Nifty Struggles Below 8800; Sun Pharma Loses 3%, Adani Ports Up

Sun Pharma was also down more than 3 percent after earnings missed analysts' expectations. Nomura cut FY17 earnings estimates for the company by 9 percent, FY18 by 5 percent & FY19 by 3 percent. It sees 11 percent revenue growth & 10 percent earnings growth over next 2 years.

Adani Ports gained 1.6 percent. While assigning a buy call on the stock, with a target price of Rs 375, CLSA says strategic asset should deliver 54 percent growth in port EBITDA over FY16-19 and new corporate structure could lower taxes & boost EPS growth.

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