Indian shares end lower as pharma stocks drag
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BENGALURU - Indian shares gave up early gains to end lower on Tuesday, weighed down by pharma stocks after Dr Reddy's Lab missed analysts' expectations for quarterly profit.
The blue-chip NSE Nifty 50 index closed down 0.49% at 15,746.45 and the benchmark S&P BSE Sensex ended 0.52% lower at 52,578.76.
Shares of Dr Reddy's tumbled as much as 11.7%, its biggest intraday percentage loss since June 4, 2019, pulling the broader Nifty pharma index down 4.3%.
Metal stocks bucked the broader trend to extend a rally, with the Nifty metal index finishing the session 1.46% higher.
APL Apollo Tubes climbed 8.7%, Hindalco 4.3% and Jindal Steel and Power rose 3.9%.
Canara Bank shares rose about 1.5% after the lender posted a jump in June-quarter standalone net profit as bad loans fell.
Axis Bank fell 3.2% after the private-sector lender said its asset quality deteriorated in the June quarter, even as consolidated net profit more than doubled.
Sentiment was also hit as Asian stocks touched their lowest this year on Tuesday on a third straight session of selling in Chinese internet giants.
Traders are now watching the U.S. Federal Reserve's monetary policy meeting set to begin later in the day for clues on how the central bank will balance fast-rising prices with the complication of increased coronavirus infections.
(Reporting by Vishwadha Chander in Bengaluru; Editing by Subhranshu Sahu and Sriraj Kalluvila)
