Market Commentary - Mid-Session
Barometers trim losses; pharma shares slip As on : 16-Oct-24  14:32

The headline equity indices traded near the flat line with some negative bias in mid-afternoon trade. The Nifty traded near the 25,050 mark. Pharma shares extended losses for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 30.55 points or 0.03% to 81,547.06. The Nifty 50 index shed 7 points or 0.03% to 25,050.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.10% and the S&P BSE Small-Cap index rose 0.06%.

The market breadth was negative. On the BSE, 1,948 shares rose and 1,967 shares fell. A total of 108 shares were unchanged.

Buzzing Index:

The Nifty Pharma index fell 0.65% to 23,403.50. The index declined 1.67% in two trading sessions.

Zydus Lifesciences (down 4.44%), Ipca Laboratories (down 3.48%), Lupin (down 2.62%), Alkem Laboratories (down 2.34%), Biocon (down 1.9%), Mankind Pharma (down 1.69%), Glenmark Pharmaceuticals (down 1.17%), Laurus Labs (down 1.14%), Cipla (down 0.8%) and J B Chemicals & Pharmaceuticals (down 0.65%) edged lower.

On the other hand, Dr Reddy's Laboratories (up 1.5%), Ajanta Pharma (up 0.91%) and Granules India (up 0.73%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 1.60% to 6.877 as compared with previous close 6.880.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.0475, compared with its close of 84.0425 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.44% to Rs 76,697.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 103.39.

The United States 10-year bond yield slipped 0.62% to 4.010.

In the commodities market, Brent crude for November 2024 settlement lost 13 cents or 0.18% to $74.12 a barrel.

Stocks in spotlight:

Antony Waste Handling Cell rallied 5.20% after the company informed that it has reported continued and consistent performance in Q2 & H1 FY25.

Strides Pharma Science jumped 4.35% after the firm said that its associate company, OneSource Specialty Pharma received commitment for raising Rs 801 crore ($95 million) from investors, in the pre-listing round.

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