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Pharma stocks have been in demand given the rapid rise in dollar, which boosts the prospects of the export oriented companies. And, at such a time new drug approvals are definitely cherry on top.

The major reason for selling is perhaps the outflow by foreign investors who are some of the largest investors in Indian private banks. As long as foreign outflow continues, banks are not out of danger.

The Dow Jones Industrial Average rose 48.31 points, or 0.14%, at the open to 34,406.81.

​​ The public issue comprises fresh issuance of 1.826 crore equity shares and an Offer For Sale (OFS) of 0.983 crore shares by its promoter, according to the Draft Red Herring Prospectus (DRHP).

The Nifty Realty index closed 0.5 per cent up at 443.75.

“IT could perform in the near term but there are some concerns related to the margin compression as well as what happens to IT outsourcing growth as the US Fed tightens aggressively and growth gets impacted in the US. It is a very over-owned sector, especially the midcap IT stocks, where we need to be a bit cautious.”

The 30-share pack Sensex declined 89.14 points or 0.15 per cent to close at 57,595.68. Its broader peer NSE Nifty fell 22.90 points or 0.13 per cent to 17,222.75.

“We have grown by more than 30% in the last two years. We think that going forward we can also contribute to a large extent for the growth of this country in the healthcare space and we are very much bullish on our business and about healthcare. A 10% increase in price will not affect even 2% on our top line. ”

“The BFSI, e-commerce, retail and consumer verticals are seeing much stronger demand. IT is expected to continue with a very strong demand trend for one or two years. On the manufacturing and auto side also, the demand for formal staffing has gone up. In all thse verticals we are expecting a stronger demand in the coming quarters.”

The Nifty may not go beyond the 17,450 level, said Sameet Chavan of Angel One, who added that the ongoing consolidation is likely to continue.