Benchmark share indices slipped after the first hour of trade weighed down by selling pressure in pharma majors while FMCG shares trimmed early gains.
the S&P BSE Sensex was down 47 points at 27,383 and the Nifty50 was down 21 points at 8,464. In the broader market, the BSE Midcap and Smallcap indices were down over 1.3% each. Market breadth was weak with 1765 losers and 565 gainers on the BSE.
Pharma majors were among the top losers amid media report that US prosecutors are conducting an investigation over price collusion. Sun Pharma down nearly 5% followed by Dr Reddy's Labs and Lupin which eased 4% each.
Among others, Glenmark Pharma was down 5% while Aurobindo Pharma eased 2%.
ITC was the top Sensex gainer up 4% while its peer Hindustan Unilever was up 1.9%.
Infosys recovered from its 52-week low on renewed buying interest and was up 0.8%.
Shares of cigarette makers such as ITC, Godfrey Phillips India and VST Industries rallied by up to 5% on BSE after the Goods and Services Tax (GST) Council's propose to place tobacco products in the 26% tax slab and an additional cess. The current rate of taxation on cigarettes is around 64% and 81% on chewing tobacco.
Larsen & Toubro (L&T) was trading lower by 2% at Rs 1,419 on the National Stock Exchange (NSE) after a huge block deals executed in the counter.
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