 2020-21 on November 12. The company posted a 40% decline in net profit to Rs. 343 crore compared to the same period in FY 2019-20. Sales remain under pressure, however, Siddhartha Lal, MD, Eicher Motors said that the outlook for its Royal Enfield motorcycle business remains solid and it is seeing a revival in consumer sentiment and demand. 

The Pharma index was also trading higher by 0.84%. Torrent Pharma (NS: TORP ) gained 2.34% and Biocon (NS: BION ) was up 1.82%.

Banks and financial services are dragging down the markets and these indices are down 0.7% and 0.51% respectively. The Nikkei 225 and Shanghai Composite Index are also trading lower in Asia.

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