D-Street Buzz: Pharma stocks plunge with Dr Reddy's Labs at new 52-week low; BPCL jumps 3%

The Indian benchmark indices have extended the morning loses with the Nifty and Sensex down close to 1 percent each. Nifty50 fell 100 points, trading at 10646 while the Sensex fell 317 points and was trading at 35,558 mark.

The pharma sector was the underperforming sector, down over 4 percent dragged by Dr Reddy's Labs and Glenmark Pharma which fell 8 percent followed by Divis Labs, Lupin, Sun Pharma and Aurobindo Pharma.

Nifty midcap was down 2 percent with loses from Bank of India, Berger Paints, Bharat Forge, Century Textiles, Cummins India, DHFL, JSPL, M&M Financial Services, PAGE Industries, SRF and United Breweries among others.

From the metal space, the top losers were JSW Steel, Hindustan Copper, JSPL, SAIL and Tata Steel.

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Nifty Energy was trading in the green with gains from BPCL, GAIL India and ONGC.

From the infra space, the top gainers were Adani Power, Bharti Infratel, NBCC, GMR Infra, NTPC, Power Grid and Tata Power.

The top gainers from NSE included Bharti Infratel, Power Grid, NTPC BPCL and GAIL India while the top losers included Dr Reddy's Labs, JSW Steel, Sun Pharma, Grasim Industries and Hindalco Industries.

The most active stocks were YES Bank, Dr Reddy's Labs, ITC, Axis Bank and Reliance Industries.

Aditya Birla Fashion and Retail, Sagardeep Alloys, SKF India and Xelpmoc Design And Tech have hit new 52-week high in this afternoon session.

227 stocks have hit new 52-week low on the NSE including names like Balmer Lawrie & Company, Dr Reddy's Labs, Hindalco Industries, Cadila Healthcare, Castex Technologies, Cochin Shipyard, Gujarat State Petronet, Kitex Garments, Mahindra & Mahindra, Natco Pharma, Punj Lloyd, RAIN Industries, Rashtriya Chemicals and Fertilizers, Sagar Cements and Unitech among others.

The breadth of the market favoured the declines with 467 stocks advancing and 1204 declining while 385 remained unchanged. On the BSE, 697 stocks advanced, 1557 declined and 117 remained unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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