NEW DELHI: Weak global cues and some disappointing show by India Inc. in the June quarter pushed benchmark indices lower on Tuesday, wiping off early gains. Pharma stocks were among the biggest drags.
Investors grew nervous on the back of selling across Chinese markets by global funds. On the other hand, certain pockets across the broader market like textile exporters and coffee stocks posted smart gains on the back of rising coffee futures, noted an analyst.
The 30-share pack Sensex declined 273.51 points or 0.52 per cent to close at 52,578.76. The index fell nearly 450 points from its highs. Its broader peer NSE Nifty fell 78 points or 0.49 per cent to 15,746.45.
Market at a glance:
- Alembic Pharma tanks 11 per cent after a flop show in Q1
- Dr Reddy’s Labs plummet 10 per cent after Q1 margins disappoint
- Zomato plunges 7 per cent on profit-booking but UBS sees the stock at Rs 165
- Volatility indicator, India VIX surges 6 per cent on rising nervousness
- Metal stocks shine amid selloff; Nifty Metal top gainer
MORE TO COME…
