Equity indices trade with limited gains; pharma shares edge lower

The domestic equity indices traded with limited gains in mid-afternoon trade. The Nifty traded above the 20,900 level. Pharma shares came under significant selling pressure.

At 14:37 IST, the barometer index, the S&P BSE Sensex, was up 162.08 points or 0.23% to 69,683.77. The Nifty 50 index added 18.75 points or 0.09% to 20,919.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.48% while the S&P BSE Small-Cap index declined 0.56%.

The market breadth was negative. On the BSE, 1589 shares rose, and 2122 shares fell. A total of 142 shares were unchanged.

Buzzing Index:

The Nifty Pharma index fell 1.24% to 16,091.55. The index had gained 0.77% to end at 16,294.20 yesterday.

Zydus Lifesciences (down 3.56%), Glenmark Pharmaceuticals (down 3.42%), Torrent Pharmaceuticals (down 2.28%), Alkem Laboratories (down 2.25%) and Granules India (down 2.1%) were the top losers.

Among the other losers were Laurus Labs (down 1.74%), Biocon (down 1.67%), Divis Laboratories (down 1.49%), Aurobindo Pharma (down 1.44%) and Abbott India (down 1.28%).

Stocks in Spotlight:

Tejas Networks rose 0.37%. The company said that its subsidiary Saankhya Labs has received a Provisional Purchase order worth Rs 96.42 crore from NewSpace India (NSIL). The order is for supply, installation and commissioning of two-way MSS Terminals (Xponders) for vessel communication and support system in Marine Fishing Vessels for monitoring, control and surveillance (MCS) along the coastal states of India.

Bharat Forge added 0.80%. The company said that its wholly owned subsidiary Kalyani Strategic Systems (KSSL) has signed a share subscription agreement for acquiring a majority stake in Zorya Mashproekt India (ZMI). The proposed acquisition will be made by Kalyani Strategic Systems with an objective to create indigenous capabilities for design, manufacturing, maintenance repair and overhaul including spare support for all types of gas turbines.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.22% to 7.252 as compared with previous close 7.236.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3725, compared with its close of 83.3650 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.05% to Rs 62,498.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.11% to 103.65.

The United States 10-year bond yield advanced 1.25% to 4.177.

In the commodities market, Brent crude for February 2024 settlement gained $1.73 or 2.34% to $75.78 a barrel.

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