Sensex drops 852 points as Nifty falls to 24,173
Business
The stock market had a rough Thursday, with the Sensex dropping 852 points to close at 77,664 and Nifty falling by 205 points to finish at 24,173.
Big names in banking and IT saw heavy selling as investors booked profits, pushing Nifty below the important 24,200 mark during the day.
Pharma stocks gain amid IT selling
While most sectors ended in the red (especially IT, which saw sharp selling), pharma stocks stood out.
Dr Reddy's jumped nearly 9%, with Cipla and Sun Pharma also posting gains.
Vinod Nair, Head of Research at Geojit Investments Limited, pointed to high crude oil prices and weak global cues for the slump but said pharma's strong run helped steady things a bit.