BENGALURU, Nov 2 (Reuters) - Indian shares reversed course
to fall slightly on Tuesday as pharmaceutical stocks lost their
footing on the back of a slide in heavyweight Sun Pharma
ahead of its quarterly earnings results later in the
By 0506 GMT, the blue chip NSE Nifty 50 index fell
0.15% to 17,902.25, while the benchmark S&P BSE Sensex
was down 0.25% at 59,989.43.
"Typically, (the festive season of) Diwali week sees lower
volume with a lot of traders on holiday... we normally don't see
a big sell-off," said Deepak Jasani, head of retail research at
The Nifty and Sensex had shed 3.3% each over the final three
sessions last week on concerns of overvaluations and heavy
foreign selling, before recouping some of those losses on Monday
with gains of more than 1%.
On Tuesday, the Nifty Pharma Index fell 0.69%,
snapping two straight sessions of losses, as Sun Pharma
slipped 2.3% to be the biggest loser on the Nifty 50. The
company is due to report September-quarter earnings later in the
Limiting losses, however, was the Nifty Auto Index
gaining 1.41%. Shares of Tata Motors rose
as much as 5% after the carmaker projected pre-tax earnings
margin and free cash flow at its Jaguar Land Rover unit to turn
positive in the second half of fiscal 2022.
The Nifty Realty Index rose 2.86%, extending
gains for a third session.
Among other stocks, agrochemical holding company PI
Industries shed 7.6% after its deal with active
pharmaceutical ingredient maker IND Swift Laboratories
Joining a long list of Indian startups that have tapped the
capital market this year, logistics firm Delhivery Ltd filed for
an initial public offering of up to 74.6 billion rupees.
($1 = 74.8050 Indian rupees)
(Reporting by Anuron Kumar Mitra in Bengaluru; Editing by