NIFTY CLIMBS ABOVE 21,350; PHARMA SHARES ADVANCE

The domestic equity benchmarks traded with decent gains in mid-afternoon trade. The Nifty traded above 21,350 mark after hitting the day`s low of 21,137.20 in early trade. Pharma shares gained for two consecutive trading sessions.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 368.32 points or 0.52% to 70,738.87. The Nifty 50 index added 130.60 points or 0.61% to 21,369.40.

In the broader market the S&P BSE Mid-Cap index added 1.39% and the S&P BSE Small-Cap index gained 1.38%.

The market breadth was positive. On the BSE, 2,288 shares rose and 1,467 shares fell. A total of 104 shares were unchanged.

Buzzing Index:

The Nifty pharma index gained 1.29% to 17,745.55. The index advanced 2.96% in the two trading sessions.

Gland Pharma (up 4.05%), Dr Reddys Laboratories (up 3.67%), Alkem Laboratories (up 3.3%), Zydus Lifesciences (up 3.21%), Glenmark Pharmaceuticals (up 2.84%), Natco Pharma (up 2.51%), Laurus Labs (up 2.27%), Ipca Laboratories (up 1.64%), Pfizer (up 1.32%) and Sanofi India (up 1.13%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.1% to 7.173 as compared with previous close 7.174.

In the foreign exchange market, the rupee remains flat at 83.1500 against the dollar.

MCX Gold futures for 5 February 2024 settlement added 0.25% to Rs 62,126.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.28% to 103.33.

The United States 10-year bond yield declined 1.09% to 4.099.

In the commodities market, Brent crude for March 2024 settlement rose 42 cents or 0.53% to $79.97 a barrel.

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