Equity indices trade in red, healthcare stocks tumble

Though BSE Sensex continues to hit record highs a recovery in corporate earnings remains elusive and the steady downward revision in earnings per share continues. Graphic Mint

India's Nifty slips below 10000 as lenders drag

The stock markets on Wednesday failed to arrest the slide that started a day ago as Sensex slipped more than 200 points in intra-day trade.

The 30-share barometer has lost 527.57 points in three sessions.

The 50-share NSE Nifty settled down by 9 points, or 0.09 per cent, at 10,057.40.

The Nifty50 fell by 78.85 points or 0.78 per cent to close at 9,978.55 points, while the Sensex closed at 32,014.19 points - down 259.48 points, or 0.80 per cent.

In terms of the broader markets, the S&P BSE mid-cap index declined by 1.66 per cent and the small-cap index by 1.69 per cent. The stock had also underperformed the market over the past one quarter, declining 4.35% as against the Sensex's 6.98% rise.

"Positive sentiment and high liquidity will continue to support the market while any major disparity between earnings and current valuation could lead to consolidation", said Vinod Nair, Head of Research, Geojit Financial Services.

Sun Pharma subsidiary Taro's dismal June quarter performance triggered a sharp correction in pharma stocks on the stock exchanges, causing the benchmark indices to end trading with losses for the third straight day on Wednesday.

Adani Ports, ICICI Bank, L&T, Axis Bank, Maruti Suzuki and Bajaj Auto among others were down 1-4 percent while HDFC, Infosys, Kotak Mahindra Bank, Asian Paints, ONGC and NTPC bucked the trend with 0.5-1 percent gains.

Top gainers included VEDL 3.48 per cent, Hndalco 3.18 per cent, Tata Steel 2.73 per cent, Cipla 2.14 per cent and GAIL 1.35 per cent.

In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 841.44 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 553.17 crore.

All the 19 sub-indices on the BSE ended in the red.

Globally, Japan's Nikkei closed 0.52 per cent higher, while Hong Kong's Hang Seng rose 0.46 per cent.

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