Barometers trade lower; pharma shares under pressure for 3rd day

The key benchmarks indices traded with modest losses in mid-morning trade. The Nifty trades below 22,700 level. Pharma shares extended losses for third consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 286.62 points or 0.39% to 74,743.99. The Nifty 50 index lost 77.50 points or 0.34% to 22,676.30.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.45% and the S&P BSE Small-Cap index added 0.25%.

The market breadth was negative. On the BSE, 1,724 shares rose and 1,897 shares fell. A total of 142 shares were unchanged.

The Asian Development Bank (ADB) on Thursday raised India�s GDP growth forecast for the current fiscal to 7% from 6.7% earlier, saying the robust growth will be driven by public and private sector investment demand and gradual improvement in consumer demand.

Buzzing Index:

The Nifty Pharma index declined 0.83% to 18,958.75. The index slipped 1.35% in three trading sessions.

Sun Pharmaceuticals Industries (down 2.96%), Gland Pharma (down 2.09%), Mankind Pharma (down 1.22%), Zydus Lifesciences (down 0.98%), Cipla (down 0.96%), Laurus Labs (down 0.91%) and Biocon (down 0.32%) declined.

On the other hand, Sanofi India (up 2%), Lupin (up 1.93%) and Divis Laboratories (up 1.59%) edged higher.

Stocks in Spotlight:

Karnataka Bank advanced 1.08% after the private lender on Wednesday announced that it has expanded its collaboration with FISDOM to offer 3-in-1 (savings, demat and trading accounts) through the bank�s mobile banking app, KBL Mobile Plus.

Trident rose 0.94%. The company informed that it has successfully commissioned the capacity of 1.1 MWp (megawatt peak) solar power project at Budhni in Madhya Pradesh.

PVR Inox shed 0.13%. The cinema chain operator announced the opening of 14 screen megaplex at Phoenix Mall of Asia in the city of Bengaluru.

Global Markets:

Asian stocks traded mixed on Friday with investor assessing economic data from Singapore and South Korea while awaiting China trade numbers.

Singapore�s first-quarter gross domestic product climbed 2.7% year on year, advance estimates showed, faster than the 2.2% growth recorded in the last quarter of 2023. The Bank of Korea bank left its key policy rate unchanged for the 10th consecutive time at 3.50%.

US stocks closed higher on Thursday, with tech-related momentum stocks leading the charge, as fresh economic data rekindled hopes that inflation remains in a cooling trend.

The European Central Bank held interest rates steady again Thursday but said slowing inflation could open the door to easing monetary policy.

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