Indian Markets Dip: Pharma and Auto Stocks Drive Sensex, Nifty Lower

Indian equity benchmarks opened in the red on Wednesday, with pharma and auto stocks leading the decline. The BSE Sensex fell over 350 points to trade below 75,600, while the Nifty 50 hovered near 22,800. Key pharma stocks like Aurobindo Pharma faced pressure after recent FDA observations. Auto stocks also saw selling, contributing to the market weakness. The indices have now recorded negative closings in 9 out of the last 10 sessions. Analysts suggest the Nifty might remain a 'sell on rise' as long as it stays below 23,150, with support at 22,800. Despite the dip, some experts anticipate a possible trend reversal based on technical indicators.

 

Sources: Economic Times, Times of India, Moneycontrol