Market Now: Pharma stocks fall; Piramal, Cipla top losers

NEW DELHI: Shares of Piramal Enterprises, Cipla, GSK Pharmaceuticals, Sun Pharmaceutical Industries, Lupin and Dr Reddy's Laboratories were among top losers on the NSE’s Nifty Pharma index on Tuesday.

However, shares of Divi's Laboratories, Glenmark Pharmaceuticals, Cadila Healthcare and Aurobindo Pharma were marginally up in trade so far.

Nifty Pharma index was down 52 points at 9,425 around 2 pm (IST).

Marred by numerous headwinds in the form of warnings and notices from the US Food and Drug Administration (USFDA) and price erosion, pharma stocks have been at the losing end in recent times.

Apart from pharma, PSU banks, auto and IT stocks have been the key drivers dragging the market down.

Benchmark Nifty50 index was 95 points down at 9,480, while the 30-share Sensex was 274 points down at 30,864 around the same time.

In the Nifty50 pack, 9 stocks were trading in green, while 42 stocks were in red.

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Meanwhile, traders were seen piling up position in sugar, paints and pigments, telecommunications, cables, petrochemicals, shipping, infrastructure, leather, retail, power, electronics, finance, automobiles, petroleum and cement sectors, while selling were visible in aquaculture, glass, packaging, engineering, textiles, mining, banks, auto and plastics sectors.