Broader markets outperform; pharma shares rise for 3rd day

7 Sep 2022 , 02:28 PM

The domestic equity benchmark traded with minor losses in mid-afternoon trade. The Nifty traded below 17,650 level. Pharma shares advanced for third consecutive session. Investors remained cautious ahead of the release of the US Feds Beige Book, which summarizes the state of the worlds largest economy, due later today. At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 93.28 points or 0.16% to 59,103.71. The Nifty 50 index lost 16.10 points or 0.09% to 17,639.50. In the broader market, the S&P BSE Mid-Cap index rose 0.37% while the S&P BSE Small-Cap index advanced 0.64%. Among the broader marker stocks, Vakrangee (up 14.87%), EIH (up 8.80%), Vodafone Idea (up 8.20%), Wockhardt (up 7.83%) and Container Corporation of India (up 7.78%) were the top gainers. Concurrently, GMM Pfaudler (down 5.72%), Sunteck Realty (down 4.73%), HOME First Finance Company India (down 3.27%), Welspun Corp (down 2.87%) and Dhani Services (down 2.47%) were the top losers. The market breadth was strong. On the BSE, 2063 shares advanced and 1324 shares declined. A total of 145 shares were unchanged. Numbers to Track: The yield on Indias 10-year benchmark federal paper was currently flat at 7.179. In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 79.8825, compared with its close of 79.8275 during the previous trading session. MCX Gold futures for 5 October 2022 settlement lost 0.01% to Rs 50,277. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.09% to 110.31. In the commodities market, Brent crude for November 2022 settlement fell 34 cents or 0.37% to $92.49 a barrel. Buzzing Index: The Nifty Pharma index rose 0.80% to 12,698.85. The index has added 1.54% in three sessions. Granules India (up 2.71%), Biocon (up 1.64%), Lupin (up 1.39%), Glenmark Pharmaceuticals (up 1.38%) and Gland Pharma (up 1.23%) were the top gainers. Among the other gainers were Torrent Pharmaceuticals (up 0.99%), Cipla (up 0.98%), Aurobindo Pharma (up 0.93%), Zydus Lifesciences (up 0.77%) and Pfizer (up 0.72%). Stocks in Spotlight: Coal India (CIL) advanced 2%. The government-owned coal miner said that its production increased by 44.6 million tonnes (MTs) in just 5 months and 4 days of the ongoing fiscal, as of 4 September, eclipsing the previous best of 44.5 MTs registered in FY16, which though was for the entire year. Spandana Sphoorty Financial slipped 2.19%. The micro financier said that its board has approved the issuance of 400 secured, senior, redeemable, transferable, listed, principal protected, market linked, rated, non-convertible debentures of face value of Rs 10 lakh each, aggregating up to Rs 40 crore, with a green shoe option of up to Rs 20 crore, on a private placement basis. Powered by Capital Market – Live News