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Sensex Sheds Over 500 Points From Day's High; Pharma, Financial Stocks Weak

Dr Reddy’s, Sun Pharma, Axis Bank, Kotak Mahindra Bank and IndusInd Bank lost 1-8 per cent each on BSE

The benchmark indices surrendered their early gains and are trading at the lows of the day due to weakness across the Asian markets. At 1:00 pm, the Sensex shaved off more than 400 points from the highs of the day and was trading at 52,563.35, lower by 292 points or 0.57 per cent and the NSE Nifty was at 15,738.50, down 88.20 points or 0.56 per cent.

The broader markets were also trading weak, the BSE MidCap and SmallCap indices losing 03.7 per cent and 0.5 per cent respectively.

Asian stocks fell to fresh seven-month lows on Tuesday, with the Hang Seng index crashing 4 per cent, led by a third straight session of heavy selling of Chinese internet giant companies. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.97 per cent to its lowest level since December, having slid 2.45% the previous day.

Chinese bluechip shares dropped sharply in afternoon trading, falling 2.93 per cent after closing at their lowest since December, thanks to regulatory crackdowns in the education and property sectors.

On the earnings front, IndiGo and IndusInd Bank will be among major companies to declare their quarterly numbers during the day.

On the stock-specific front, select pharma and banking stocks are witnessing selling pressure in afternoon trading. In the pharma space, Dr Reddy’s has dived 8.6 per cent post its Q1 numbers, whereas Sun Pharma has lost 3 per cent. And in the financials space, Axis Bank, Kotak Mahindra Bank and IndusInd Bank have lost 1-3 per cent each on the BSE. 

On the other hand, Bajaj Finserv, Bajaj Finance, SBI and Tata Steel have gained around a per cent each on the BSE.


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