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Shares of information technology (IT) and pharmaceutical companies are under pressure, falling by upto 3% after the International Monetary Fund (IMF) cut its outlook for global growth.
Infosys, Tata Consultancy Services (TCS), Tech Mahindra, Wipro and HCL Technologies from IT and Aurobindo Pharma, Cipla, Dr Reddy’s Laboratories, Sun Pharma Industries, Ranbaxy Laboratories and Lupin from healthcare are down 1-4%.
The National Stock Exchange CNX IT (down 2.5%) and CNX Pharma (down 1.7%) are the largest losers among sector indices down nearly 2% each compared to a marginal 0.10% fall in CNX Nifty at 1020 hours.
Meanwhile, CNX Pharma (up 19%) and CNX IT (13%) had outperformed the market in past three months against just 1% rise in benchmark index till yesterday.
According to Reuters report, the MF cut its global economic growth forecasts for the third time this year, suggesting the environment remains difficult for companies, especially ones with multinational exposure.
Among the IT pack, Tech Mahindra and Hexaware Technologies were down 4% each, while Infosys, Wipro, TCS and HCL Technologies were down 2-3% on NSE.
Infosys, Tata Consultancy Services (TCS), Tech Mahindra, Wipro and HCL Technologies from IT and Aurobindo Pharma, Cipla, Dr Reddy’s Laboratories, Sun Pharma Industries, Ranbaxy Laboratories and Lupin from healthcare are down 1-4%.
The National Stock Exchange CNX IT (down 2.5%) and CNX Pharma (down 1.7%) are the largest losers among sector indices down nearly 2% each compared to a marginal 0.10% fall in CNX Nifty at 1020 hours.
Meanwhile, CNX Pharma (up 19%) and CNX IT (13%) had outperformed the market in past three months against just 1% rise in benchmark index till yesterday.
According to Reuters report, the MF cut its global economic growth forecasts for the third time this year, suggesting the environment remains difficult for companies, especially ones with multinational exposure.
Among the IT pack, Tech Mahindra and Hexaware Technologies were down 4% each, while Infosys, Wipro, TCS and HCL Technologies were down 2-3% on NSE.
