Shares at the days low; pharma shares rise for 2nd day

23 Sep 2022 , 02:27 PM

The key equity benchmarks slumped and hit fresh intraday low in mid-afternoon trade. The Nifty traded a tad above 17,350 mark. Pharma shares rose for second consecutive session. At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 977.67 points or 1.65% to 58,142.05. The Nifty 50 index declined 274.40 points or 1.56% to 17,355.40. In the broader market, the S&P BSE Mid-Cap index lost 1.99% while the S&P BSE Small-Cap index fell 1.54% The market breadth was weak. On the BSE, 933 shares rose, and 2,463 shares fell. A total of 141 shares were unchanged. Investor sentiment sunk to extremely depressed levels of bullishness in the aftermath of the US Feds supersized rate hike and ultra-hawkish outlook to tame sticky inflation. On a related note, the Reserve Bank of India (RBI)s six-member Monetary Policy Committee is scheduled to meet next week during 28-30 September 2022. RBI Governor Shaktikanta Das will announce the MPC decision on 30 September 2022, the last date of the meeting. The RBI is widely expected to maintain the balancing act between growth and inflation. In the past three policy reviews, the RBIs rate-setting panel has raised 140 basis points in total since May this year. Currently, the repo rate, the interest rate at which the RBI lends to the commercial bank, stands at 5.40%. Numbers to Track: The yield on Indias 10-year benchmark federal paper rose to 7.358 as compared with 7.312 at close in the previous trading session. The partially convertible rupee was hovering at 80.9700, compared with its close of 80.7900 during the previous trading session. MCX Gold futures for 5 October 2022 settlement lost 0.44% to Rs 49,778. The US Dollar index (DXY), which tracks the greenbacks value against a basket of currencies, was up 0.56% to 111.97. The United States 10-year bond yield was up 0.28% to 3.718. In the commodities market, Brent crude for November 2022 settlement fell $1.82 or 2.01% at $88.64 a barrel. Buzzing Index: The Nifty Pharma index rose 0.45% to 12,669.25. The index has added 0.76% in two sessions. Divis Laboratories (up 2.59%), Cipla (up 1.54%), Sun Pharmaceuticals Industries (up 1.31%), Aurobindo Pharma (up 0.31%) and Abbott India (up 0.3%) were the top gainers. On the other hand, Gland Pharma (down 2.07%), Lupin (down 1.57%) and Zydus Lifesciences (down 1.1%) moved lower. Glenmark Pharmaceuticals shed 0.57%. The drug maker said that Bausch Health Companies Inc. and Glenmark Specialty S.A., a subsidiary of the company, have announced that RYALTRIS (olopatadine hydrochloride and mometasone furoate nasal spray) has been approved by Health Canada for the symptomatic treatment of moderate to severe seasonal allergic rhinitis (SAR) and associated ocular symptoms in adults, adolescents, and children aged 6 years and older. Shilpa Medicare rose 0.93%. The company said that its analytical services division situated at Nacharam, Hyderabad, Telangana has received US FDA clearance the establishment inspection report (EIR) for the facility. Powered by Capital Market – Live News