Mid-caps Update: Future Retail, Ashok Leyland zoom; Biocon tumbles over 8 per cent
Sensex seem to have taken a breather after touching 50,000. Sensex is down by more than 0.50 per cent while BSE Mid-Cap index is trading down by 0.46 per cent.
Biocon is dragging Mid-cap index down as the stock is down by more than 8 per cent on a profit booking day. The other mid-cap stocks that are putting pressure on the mid-cap index are SAIL, RBL Bank and Jindal Steel as each of these stocks are down by more than 4 per cent each.
Future Retail and Ashok Leyland on the other hand are helping BSE Mid Cap Index to reduce losses. Future Retail is up by nearly 5 per cent while Ashok Leyland is up by more than 5 per cent on the last trading day of the week. The other mid-cap buzzers on Friday are TVS Motor, Exide Industries, IDBI, Bharat Forge and Amara Raja Batteries.
Markets are expected to take breather after a stunning rally that made Sensex touch the level of 50,000 for the first time ever.
Markets are also expected to react to the earnings of corporate India. Quality of earnings and the FPI flows will determine where the markets would head in near to medium term.