Benchmarks turn negative; Nifty below 14,350

The equity benchmarks reversed trend and hit a fresh intraday low in mid-afternoon trade. Pharma shares extended gains for the fourth day. The Nifty slipped below the 14,350 mark.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 209.95 points or 0.44% to 47,739.47. The Nifty 50 index lost 37.35 points or 0.26% to 14,322.10.

In the broader market, the S&P BSE Mid-Cap index and the S&P BSE Small-Cap index, both advanced 0.80%.

Buyers outnumbered sellers. On the BSE, 1765 shares rose and 1051 shares fell. A total of 159 shares were unchanged.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 74.7525 compared with its previous closing of 74.87.

The yield on 10-year benchmark federal paper rose to 6.098% as compared to its previous close of 6.081%.

MCX Gold futures for 4 June 2021 settlement slipped 0.34% to Rs 47,232.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, shed 0.14% to 90.94.

In the commodities market, Brent crude for June 2021 settlement rose 85 cents to $67.90 a barrel. The contract added 0.42% or 28 cents to settle at $67.05 in the previous trading session.

Buzzing Index:

The Nifty Pharma index rose 2.33% to 13,565.20. The index has added 5.92% in four sessions.

Cadila Healthcare (up 6.86%), Dr. Reddy`s Labs (up 4.57%), Aurobindo Pharma (up 3.47%), Sun Pharma (up 2.68%), Lupin (up 2.63%), Cipla (up 1.33%) and Torrent Pharma (up 1.07%) advanced.

Stocks in Spotlight:

Max Ventures and Industries rose 4.55% to Rs 56.30 after the company said its subsidiary Max Speciality Films (MSFL) has commercialized its new advanced metallizer line. MSFL manufactures specialty packaging films.

In December 2020, MSFL had said that it would be installing two additional metallizer lines. "MSFL has commenced first of the two metallizer lines today (20 April 2021)?, Max Ventures said in a statement.

Symphony surged 8.78% to Rs 1240.15 amid heavy volumes. On the BSE, 33,438 shares of the company were traded in the counter so far compared with the three-month average trading volume of 8,204 shares.

On the NSE, the counter clocked volume of 11,86,038 shares compared with average trading volume of 120,897 shares in the past three-months.

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