Shares of Dr. Reddy's Laboratories Ltd. rose as high as 2.19% against a steep fall in the benchmark Nifty index on Monday. The shares rose to a high of Rs 1,247.70 apiece and emerged as the outperformer among its peers.
Nifty's Pharma index traded 0.5% higher and remained resilient in the face of heavy selloff in other sectors. DRL's share price traded over 2% higher as of 12:21 p.m. on the NSE, as against a 0.28% decline in the Nifty index.
What's Behind Markets' Weakness?
The Indian stock market extended its decline on Tuesday, with the benchmark indices falling nearly a percent each to six-month low, as selloff intensified in banks, IT, metals and auto stocks.
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Here are the top triggers for the stock market crash:
Global Market Cues
The Dow Jones Industrial Average had declined 347.11 points, or 0.67%, to 51,481.51, while the S&P 500 shed 59.72 points, or 0.77%, to 7,683.69. The Nasdaq Composite closed 248.34 points, or 0.92%, lower at 26,820.38.
Asian markets traded lower on Tuesday, following overnight losses on Wall Street. Japan's Nikkei 225 fell 0.79%, while the Topix declined 1.55%. South Korea's Kospi dropped 0.41%, and the Kosdaq slipped 1.03%. Hong Kong's Hang Seng index futures indicated a higher opening.
Oil On The Boil
Oil prices extended gains for a second session, with Brent crude holding above $106 a barrel and West Texas Intermediate approaching $94, as uncertainty around US-Iran negotiations outweighed the partial restoration of flows through Saudi Arabia's key East-West pipeline. The market is weighing two competing forces: the prospect of more supply returning through Saudi Arabia and the continued uncertainty around the Strait of Hormuz.
Treasury Yields
US Treasury yields continued their rally on interest rate hike concerns. The benchmark 10-year Treasury note yield ended above 5.2%, near levels not seen since 2007. The 30-year topped 5.56%, trading around a 2004 high
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