Nifty slips below 18,250 level; pharma shares fall for 3rd day

18 Nov 2022 , 11:31 AM

The domestic equity barometers extended losses and hit fresh intraday low in mid-morning trade. The Nifty traded tad below the 18,250 level. Pharma shares extended their downfall for third day in a row. At 11:23 IST, the barometer index, the S&P BSE Sensex, was down 300.17 points or 0.49% to 61,450.43. The Nifty 50 index lost 96.70 points or 0.53% to 18,247.20. In the broader market, the S&P BSE Mid-Cap index declined 0.70% while the S&P BSE Small-Cap index slipped 0.50%. The market breadth was weak. On the BSE, 1,282 shares rose, and 1,977 shares fell. A total of 157 shares were unchanged. Buzzing Index: The Nifty Pharma index fell 0.68% to 12,860.75. The index has declined 1.35% in three sessions. Glenmark Pharmaceuticals (down 4.64%), Laurus Labs (down 1.84%), Aurobindo Pharma (down 1.55%), Granules India (down 1.55%) and Ipca Laboratories (down 1.45%) were the top losers. Among the other losers were Alkem Laboratories (down 1.4%), Lupin (down 1.25%), Pfizer (down 1.22%), Gland Pharma (down 1.08%) and Torrent Pharmaceuticals (down 1.04%). Bajaj Healthcare jumped 2.83%. The pharma company announced successfully competition of first ever pre-approval inspection by US Food and Drug Administration (USFDA) of its Vadodara API facility. Sun Pharma Advanced Research Company (SPARC) rose 0.85%. The company announced that the U.S. drug regulator has approved Sezaby, phenobarbital sodium powder for injection for the treatment of neonatal seizures. Aurobindo Pharma fell 1.19%. The companys wholly owned subsidiary Eugia Pharma Specialities has received a final approval from the US Food & Drug Administration (US FDA) for hotericin B Liposome for injection. The product is expected to be launched by Q4 FY23. The approved product has an estimated market size of around US$ 145 million for the twelve months ending September 2022, according to IQVIA. Global Markets: Asian stocks mostly edged higher on Friday with the biggest gains posted by technology stocks as investors looked past warnings by Federal Reserve officials of higher interest rates to fight inflation. Japans core consumer price index for October rose 3.6% compared to a year ago, higher than expected and at the fastest pace in 40 years. Wall Streets main indices ended modestly lower on Thursday as hawkish comments from a US Federal Reserve official and data showing the labor market remained tight led some investors to worry about more aggressive interest rate hikes. St. Louis Fed President James Bullard said policymakers should increase interest rates to at least 5% to 5.25% to curb inflation. He also warned of further financial stress ahead. The number of Americans filing new claims for unemployment benefits fell last week. Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 222,000 for the week ended November 12, the Labor Department said on Thursday. Powered by Capital Market – Live News