September 17, 2012 / 8:48 AM / 5 years ago

Defensive stocks extend falls on reforms, QE3

A customer shops at a grocery store in Lucknow July 6, 2009.Pawan Kumar/Files

Reuters Market Eye - Shares in defensive sectors extend falls as investors bet the government's reform measures and Fed's new asset purchase programme will favour cyclicals and high beta stocks.

Cigarette maker ITC falls 5 percent as of 0822 GMT, after falling 0.5 percent on Friday.

Colgate Palmolive India falls 2.3 percent as part of a 3.7 percent fall in the NSE's fast moving consumer goods sub-index.

Among drug makers, Dr.Reddy's Laboratories (REDY.NS) falls 3.8 percent, while Ranbaxy Laboratories (RANB.NS) is down 3.2 percent.

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