Barometers trade with moderate losses; Pharma shares decline

The benchmark indices traded with moderate losses in mid-afternoon trade. The Nifty traded below the 19,500 level. Pharma shares declined after extending gains for past two consecutive sessions.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 288.74 points or 0.44% to 64,970.71. The Nifty 50 index lost 72.50 points or 0.37% to 19,453.05.

In the broader market, the S&P BSE Mid-Cap index gained 0.18% while the S&P BSE Small-Cap index rose 0.07%.

The market breadth was negative. On the BSE, 1,716 shares rose and 2,069 shares fell. A total of 145 shares were unchanged.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.22% to 7.284 from its previous close of 7.300.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3200, compared with its close of 83.2800 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.19% to Rs 59,637.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.07% to 105.79.

The United States 10-year bond yield advanced 0.47% to 4.650.

In the commodities market, Brent crude for January 2024 settlement lost 56 cents or 0.69% to $80.87 a barrel.

Buzzing Index:

The Nifty pharma index declined 0.50% to 15,484.90. The index advanced 0.46% in past two trading sessions.

Glenmark Pharmaceuticals (down 4.63%), Biocon (down 3.47%), Abbott India (down 2.52%), Lupin (down 1.16%) and Dr Reddys Laboratories (down 0.83%) were the top losers. Among the other losers were Gland Pharma (down 0.71%), Zydus Lifesciences (down 0.48%), Divis Laboratories (down 0.43%), Sun Pharmaceuticals Industries (down 0.4%) and Alkem Laboratories (down 0.4%) declined.

On the other hand, Ipca Laboratories (up 2.05%), Aurobindo Pharma (up 0.78%) and Pfizer (up 0.34%) advanced.

Stocks in Spotlight:

Jubilant Pharmova advanced 1.60% after the company�s wholly owned subsidiary, Jubilant Draximage received approval from the US Food and Drug Administration (USFDA) for the preparation of Technetium (Tc 99m) Sulfur Colloid Injection.

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