New Delhi, India (BBN)-The BSE benchmark Sensex fell 200 points in the morning deals owing to weakness in select IT, pharma, auto and banking stocks.
The 50-share Nifty fell below its crucial psychological level of 8,400 led by selling in Sun Pharma, HCL Technologies, Maruti Suzuki and State Bank of India, reports NDTV.
Shares of Sun Pharmaceutical Industries slumped over 10 per cent to hit intraday low of Rs 938 after Daichi Sankyo planned to sell its 8.9 per cent stake in Sun Pharma at Rs 932 – 1043 per share in a block deal.
Following losses in the pharma giant, the CNX Pharma index plunged nearly 4 per cent.
IT firm HCL Technologies was also among the top Nifty loser. Shares of HCL Tech plunged as much as 9.6 per cent to hit low of Rs 834 after it reported a net profit of Rs 1,683 crore on revenues of 9,267 crore for the March quarter, missing estimates.
Analysts polled by NDTV had expected India’s fourth largest outsourcer to report a profit of Rs 1,820 crore on sales of Rs 9,383 crore in its third quarter ending March 31.
The CNX IT index was also quoting 1.12 per cent lower.
Selling pressure was also visible in auto, banking and real estate stocks.
From the auto pack, Maruti Suzuki fell 2.65 per cent to Rs 3,512.
Dr Reddy’s Labs, Wipro, Lupin, Bank of Baroda, Hindalco, Sesa Sterlite, State Bank of India, Cipla, Ambuja Cement, PNB and TCS were also among the laggards.
On the other hand, Axis Bank, ITC, BPCL, M&M, Cairn India, Coal India and L&T were among the notable gainers.
The broader markets were in-line with the benchmark indices. The BSE mid-cap and small-cap indices were down 0.2 per cent each.
At 10:20 a.m., the Sensex fell 185 points to 27,700 and the Nifty plunged 62 points to 8,386.
BBN/SK/AD-21Apr15-11:20am (BST)