Equity indices dip on weak global cues, pharma stocks hit

Equity benchmark indices drifted lower during early hours on Wednesday amid weak global cues with pharma stocks losing the most.

At 10:15 am, the BSE SandP Sensex was down by 181 points or 0.47 per cent at 38,226 while the Nifty 50 lost by 54 points or 0.48 per cent at 11,269.

Sectoral indices at the National Stock Exchange were mixed with Nifty pharma slipping by 1.8 per cent, private bank by 0.7 per cent and IT by 0.6 per cent.

But Nifty PSU bank gained by 3.5 per cent.

Among stocks, Cipla fell by 1.9 per cent to Rs 762.65 per share while Sun Pharma was down by 2 per cent and Dr Reddy's by 1.3 per cent.

The others which lost were Hindalco, Bajaj Finance, Kotak Mahindra Bank, Wipro and GAIL.