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  Business   Economy  28 Jul 2021  China selloff, weak pharma earnings hurt sentiments

China selloff, weak pharma earnings hurt sentiments

THE ASIAN AGE. | RAVI RANJAN PRASAD
Published : Jul 28, 2021, 4:44 am IST
Updated : Jul 28, 2021, 4:44 am IST

The Indian market was also cautious ahead of the US Federal Reserve's two day policy meeting beginning on Tuesday

The Nifty Pharma Index fell 4.33 per cent as Dr Reddy's stock plunged 10.44 per cent post-results. (Twitter)
 The Nifty Pharma Index fell 4.33 per cent as Dr Reddy's stock plunged 10.44 per cent post-results. (Twitter)

Mumbai: Regulatory clampdown in China on select internet-driven sectors adversely impacted Asian markets and the Indian market too came under selling pressure in the later half of the trading session.

The Sensex shed 273.51 points or 0.52 per cent settling at 52,578.76 while the Nifty-50 closed 78 points or 0.49 per cent down at 15,746.45.

 

Asian markets came under pressure for a third straight session as China continued to crackdown on local internet businesses, the latest being food delivery arms put under new regulations guaranteeing workers above minimum pay, after regulatory crackdowns in the education and property sectors. The Shanghai Composite index fell 2.49 per cent and  Hong Kong's Hang Seng was down 4.40 per cent.

The Indian market was also cautious ahead of the US Federal Reserve's two day policy meeting beginning on Tuesday.

Along with weak global cues, the market also factored the pharma sector's disappointing start to the Q1 results season by Dr Reddy's Laboratories and Alembic Pharma. The Nifty Pharma Index fell 4.33 per cent as Dr Reddy's stock plunged 10.44 per cent post-results.

 

FPIs continue to be net sellers with Rs 1,459.08 crore worth of equities sold on Tuesday after Monday's Rs 2,090.12 crore selling.

Tags: pharma
Location: India, Maharashtra, Mumbai (Bombay)