Sensex, Nifty slip 1%, rupee down 50p; HUL, Reliance gain

10:30am Natco Pharma in News: Natco Pharma launched the first generic version of sofosbuvir in Nepal.

Sofosbuvir is a medicine used for chronic hepatitis C infection and sold globally by Gilead Sciences Inc., under its brand Sovaldi. Natco priced its generic medicine at an MRP of Rs 19,900 for a bottle of 28 tablets in Nepal.

"Natco markets generic sofosbuvir under its brand HEPCINAT. Natco hopes to launch HEPCINAT in India soon, subject to approval from the Drugs Controller General of India (DCGI)," said the company in its filing to the exchange.

Natco had recently signed a non-exclusive licensing agreement with Gilead Sciences, to manufacture and sell generic versions of its chronic hepatitis C medicines in 91 developing countries.

10:15am FII View: Ridham Desai, Morgan Stanley says, "We think the market will slowly move away from quality in favor of growth, operating leverage and eventually, financial leverage."

"Our stock-picking approach remains to buy cyclicals & stocks with growth at a reasonable price (GARP) orientation, although, as usual, we avoid beta," he adds.

10:00am Market Check

Profit booking is dragging benchmark indices as the Sensex is down 343.04 points or 1 percent at 

29105.91. The Nifty falls 111.40 points or 1 percent at 8826.35. About 690 shares have advanced, 1240 shares declined, and 157 shares are unchanged.

Sesa Sterlite, GAIL, Axis Bank, Tata Power and ICICI Bank are major losers while Dr Reddy's Labs, HUL, Coal India, Cipla and Reliance are top gainers in the Sensex.

The rupee plummeted by 50 paise to 62.66 against the US dollar in early trade today as the American currency strengthened overseas. Forex dealers said besides the dollar's gains against other currencies overseas on an upbeat US jobs data, fresh demand from importers for the Greenback and a weak opening in the domestic stock market put pressure on the rupee. The domestic unit had gained 9 paise to finish at 62.16 against the American currency on Thursday on the back of dollar selling by banks and exporters amid rise in equities.