BENGALURU, Sept 18 (Reuters) - Indian shares gave up early
gains to end lower on Friday as banking stocks fell in afternoon
trading, with HDFC Bank closing at a month's low,
although a jump in pharma stocks capped losses on the Nifty.
The blue-chip NSE Nifty 50 index closed 0.1% lower
at 11,504.95, while the benchmark S&P BSE Sensex, which
has fewer pharma components, ended down 0.34% at 38,845.82.
The Nifty ended the week 0.4% higher, while the Sensex
closed a tad lower.
The Nifty Bank Index finished 1.3% lower at its
worst closing level in a month, capping its third straight week
of losses, dragged by a 2.4% slide in top private-sector lender
The Nifty Pharma index clocked its best day since
Aug. 10, closing up 5%, as drugmaker Dr.Reddy's Laboratories Ltd
added 10.5% to close at a record high.
The pharmaceutical firm settled a patent litigation with
U.S. drugmaker Bristol-Myers Squibb Co over the cancer
treatment Revlimid, prompting analyst upgrades to its stock.
Drugmakers Lupin Ltd and Cipla Ltd
jumped 4.7% and 7.3%, respectively, after U.S.-listed Perrigo
Company Plc issued a U.S. nationwide recall of its
albuterol sulfate inhalation aerosol product due to complaints
of clogging issues.
Cipla and Lupin have their own versions of the aerosol
product approved by the U.S. FDA.
Investor sentiment in broader markets was also tepid on
worries over a resurgence in coronavirus cases and
disappointment that central banks merely affirmed their monetary
support this week, without promising new stimulus.
(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by