Rediff.com  » Business » Sensex drops 273 pts on sell-off in pharma, bank stocks

Sensex drops 273 pts on sell-off in pharma, bank stocks

Source: PTI
July 27, 2021 16:22 IST
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Dr Reddy's was the top loser in the Sensex pack, plunging over 10 per cent. Axis Bank, Sun Pharma, Kotak Bank, HDFC and ITC fell up to 3.19 per cent.

Equity benchmark Sensex tumbled over 273 points on Tuesday, tracking losses in index majors Reliance Industries, Dr Reddy's and Axis Bank amid a massive selloff in Chinese markets.

Despite opening on a positive note, the 30-share BSE index turned red to end 273.51 points or 0.52 per cent lower at 52,578.76, while the broader NSE Nifty fell 78 points or 0.49 per cent to 15,746.45.

 

Dr Reddy's was the top loser in the Sensex pack, plunging over 10 per cent, after the company reported s 36 per cent decline in consolidated net profit at Rs 380.4 crore for the quarter ended June 30, 2021, on account of higher expenses.

Axis Bank, Sun Pharma, Kotak Bank, HDFC and ITC fell up to 3.19 per cent.

On the other hand, Tata Steel, Bajaj Finserv, SBI, Bajaj Finance and Tech Mahindra were among the gainers.

"Stocks gave up gains as investors were nervous on the selling across Chinese markets by global funds coupled with the policies of the Chinese authorities and the likely impact on Indian markets despite knowing that it is also a positive for India," said S Ranganathan, head of research at LKP securities.

While we did see profit booking across banks and the pharma pack on account of negative news flow on few pharma names, certain pockets across the broader market like textile exporters and coffee stocks posted smart gains on the back of rising coffee futures, he added.

Elsewhere in Asia, bourses in Shanghai and Hong Kong witnessed massive selloff as data safety and other enforcement actions weighed on Chinese internet and other companies.

Seoul and Tokyo ended with gains.

Photograph: Danish Siddiqui/Reuters

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