Markets come off day's low; Nifty reclaims 8,300

Markets came off their day's low after gains in Tata Motors and Lupin helped offset some of the losses.

The S&P BSE Sensex was down 79 points at 27,123 and the Nifty50 was down 22 points at 8,316. In the broader market, the BSE Midcap and Smallcap indices were trading mixed. Market breadth was weak with 1237 losers and 841 gainers on the BSE.

Tata Motors extended gains and was up over 2% amid robust JLR retail sales in June 2016 which rose 17% to 46,456 vehicles compared to June 2015.

Among other auto stocks, Hero MotoCorp, Maruti Suzuki and Bajaj Auto were up 0.3%-1.6% each.

Lupin extended gains and was up 1% after the company in a release said that it has received an Establishment Inspection Report from the USFDA which had inspected its Goa facility in July 2015.

Financials continued to remain as the top losers with HDFC, HDFC Bank and ICICI Bank down 0.6%-1.6% each.

Among other shares, Zee Learn has surged over 10% after its net profit for the first quarter ended June 2016 (Q1FY17) more than doubled to Rs 8.02 crore. Essel Group Company engaged in education business had profit of Rs 3.96 crore in June 2015 quarter.

Lupin was the top Sensex gainer up over 2% after the company in a release said that it has received an Establishment Inspection Report from the USFDA which had inspected its Goa facility in July 2015. Among other pharma shares, Cipla and Sun Pharma were up 0.8% each while Dr Reddy's Labs was trading flat with positive bias.

Other Sensex gainers include, Tata Motors, HDFC and Infosys among others.

Private lenders such as ICICI Bank and HDFC Bank which had gained in the previous session witnessed profit taking and were down 0.5% each.

Telecom stocks were among the top losers with Bharti Airtel, Idea Cellular and Reliance Communications down 1%-2% each.

L&T was trading flat with negative bias ahead of the IPO of it IT arm L&T Infotech.

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