Sensex drops 184 pts; Nifty below 17,200; breadth turns negative

The key equity indices continued to trade with moderate losses in the mid-morning trade. Negative global cues dampened the investor sentiments. The Nifty traded below the 17,200 mark. Pharma shares declined for the fourth day in a row.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 184.28 points or 0.32% to 57,806.83. The Nifty 50 index lost 62.70 points or 0.36% to 17,178.30.

In the broader market, the S&P BSE Mid-Cap index declined 0.34% while the S&P BSE Small-Cap index slipped 0.12%.

The market breadth was negative. On the BSE, 1,567 shares rose and 1,649 shares fell. A total of 151 shares were unchanged.

Buzzing Index:

The Nifty Pharma index fell 0.97% to 12,902.35, extending its declining run to fourth trading session. The index lost 2.50% in the past four trading sessions.

Divis Laboratories (down 3.67%), Dr Reddys Laboratories (down 2.59%), Aurobindo Pharma (down 2.47%), Lupin (down 2.41%), Zydus Lifesciences (down 1.34%), Cipla (down 1.26%), Biocon (down 1.12%), Ipca Laboratories (down 0.77%), Natco Pharma (down 0.75%) and Glenmark Pharmaceuticals (down 0.65%) were the top losers.

On the other hand, Laurus Labs (up 0.76%), Glaxosmithkline Pharmaceuticals (up 0.47%) and Torrent Pharmaceuticals (up 0.29%) advanced.

Stocks in Spotlight:

Infosys declined 0.76%. The IT major said that its board will consider a proposal for buyback of fully paid-up equity shares of the company at its meeting to be held on 13 October 2022. On the same day, the IT major`s board will consider and approve the audited standalone and consolidated financial results for the quarter and half year ending 30 September 2022.

Panacea Biotec surged 17.76% after the company announced the receipt of long-term supply awards worth $127.30 million (around Rs 1,040 crore) from UNICEF and Pan American Health Organization (PAHO). The contract is for the supply of WHO pre-qualified fully liquid Pentavalent vaccine, Easyfive-TT (DTwP-HepB-Hib).

Vikas Lifecare advanced 3.17% after the company said it acquired 30% stake in Ardh Sainik Canteen (ASC) retail chain stores for cash consideration of Rs 15 crore. Vikas Lifecare said the move is aimed at extending its retail footprint across India.

Global markets:

Asian shares were mostly trading lower on Tuesday following a fourth straight drop in US equities amid persistent concern that rising interest rates and geopolitical threats will crimp global growth. Stocks slumped in Japan and South Korea as trading resumed after holidays.

US stocks fell on Monday as investors worried about the impact of higher interest rates and pulled out of chipmakers after the United States announced restrictions aimed at hobbling China`s semiconductor industry.

The mood remains fragile ahead of Thursday`s US inflation data, with the case for another 75 basis-point rate hike likely to be strong if the data comes in hotter-than-expected, as per reports.

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