Sensex ends at 2-week low as pharma stocks bleed

Mumbai, March 29

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In volatile trading, equities fell for a second straight day as heavy losses in healthcare stocks countered advances in auto and banking sectors amid caution ahead of derivatives expiry and investors waiting for a speech by the US Federal Reserve Chair Janet Yellen.

In a see-saw trading, the benchmark BSE Sensex edged lower by 66 points to end at about a two-week low of 24,900.46 while NSE Nifty fell by 18 points to slip below the 7,600-mark.

Pharma stocks took a heavy beating after some companies from the sector received observations from the US health regulator.

Lupin, which plummeted by more than 6 per cent and was the worst performer from the Sensex pack, said it received three observations relating to violation of production norms at manufacturing facilities at Mandideep, MP from the US Food and Drug Administration.

Besides, Cipla plunged close to 4 per cent and Dr Reddy’s slipped nearly 3 per cent to drag the overall BSE healthcare index by 2.52 per cent. Natco Pharma had also received observations from the FDA after inspection of two facilities. Caution also ruled as participants were seen offloading bets in futures and options segment before the March series expiry on Thursday. — PTI