Pharma stocks were the biggest losers with Nifty Pharma posting sixth consecutive session of loss
Benchmark indices settled lower with Sensex shedding 200 points and Nifty ending below 9,400-level as investors booked profit in recent outperformers. The sentiment was also dragged by geopolitical tensions as Indian army strikes Pakistan military posts.
The street also took cues from the global markets which were mostly trading lower post the explosion, at a concert by US singer Ariana Grande shook Manchester.
The S&P BSE Sensex ended at 30,365, down 205 points, while the broader Nifty50 settled at 9,386, down 52 points.
The broader market underperformed the benchmark indices with S&P BSE Midcap and the S&P BSE Smallcap indices dipped over 1% each.
“Investors became cautious after sudden hike in Indo-Pak tension. Additionally, higher than expected GST rate especially for consumer oriented durables is impacting the market. Pharma continued to taste bitterness in earnings due to high competition which is impacting the sentiment of the sector for the long-term,” said Vinod Nair, Head of Research, Geojit Financial Services in a note.(read more)