Market Commentary - Mid-Session
Nifty trades below 24,250; pharma shares under pressure As on : 26-Nov-24  11:32

The key equity benchmarks traded near the flatline with some negative bias in the mid-morning trade. The Nifty traded below the 24,250 mark. Pharma shares slipped after advancing for the past two trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 80.21 points or 0.09% to 80,034.65. The Nifty 50 index lost 13.35 points or 0.06% to 24,208.55.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.34% and the S&P BSE Small-Cap index added 0.46%.

The market breadth was strong. On the BSE, 2,228 shares rose and 1,412 shares fell. A total of 191 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Enviro Infra Engineers received bids for 62,84,72,298 shares as against 3,07,93,600 shares on offer, according to stock exchange data at 11:15 IST on 26 November 2024. The issue was subscribed 20.41 times.

The issue opened for bidding on 22 November 2024 and it will close on 26 November 2024. The price band of the IPO is fixed between Rs 140 to Rs 148 per share. An investor can bid for a minimum of 101 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Pharma index lost 0.73% to 22,014.35. The index added 1.26% in the past two consecutive trading sessions.

Ipca Laboratories (down 2.06%), Divis Laboratories (down 1.89%), Aurobindo Pharma (down 1.47%), Lupin (down 1.41%), Sun Pharmaceuticals Industries (down 1.24%), Gland Pharma (down 1.07%), Natco Pharma (down 0.66%), Mankind Pharma (down 0.44%), Ajanta Pharma (down 0.42%) and Abbott India (down 0.39%) declined.

On the other hand, Biocon (up 2.11%) ,Granules India (up 1.99%) and Glenmark Pharmaceuticals (up 1.93%) added.

Stocks in Spotlight:

Acme Solar Holdings declined 3.80% after the company's consolidated net profit declined 60.4% to Rs 15.30 crore on 19.7% fall in revenue from operations to Rs 259.59 crore in Q2 FY25 over Q2 FY24.

Premier Energies rose 1.12% after the company informed that its subsidiaries have received multiple orders aggregating to Rs 1,087 crore from 2 large independent power producers (IPP) and 1 other customer.

Hitachi Energy India jumped 6.67% after the company's consortium with Bharat Heavy Electricals (BHEL) bagged a renewable energy transmission project from Power Grid Corporation of India.

Global Markets:

Asian stocks traded lower on Tuesday following U.S. President-elect Donald Trump's announcement of proposed tariffs on China, Mexico, and Canada.

Trump stated on his Truth Social platform that he plans to implement a 10% tariff on goods from China and a 25% tariff on imports from Mexico and Canada. He cited the need to address issues of illegal migration and drug trafficking across U.S. borders.

Key U.S. economic data is due this week, with the Federal Reserve releasing the minutes from its latest FOMC meeting on Tuesday and U.S. GDP data expected on Wednesday.

On Monday, U.S. stock benchmarks hit record highs. The Dow Jones Industrial Average rose 1%, the S&P 500 gained 0.3% to close at 5,987.40, and the NASDAQ Composite advanced 0.27% to 19,054.84. Markets were buoyed by the nomination of Scott Bessent as Treasury Secretary, continued flows into cyclical sectors, and reports of a potential ceasefire between Israel and Lebanon, which drove oil prices lower.

Investors are also awaiting the PCE Price Index, the Federal Reserve's preferred inflation measure, later this week. Trading volumes are expected to remain light due to the Thanksgiving holiday.

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