 "Sensex slumps over 200 points; defensive shares drag")
Benchmark indices continue to maintain the downward trend on the back of weak global cues along with selling among defensive sectors leading the decline.
At 14:35 pm, the S&P BSE Sensex was down 245 points at 24,559 and the Nifty50 was down 72 points at 7,467.
The top losers from the Sensex pack are Lupin, HDFC, Cipla, ITC and Sun Pharma, all slumping between 2%-7%.
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Updated at 13:15 pm
Benchmark shares continued to trade lower in noon trades on Tuesday with pharma majors leading the decline after the government notified a ban on about 300 fixed dose combination drugs.
Further, investors are keenly awaiting the outcome of the two-day US Federal Reserve policy meet which begins later today.
At 1:20pm, the S&P BSE Sensex was down 214 points at 24,590 and the Nifty50 was down 62 points at 7,477.
In the broader market, the BSE Midcap and Smallcap indices were trading 0.6%-0.9% lower. Market breadth was weak with 1,503 losers and 890 losers on the BSE.
Foreign institutional investors were net buyers in equities worth Rs 1,036 crore on Monday, as per provisional stock exchange data.
The Consumer Price Index (CPI)-based inflation eased to a four-month low of 5.18% in February from 5.69% in January, according to government release late Monday.
SECTOR & STOCKS
BSE Healthcare index was the top loser down 2.5% followed by FMCG, IT and Auto indices among others.
Lupin was the top Sensex loser down 6% amid media reports that the United States Food and Drug Administration (USFDA) cited nine observations in its inspection of the company's Goa facility last week. Among others, Divis Lab, Dishman Pharma, Aurobindo Pharma, Pfizer, Cipla, Natco Pharma Cadila Healthcare and Dr Reddy’s Lab down 2%-5.5% each.
HDFC dropped 3% after rating firm Goldman Sachs cut its outlook to Sell as compared to Neutral and kept its price target at Rs 990 a share.
IT shares also witnessed profit taking with Infosys, Wipro and TCS were down 0.3%-1.7% each.
In the FMCG pack, ITC eased 2.2% on profit taking after gains in the previous sessions while Hindustan Unilever was down 1.1%.
Bank shares firmed up on hopes of a rate cut by the central bank after consumer price inflation eased further. SBI, Axis Bank and ICICI Bank were up 0.3%-1.8% each.
Among others, shares of Zee Entertainment Enterprises were down nearly 3% at Rs 390 on the Bombay Stock Exchange. The company in a release said that its board of directors at their meeting held on March 14, 2016 approved in-principle the acquisition of 100% equity stake in FLy By Wire International Private Limited, Bangalore.
Shares of Indian Hume Pipe were up nearly 3% at Rs 340 after the company said that it has received orders worth Rs 147.36 crore for projects in Andhra Pradesh.
At 14:35 pm, the S&P BSE Sensex was down 245 points at 24,559 and the Nifty50 was down 72 points at 7,467.
The top losers from the Sensex pack are Lupin, HDFC, Cipla, ITC and Sun Pharma, all slumping between 2%-7%.
****************************
Updated at 13:15 pm
Benchmark shares continued to trade lower in noon trades on Tuesday with pharma majors leading the decline after the government notified a ban on about 300 fixed dose combination drugs.
Further, investors are keenly awaiting the outcome of the two-day US Federal Reserve policy meet which begins later today.
At 1:20pm, the S&P BSE Sensex was down 214 points at 24,590 and the Nifty50 was down 62 points at 7,477.
In the broader market, the BSE Midcap and Smallcap indices were trading 0.6%-0.9% lower. Market breadth was weak with 1,503 losers and 890 losers on the BSE.
Foreign institutional investors were net buyers in equities worth Rs 1,036 crore on Monday, as per provisional stock exchange data.
The Consumer Price Index (CPI)-based inflation eased to a four-month low of 5.18% in February from 5.69% in January, according to government release late Monday.
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SECTOR & STOCKS
BSE Healthcare index was the top loser down 2.5% followed by FMCG, IT and Auto indices among others.
Lupin was the top Sensex loser down 6% amid media reports that the United States Food and Drug Administration (USFDA) cited nine observations in its inspection of the company's Goa facility last week. Among others, Divis Lab, Dishman Pharma, Aurobindo Pharma, Pfizer, Cipla, Natco Pharma Cadila Healthcare and Dr Reddy’s Lab down 2%-5.5% each.
HDFC dropped 3% after rating firm Goldman Sachs cut its outlook to Sell as compared to Neutral and kept its price target at Rs 990 a share.
IT shares also witnessed profit taking with Infosys, Wipro and TCS were down 0.3%-1.7% each.
In the FMCG pack, ITC eased 2.2% on profit taking after gains in the previous sessions while Hindustan Unilever was down 1.1%.
Bank shares firmed up on hopes of a rate cut by the central bank after consumer price inflation eased further. SBI, Axis Bank and ICICI Bank were up 0.3%-1.8% each.
Among others, shares of Zee Entertainment Enterprises were down nearly 3% at Rs 390 on the Bombay Stock Exchange. The company in a release said that its board of directors at their meeting held on March 14, 2016 approved in-principle the acquisition of 100% equity stake in FLy By Wire International Private Limited, Bangalore.
Shares of Indian Hume Pipe were up nearly 3% at Rs 340 after the company said that it has received orders worth Rs 147.36 crore for projects in Andhra Pradesh.