MARKET EYE-Indian drug makers fall in switch out of defensives

* Indian drug makers such as Lupin

extend recent falls as investors continue to switch out of previously outperforming defensive sectors into cyclical or high-beta stocks. * Lupin falls 3.3 percent, Cipla

falls 2.5 percent, while Glenmark Pharmaceuticals

is down 2.8 percent. * The Reuters poll on asset allocation showed the overwhelming majority of fund managers favoured construction or related stocks for the next three months.

* The NSE Pharma index fell 0.5 percent in September, after surging 23.4 percent from January to August.