Sensex, Nifty fall as pharma stocks weaken despite Mahindra's strong gains
India's benchmark indexes traded lower on Tuesday, as broader losses led by pharma stocks on U.S. manufacturing measures outweighed gains in Mahindra & Mahindra, which surged on optimism about the future earnings outlook.
The Nifty 50 fell 0.35% to 24,375.55 and the BSE Sensex also lost 0.32% to 80,539.3 as of 10:22 a.m. IST.
Eleven of the 13 major sectors logged losses. The broader, more domestically focussed small- and mid-caps dropped 1% each.
The auto index rose 1%, led by Mahindra & Mahindra, which advanced 3.1% to top the list of Nifty 50 gainers.
Several brokerages expect a potential re-rating of the stock, driven by anticipated margin expansion in the farm and auto segments and growth in the sport utility vehicle market.
The pharma index lost 1.5% after U.S. President Donald Trump signed an executive order to reduce the time it takes to approve pharmaceutical plants in the U.S. to encourage domestic manufacturing.
Indian drugmakers earn a significant share of revenue from the U.S., the largest importer of India-made medicines.
India's pharma exports to the U.S. reached $8.73 billion in fiscal year 2024, a 16% year-on-year rise and accounting for 31% of the industry's total pharma exports, per data from the Pharmaceuticals Export Promotion Council of India.
Financials lost 0.7%, while Reliance fell 1.2% after gaining in the last five sessions.
"After the recent rise, the markets' momentum is moderating, with action shifting from broad-based movement to stock and sector-specific trends based on corporate earnings," said Vinod Nair, head of research at Geojit Investments.
Among individual stocks, Ather Energy listed at a 2.18% premium over its issue price in its debut trade on the day. The e-scooter maker's $352 million IPO was fully subscribed last week.
IT company Coforge added 3.5% despite its profit missing analysts' estimate in the March quarter as multiple brokerages reiterated a positive view on future earnings.
($1 = 84.2670 Indian rupees)
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