Defensive stocks slump in post-QE3 reaction

Shares of defensive sectors such as drug makers and consumer goods drop as investors bet the Fed's new asset purchase programme will favour cyclicals and high beta stocks.

Among drug makers, Lupin  falls 4.3% while Glenmark Pharma  is down 3.6%.

Cigarette maker ITC  falls 0.8%, while personal care products maker Marico  falls 1.6%.

Defensive sectors had recently shined, with the NSE pharma sub-index up 24.7% this year as of Thursday's close and the NSE fast-moving consumer goods sub-index up 36% in the same period.

Instead, investors preferring cyclical stocks such as Infosys, up 2.2%, or stocks that have recently been beaten-down stocks such as IVRC Ltd , which jumps 7.2% after slumping 27.3% over July and August.