Mumbai, India (BBN) – Domestics shares fell for a second consecutive session on Tuesday, as lenders such as Axis Bank were hit by a Morgan Stanley downgrade, while worries of regulatory action from the US Food and Drug Administration triggered selling in drugmakers.
At 2.00pm, the 30-share BSE index Sensex was down 96.55 points or 0.33 per cent at 29,422.19 and the 50-share NSE index Nifty was down 24.9 points or 0.27 per cent at 9,101.95, reports The Hindu Business Line.
Among BSE sectoral indices, healthcare index fell the most by 1.59 per cent, followed by bank 0.6 per cent, auto 0.59 per cent and infrastructure 0.51 per cent.
On the other hand, capital goods index was up 0.15 per cent, IT 0.13 per cent and FMCG 0.11 per cent.
Top five Sensex gainers were ONGC (+0.92 per cent), ITC (+0.78 per cent), L&T (+0.68 per cent), Infosys (+0.49 per cent) and Coal India (+0.38 per cent), while the major losers were Dr Reddy’s (-4.25 per cent), Axis Bank (-2.93 per cent), Sun Pharma (-1.87 per cent), Cipla (-0.64 per cent) and Lupin (-0.64 per cent).
Axis Bank fell 2.72 per cent and ICICI Bank lost 0.80 per cent.
Drug makers slumped on worries of regulatory action from the US Food and Drug Administration.
Divi’s Laboratories Ltd fell as much as 20 per cent following an import alert issued by the USFDA on products manufactured at its Visakhapatnam unit
Shares of Avenue Supermarts Ltd more than doubled in value on their trading debut. Analysts expect strong potential for its supermarkets and retail stores.
Bharti Infratel was up more than a per cent after Nettle Infra Investments bought about 21.63 per cent stake in co from promoter Bharti Airtel.
Analysts expect a period of consolidation ahead as investors focus on individual stock movements as they wait for the earnings season to start in mid-April.
“The markets have been trending up since December. I think this week market may just cool off,” said Sacchidanand Uttekar, equity technical analyst at Motilal Oswal Securities.
“There will be profit-booking in major index-contributing stocks including Reliance Industries.”
The broader NSE index had closed at a record high last week.
Asian shares hit 15-month highs on Tuesday, while the dollar and US bond yields were on the back foot on the prospect of a less-hawkish Federal Reserve policy trajectory.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.4 per cent to 15-month highs, with tech-heavy Seoul and Taipei shares hitting two-year highs while Hong Kong’s Hang Seng scaled 1 1/2-year highs.