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Closing Bell: Sensex down 273 points, Nifty below 15,800; Dr Reddy's slumps 10%

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The Sensex closed 273 points lower at 52,578 and the Nifty settled 78 points lower at 15,746. The broader markets also succumbed to the selling pressure and mid-caps slumped half a percent and small-caps ended flat.

Closing Bell: Sensex down 273 points, Nifty below 15,800; Dr Reddy's slumps 10%
Indian benchmark indices, Sensex and Nifty closed half a percent lower Tuesday for the second session in a row as investors digested a slew of quarterly earnings. A weak trend in Asian peers as China intensified crackdown on its tech startups also reflected on the equities.
The Sensex closed 273 points lower at 52,578 and the Nifty settled 78 points lower at 15,746. The broader markets also succumbed to the selling pressure and mid-caps slumped half a percent and small-caps ended flat. Market breath currently favours declines with the advance-decline ratio at 3:4.
On the Nifty50 index, Hindalco, SBI Life, Tata Steel, Bajaj Finserv, and SBI were the top gainers. And Dr Reddy, Cipla, Axis Bank, Adani Ports, and Divi's Lab led the losses.
Among the indices, Nifty Metal saw a rise of nearly 1.5 percent and Nifty Private Bank closed flat-to-positive. On the contrary, Nifty Bank, Nifty Auto, Nifty Financial Services, Nifty FMCG, Nifty IT, Nifty Media, and Nifty Pharma ended in the red. Nifty Pharma lost nearly 5 percent, with all its constituents closing in the red, led by Dr Reddy's Limited (DRL) and Alembic Pharma.
By the end of the session, DRL had no buyers, only sellers on the backs of its less-than-expected quarterly performance. The pharma major has also received a subpoena from the US markets regulator for the production of documents concerning Commonwealth of Independent States (CIS) geographies.
Nifty Metal gained following the reports of China mulling export tariffis of 10-25 percent on Steel. Hindalco, Nalco, JSPL, and Tata Steel were the top gainers in the index.
Bajaj Finserv continued the gaining momentum on Tuesday, rising over 5 percent in the last two sessions. Reliance Industries, on the other hand, failed to hold the 100 days moving average of Rs 2,067 and closed at a two-month low.
Food tech startup Zomato snapped its three-day gaining streak and closed 8 percent lower.