Nifty’s 11,700 call option contract was among the most active Nifty option contracts on National Stock Exchange.

Premium on the contract fell 55.67 percent to Rs 10.75. Over 14.86 lakh shares were added to the open interest which stood at over 28.55 lakh shares.

The Nikkei India Services Business Activity Index fell to 52 last month from 52.5 in February, according to a statement by research firm IHS Markit, which compiles the index. A reading below 50 indicates contraction in activity, while a number above it signals expansion.

About 57 lakh shares changed hands in four block deals, Bloomberg data showed. Buyers and sellers were not known immediately.

Shares of the pharma company rose as much as 4.5 percent, the most in nearly a month, to Rs 266.55.

The company received product patents in Israel, Japan, New Zealand and Sri Lanka for the treatment of neurodegenerative disorders, according to its stock exchange filings. The company said these patents will be valid through 2029 and 2036.

Trading volume was more than nine times its 20-day average, Bloomberg data showed.

Shares of the Royal Enfield parent pared opening gains and fell as much as 1 percent to Rs 20,026.15 per share.

Brokerage firm Morgan Stanley downgraded its recommendation on the stock to ‘Equal-weight’ from ‘Overweight’. Also, the price target was cut price to Rs 21,331, indicating a potential upside of 5.6 percent from previous close.

Here’s what the firm had to say on the stock:

• Regulation driven price hikes led to sharp slowdown in volumes.
• See margin headwinds; Expect 300 basis points margin contraction over FY19-21.
• RE will face competition from Jawa and Bajaj Triumph.
• The stock declined 28 percent in the past 12 months compared with a 17 percent gain in the Sensex Index.