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Sensex, Nifty Decline Amid Global Selloff; Pharma Stocks Shine
(RTTNews) - Indian shares fell sharply on Friday amid a global sell-off as weak manufacturing data as well as mixed tech earnings sparked worries about a U.S. recession.
A measure of U.S. manufacturing activity contracted sharply in July and weekly jobless claims jumped to an 11-month high, heightening concerns about a potential recession and worries that the Federal Reserve might be slow in cutting interest rates.
All eyes now remain on the U.S. payrolls data, due later in the day that could shed some more light on the state of the economy and the Fed's rate path.
The benchmark S&P/BSE Sensex ended the session down 885.60 points, or 1.08 percent, at 80,981.95 while the broader NSE Nifty index closed at 24,717.70, down 293.20 points, or 1.17 percent from its previous close.
Metal and auto stocks paced the declines, with Hindalco, JSW Steel, Maruti Suzuki India, Tata Motors and Eicher Motors falling 4-5 percent.
On the positive side, Sun Pharma, Dr Reddy's Laboratories, HDFC Bank and Divis Laboratories rose 1-2 percent.
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