Indian Equities Tank on Tuesday as Investors Keep 'Sell on Rise' Strategy

MT Newswires Live11-12

Indian indices settled lower on Tuesday, mirroring other Asian markets.

BSE Sensex and NSE Nifty 50 opened higher but quickly gave up gains as investors continued with their "sell on rise" strategy.

At close, the Sensex slid 820.97, or 1.0%, to 78,675.18, while the Nifty 50 slumped 257.85 points, or 1.1%, to 23,883.45.

Britannia Industries (NSE:BRITANNIA, BOM:500825) topped the laggards on Tuesday, with shares tanking 8%, followed by Bharat Electronics (NSE:BEL, BOM:500049) and NTPC (NSE:NTPC, BOM:532555).

Conversely, Trent (NSE:TRENT, BOM:500251), Infosys (NSE:INFY, BOM:500209) and Sun Pharmaceutical Industries (NSE:SUNPHARMA, BOM:524715) were the top gainers.

In corporate news, Jyothy Labs (NSE:JYOTHYLAB, BOM:532926) has appointed Pawan Kumar Agarwal as chief financial officer, effective Nov. 14, according to a filing with the stock exchanges.

Meanwhile, Alembic Pharmaceuticals (NSE:APLLTD, BOM:533573) has received final approval from the US Food and Drug Administration for its Ivabradine Tablets. The drug is used to reduce the risk of hospitalization for worsening heart failure in adult patients with chronic heart failure.

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