The market shaved-off all-the-early gains and slipped into the negative zone, owing to aggressive selling in Pharma shares after foreign investment firm downgraded ratings on the sector.
The market shaved-off all-the-early gains and slipped into the negative zone, owing to aggressive selling in Pharma shares after foreign investment firm downgraded ratings on the sector.
The BSE Sensex tumbled 253 points from its intra-day high at 28,875 to touch a low at 28,622. The BSE benchmark index, however, is up 30 points at 28,737.
The NSE Nifty also shed 78 points from the day's high at 8,760 to a hit a low at 8,682. The Nifty-50 shares index is now up 18 points at 8,732.
The broader market is out-performing the BSE headline index, the Midcap and Smallcap indices have gained 0.4-0.5 percent each at 11,069 and 11,694, respectively.
In sectors, the BSE Healthcare index has witnessed heavy selling, and is now down over 1.5 percent at 18,278.
The Bankex has spurted a percent at 21,367 and the Metal index has added 0.3 percent at 9,903.
The breadth remains positive - out of 2,152 stocks so far traded on the BSE 1,189 stocks have advanced, while 880 stocks have declined.
Among Healthcare shares - Torrent Power has plunged over 3 percent at Rs. 1,223. Lupin and Sun Pharma have slipped over 2.5 percent each at Rs. 2,034 and Rs. 1,120, respectively.
Cipla, Strides Arcolab, Biocon, Wockhardt, Glenmark Pharma and Dr.Reddy's are the other prominent losers.
On the other hand, Piramal Enterprises has spurted almost a percent at Rs. 905. GlaxoSmithKline and Aurobindo Pharma have gained 0.4-0.7 percent each at Rs. 3,369 and Rs 1,333, respectively.
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