Barometers trade with limited losses, pharma shares rally

The domestic equity benchmarks traded with minor losses in mid-morning trade. The Nifty traded below the 19,700 level after hitting the day`s high of 19,756.45 in morning trade. Pharma shares extended gains for the fourth consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 203.42 points or 0.31% to 65,591.31 . The Nifty 50 index declined 42.85 points or 0.22% to 19,688.95.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.09% while the S&P BSE Small-Cap index gained 0.38%. The S&P BSE Mid-Cap index and S&P BSE Small-Cap index hit record high of 33,526.65 and 39,863.26 respectively in intraday today.

The market breadth was positive. On the BSE, 1,938 shares rose and 1,680 shares fell. A total of 199 shares were unchanged.

Economy:

India�s forex kitty decreased by $462 million to $590.321 billion for the week ended November 10, the Reserve Bank said on Friday. In the previous reporting week, the overall reserves had increased by $4.672 billion to USD 590.783 billion.

Gold reserves were down by $608 million to $45.515 billion during the week, the RBI said. The Special Drawing Rights (SDRs) were up by $36 million to $18.011 billion, the apex bank said. India�s reserve position with the IMF (International Monetary Fund) was up by $3 million to $4.791 billion in the reporting week, the data showed.

Buzzing Index:

The Nifty Pharma index rose 0.82% to 15,933.80. The index advanced 2.82% in four trading sessions.

Glaxosmithkline Pharmaceuticals (up 3.95%), Divis Laboratories (up 3.78%), Gland Pharma (up 3.56%), Glenmark Pharmaceuticals (up 2.07%), Biocon (up 1.53%), Lupin (up 1.29%), Aurobindo Pharma (up 1.01%), Zydus Lifesciences (up 0.9%), Natco Pharma (up 0.6%) and Sanofi India (up 0.47%) gained.

On the other hand, Alkem Laboratories (down 0.93%), Ipca Laboratories (down 0.73%) and Granules India (down 0.63%) edged lower.

Stocks in Spotlight:

Newgen Software Technologies was locked in 5% upper circuit after the company announced that its board will consider proposal for issue of bonus on 27 November 2023.

Shreeji Translogistics zoomed 11.19% after the company announced the addition of three locations to its Railway Rake Handling and Transportation service business. The logistics company, has successfully executed Railway Rake Handling & Shifting (H&S) and Transportation services into different locations namely Vishakhapatnam (Andhra Pradesh), Bhilai (Chhattisgarh), Haridwar (Uttarakhand).

Global Markets:

Most of the Asian stocks were trading higher on Monday while investors watched for changes to China�s benchmark lending rates. The People�s Bank of China�s one-year loan prime rate is currently at 3.45%. The five-year benchmark loan rate stands at 4.2%.

US stocks ended higher on Friday and clinched a third straight winning week amid a red-hot November rally. Those gains were sparked by tame U.S. inflation data that gave hope to investors that the Federal Reserve�s tough stance on rate policy may be in the rearview mirror.

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