Defensive shares dip, ITC down 3%

Pharma, FMCG and IT index are down more than 2% each on the Bombay Stock Exchange

Shares of defensive sectors like pharmaceutical, fast moving consumer goods (FMCG) and information technology (IT) are under pressure and trading lower by almost 2% each, on profit taking at higher levels after recent gains, as the reform measures announced by the government will favour cyclical and high beta stocks.

Ipca Laboratories, Dr Reddy’s Laboratories and Ranbaxy Laboratories from pharma, HCL Technologies, Infosys and Hexaware Technologies from IT andITC, Godrej Consumer Products and GSK Consumer Healthcare from FMCG are trading lower by 2-4% each on the Bombay Stock Exchange. The BSE benchmark index Sensex on the other hand is up 1% at 1000 hours.

Most of the defensive sectors had recently shined, with FMCG and pharma index touched their lifetime high in last week.