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Sensex Falls For Third Day, Sun Pharma Slumps 5%

Drugmaker Sun Pharmaceutical Industries' shares slumped as much as 5 per cent to their lowest in over four years

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Sensex Falls For Third Day, Sun Pharma Slumps 5%

Global news flow is weighing heavy on Sensex, Nifty, say analysts.


Indian shares fell for a third consecutive session on Wednesday, dragged down by financial and healthcare stocks, as escalating tensions on the Korean peninsula hit regional markets. Asian shares and US stock futures slipped after Pyongyang said it is considering plans to attack Guam, just hours after US President Donald Trump told North Korea that any threat to the United States would be met with "fire and fury."

Analysts said any fall in domestic equities could be limited. Shares have hit records highs this year on prospects of improving earnings and economic and fiscal reforms from the government. "Global news flow is weighing heavy on the markets. I don't think there is more than 4-5 per cent downside from the levels we've seen recently," said Gaurang Shah, head investment strategist, Geojit Financial Services.

The broader NSE Nifty was down 0.29 percent at 9,949.50 in noon trade while the benchmark BSE Sensex was 0.38 per cent lower at 31,893.61.

Drugmaker Sun Pharmaceutical Industries' shares slumped as much as 5 per cent to their lowest in over four years after unit Taro Pharmaceutical Industries Ltd's June-quarter profit halved to $54.5 million. The Nifty Pharma index fell as much as 2.2 per cent to its lowest in over two months.

Nifty Bank index was trading 0.5 per cent lower, after falling nearly a percent in the last two sessions. 
 
© Thomson Reuters 2017


(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)


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