BAROMETERS PARES ALL GAINS; PHARMA SHARES JUMPS

The key equity indices pared all gains and traded with limited losses in mid-afternoon trade. The Nifty traded below the 23,300 level after hitting day�s high of 23,411.90 in early trade. Pharma shares advanced for the two consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 100.12 points or 0.13% to 76,627.12. The Nifty 50 index shed 6.25 points or 0.03% to 23,293.05.

The Sensex and Nifty clocked an all-time high of 77,079.04 and 23,411.90 in early trade.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.28% and the S&P BSE Small-Cap index gained 0.95%.

The market breadth was strong. On the BSE, 2,678 shares rose and 1,289 shares fell. A total of 132 shares were unchanged.

Economy:

India�s forex reserves jumped $4.837 billion to a new all-time high of $651.51 billion for the week ended May 31, according to the latest RBI data.

For the week ended May 31, foreign currency assets, a major component of the reserves, increased by $5.065.51 billion to $572.564 billion.

Gold reserves fell by $212 million to $56.501 billion during the week ended May 31. The special drawing rights (SDRs) were down $17 million to $18.118 billion.

India�s reserve position with the IMF was up $1 million to $4.326 billion in the reporting week, the apex bank data showed.

Buzzing Index:

The Nifty Pharma index rose 0.99% to 19,771.75. The index added 2.80% in the two consecutive trading sessions.

J B Chemicals & Pharmaceuticals (up 6.97%), Sanofi India (up 3.06%), Zydus Lifesciences (up 2.48%), Cipla (up 2.39%), Mankind Pharma (up 2%), Biocon (up 1.95%), Abbott India (up 1.83%), Natco Pharma (up 1.62%), Gland Pharma (up 1.58%) and Glenmark Pharmaceuticals (up 1.39%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal added 0.23% to 7.034 as compared with previous close 7.033.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 83.5075, compared with its close of 83.4075 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement declined 0.56% to Rs 70,951.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.31% to 105.21.

The United States 10-year bond yield gained 0.86% to 4.468.

In the commodities market, Brent crude for August 2024 settlement added 19 cents or 0.24% to $79.81 a barrel.

Stocks in Spotlight:

Man Infraconstruction added 2.85% after the company announced the acquisition of a prime redevelopment project at Bandra Kurla Complex (BKC).

JSW Energy rose 0.22%. The company announced that it has initiated the construction activities for its battery energy storage project (BESS) marking its foray into energy storage services.

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