Markets trade under pressure

27 Jul 2023 , 01:13 PM

Indian stock markets are trading with slight decline in Thursday’s afternoon session as the US Federal Reserve raised interest rates by 25 basis points and stated it no longer expects a recession. 

On the sectoral front, Nifty Auto and Bank stocks are trading about 1% lower. While Pharma stocks are trading with a gain of nearly 4%, getting a boost from strong quarterly numbers of pharma majors.

At around 1.00 PM, BSE Sensex was trading 217 points lower at 66,490. NSE Nifty was trading at 19,724, down by 54 points.

Cipla (+10%) is the top nifty gainer today, with an uptick of over 10%, driving the rally in Pharma index. Sun Pharma (+3.33%) is trading about 3% higher, joined by Divis Lab (+2.63%). Dr Reddy’s (+1.83%) is currently up by 2%. HDFC Life (+1%) is trading with a gain of nearly 1%.

Mahindra & Mahindra (-5.55%) is top loser on nifty pack today. BPCL (-3.96%) is trading down by 4%. Nestle India (-2.54%) is trading lower owing to its lackluster Q2 numbers. FMCG players Britannia (-2.82%) and Tata Consumer (-2.23%) are also trading on the downside.

A total of 20 stocks advanced and 29 declined, while 2 remain unchanged on the nifty index.