Sensex, Nifty off day's low; Lupin tanks 12%, Sun Pharma falls

Moneycontrol Bureau11:55 am Market Update: Equity benchmarks recover in late morning trade. The Sensex declined 25.96 points to 24940.44 and the Nifty slipped 1.40 points to 7613.70. The market breadth remained weak as about two shares declined for every share advancing on the BSE.11:40 am Buzzing: Rajesh Exports shares gained more than 2 percent intraday Tuesday on repaying loans availed for acquisition of Valcambi.

"Shareholders Global Gold Refineries (GGR) has paid back debt which it had availed from Credit Suisse, Zurich within the first year of acquisition of Valcambi," says the Bengaluru-based gold refiner in its filing.

Rajesh Exports had acquired Valcambi, the Swiss-based world's largest gold refinery on July 24 (2015) from New Mont Mining Corporation. Acquisition was done through a special purpose vehicle namely GGR constituted in Switzerland.

With this acquisition, the company has built up a total capacity to refine 2,400 tons of precious metals per annum.11:20 am Moody's on telecom tower cos: Telecom tower companies in India will post a revenue growth of about 10 percent over the next two years as mobile operators are expanding their 3G and 4G footprint and will seek to lease more tower space, Moody's Investors Service said today.

"We expect continued growth... as mobile operators, building out and strengthening their third and fourth generation (3G and 4G) footprints, will seek to lease tower space and sell more of their own towers," Moody's Assistant VP and Analyst, Nidhi Dhruv said in a statement.

We expect overall year-on-year revenue growth of about 8-10 percent for tower operators in India during the next one to two years, Dhruv added.

Also read - Modi reels out credit growth, FDI inflows to slam doubters11:00 am Market Check

The market extended losses with the Nifty falling below 7600 amid volatility. Healthcare, infra and technology stocks pushed the market down while auto and metals stocks continued to support.

The 30-share BSE Sensex fell 116.26 points to 24850.14 and the 50-share NSE Nifty declined 28.20 points to 7586.90. The market breadth also weakened further as about two shares declined for every share advancing on the BSE.

Lupin topped selling list on Sensex, down more than 12 percent after USFDA observations on Mandideep plant in Madhya Pradesh. Other pharma stocks like Sun Pharma, Cipla and Dr Reddy's Labs also have a ripple effect, down 3-4 percent.