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Equity benchmark indices shaved early gains and closed half a per cent lower on Tuesday with pharma stocks being the worst sufferers.
At the closing bell, the BSE S&P Sensex was lower by 274 points or 0.52 per cent at 52,579 while the Nifty 50 fell by 78 points or 0.49 per cent to 15,746. Except for Nifty metal which rose by 1.4 per cent and PSU bank which inched up by 0.8 per cent, all other sectoral indices at the National Stock Exchange were in the red with Nifty private bank down by 0.8 per cent, realty by 0.7 per cent and auto by 0.4 per cent. Among stocks, Dr Reddy's slipped by 10.3 per cent to Rs 4,853.20 per share after Q1 report. Cipla was down by 3.5 per cent and Sun Pharma by 2.3 per cent. Adani Ports fell by 3 per cent, Axis Bank by 3.2 per cent, Kotak Mahindra Bank by 2.3 per cent and HDFC Bank by 1.3 per cent. However, metal majors gained with Hindalco moving up by 4.3 per cent, Tata Steel by 2.7 per cent and JSW Steel by 0.7 per cent. The others which gained slightly were SBI Life, HDFC Life, Bajaj Finserv, Bajaj Finance, State Bank of India and Nestle India. Meanwhile, Asia's stock markets fell to fresh troughs led by a third straight session of heavy selling in Chinese internet giants ahead of the Federal Reserve policy meeting. Hong Kong shares were battered by regulation fears and yuan drops, leading Hang Seng index to close 4.2 per cent lower. South Korea stocks ended higher on solid GDP data with Kospi up 0.24 per cent. Japan's Nikkei closed 0.49 per cent below 28,000 level for second day despite Wall Street boost. (ANI)
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