Sensex loses over 500 points in 3 trading sessions, pharma stocks tumble; SEBI order, US-Korea worries weigh

By: | Published: August 9, 2017 4:16 PM

The domestic stock market ended in negative territory for the third consecutive day on Wednesday, with the Sensex losing over 500 points in last three sessions.

The 30-share barometer has lost 527.57 points in three sessions.

The domestic stock market ended in negative territory for the third consecutive day on Wednesday, with the Sensex losing over 500 points in last three sessions as pharma stocks tanked following weak first-quarter earnings reported by most of the companies. The pessimism gathered on the escalating tension between US and North Korea after North Korea said it is considering plans for a missile strike on the US Pacific territory of Guam. Over all sentiments were also muted following the Indian market watchdog SEBI order on Monday which has clamped down 331 suspected shell companies listed on exchanges.

BSE Sensex fell over 200 points to end at 31,797.84 points and NSE Nifty 50 settled 70 points lower at 9,908.05 points. The shares of the heavyweight companies HDFC BankTata Motors, Sun Pharma, L&T, Axis Bank, ICICI Bank, Adani Ports and SEZ, Maruti Suzuki, ITC and Bajaj Auto remain the major contributors in the down surge of the benchmark indices.

 

The Nifty Pharma was the worst hit index, tumbled 3.94% to 8,766.25 points with the shares of blue-chip companies Dr Reddy’s Laboratories, Lupin and Sun Pharmaceuticals hitting the 52-week low. All other sectoral indices of bank, auto, FMCG, IT, media, metal, realty stocks ended in red with losses up to 1.73%.

The shares of drugmaker Aurobindo Pharmaceuticals slipped 5% to the day’s low of Rs 690 ahead of the Q1 earnings while Sun Pharmaceutical shares slumped as much as 5.79% to Rs 471.35 its lowest in over four years after unit Taro Pharmaceutical Industries profit halved to $54.5 million for the April-June quarter.

The broader Nifty 50 was down 0.71% at 9,908.05 points and the benchmark Sensex was 0.68% lower at 31,797.84 points while Nifty Next 50 shed nearly 492 points or 0.97% at 27,652 points. The 30-share barometer has lost 527.57 points in three sessions. The NSE Nifty also remained under pressure as it cracked below the 9,900-mark to touch 9,893.05 points in intraday.

Looking to bring in more liquidity in derivatives, the National Stock Exchange has significantly lowered transaction charges in currency futures. The decision is expected to help in reducing trading and hedging costs for various entities, including small and medium enterprises.

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