Closing Bell: Nifty near 16,100, Sensex declines over 200 points; IT, pharma stocks under pressure

Extending losses for the second straight session, the Indian market closed half per cent lower on Tuesday. The broader Nifty50 slipped below 16, 200, while the Sensex shed over 200 points. The headline indices settled at 16,125.15 and 54,307.56 respectively amid selling pressure in IT and FMCG stocks on Tuesday.  

Underperforming benchmarks, Nifty midcap and small cap dropped 0.6% and 1.3% respectively as India VIX approached 26-mark amid volatility in the domestic market.  

Sector-wise, Nifty Media declined over 2%, while Nifty IT, FMCG, Pharma, Metal and Realty significantly corrected too.  

Dr Reddy's, Kotak bank, HDFC Ltd, Nestle India, Power Grid, HDFC Bank, Reliance Industries and HDFC Bank were notable gainers in falling market.  

Divis Laboratories, which was the top loser on 50-share Nifty index, continued to fall for the second day post strong earnings in the March quarter. Tech Mahindra, Grasim, Hindustan Unilver , Hindalco, Asian Paints, HCL Tech and NTPC were top gainers.