BAROMETERS TRADE WITH MAJOR LOSSES; PHARMA SHARES SLIDE

The frontline equity indices traded with substantial cuts in mid-afternoon trade. The Nifty traded below the 25,850 mark. Pharma shares declined for the third consecutive trading session.

At 14:30 ST, the barometer index, the S&P BSE Sensex, dropped 470.30 points or 0.55% to 84,632.66. The Nifty 50 index lost 139.65 points or 0.58% to 25,819.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.45% and the S&P BSE Small-Cap index jumped 0.92%.

The market breadth was negative. On the BSE, 2,406 shares rose and 1,667 shares fell. A total of 174 shares were unchanged.

Buzzing Index:

The Nifty Pharma index slipped 0.38% to 22,555.10. The index fell 1.75% in three consecutive trading sessions.

Abbott India (down 2.11%), Ajanta Pharma (down 1.66%), Ipca Laboratories (down 1.40%), Aurobindo Pharma (down 0.84%), Dr Reddys Laboratories (down 0.78%), J B Chemicals & Pharmaceuticals (down 0.75%), Sun Pharmaceutical Industries (down 0.73%), Divis Laboratories (down 0.61%), Lupin (down 0.54%) and Zydus Lifesciences (down 0.32%) declined.

On the other hand, Laurus Labs (up 1.79%), Glenmark Pharmaceuticals (up 1.31%) and Alkem Laboratories (up 1.24%) edged higher.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper jumped 0.69% to 6.612 compared with previous session close of 6.567.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 90.9300 compared with its close of 90.0500 during the previous trading session.

MCX Gold futures for 5 February 2025 settlement shed 0.27% to Rs 1,29,609.

The US Dollar Index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.01% to 99.60.

The United States 10-year bond yield added 0.17% to 4.180.

In the commodities market, Brent crude for February 2025 settlement lost 6 cents or 0.10% to $62.43 a barrel.

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