TCS, Infosys do well but Wipro & HCL disappoint analysts; however, outlook for FY17 bullish in general.
The stock faced similar trends on the National Stock Exchange as well, where it opened at Rs 362, then plunged 2.70 per cent to an early low of Rs 354.10.
Expectations of strong results, consistent performance and investors preference for stocks in the defensive space help the sector outshine broader markets.
Shares of Ranbaxy Laboratories on Friday slumped as much as 20 per cent in the morning trade after the USFDA prohibited the company from producing and distributing drugs for the American market from its Toansa plant in Punjab.
'The move is a succession plan where Sikka comes on the board as vice chairman.'
Russia's central bank early on Tuesday raised interest rates to 17 per cent to counter the 50 per cent rouble fall in six months.
Nilekani has kept pace with technology advances, has been instrumental in digitalising the country, and is well-networked with the bureaucracy and global leaders
The greenback rose 9 percent against currencies.
Infosys forecast a 10.8-12.3 per cent sales growth in the US dollar terms for 2016-17.
The company's growth was driven by a decline in total expenses, lower finance cost and higher other income.
Shares of IT major TCS on Friday tumbled over 8 per cent after its September quarter numbers failed to meet market expectations.
Indian pharma firms under European drug regulator's scanner.
For the full 2016-17, Wipro's profit fell nearly 5 per cent to Rs 8,518 crore while total income grew 7.4 per cent to Rs 57,995 crore compared to the previous fiscal.
Infosys has been making bets on automation and other high-margin services like artificial intelligence to regain some ground
Shares in Sun Pharmaceutical Industries fell by more than 5 per cent after the company settled a patent suit with Pfizer Inc related to its acid-reflux drug for $550 million.
Cipla, though late in changing its strategy for international markets, has in recent years taken an inorganic route for expansion.
The joint entity will have a market share of nine per cent in India. Analysts tracking the company said one of the key outcomes of the merger would be to create a single brand entity of Sun and the Ranbaxy brand would eventually dissolve.
Indian equity markets registered their highest single-day percentage gains since early October.
FDA allows Teva to launch Nexium generic; Cipla, which supplies formulation, to gain
Lupin will fund the buy through $100 mn cash reserves and a bridge loan.
Dr Reddy's gets warning from US health regulator
Ranbaxy, which is 63.5 per cent-owned by Japan's Daiichi Sankyo Co and gets more than 40 per cent of its sales from the United States, did not immediately respond to a request on Wednesday for comment on the FDA observations.
The 30-share Sensex ended 50 points lower at 28,112 and the 50-share Nifty declined 12 points to close at 8,531.
