Benchmarks trade with minor gains; pharma stocks advance

The domestic indices were trading with minor gains in morning trade. The Nifty traded above the 17,700 level. Pharma shares gained for eighth straight trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 21.5 points or 0.04% to 60,179.22. The Nifty 50 index added 22.25 points or 0.13% to 17,744.55.

In the broader market, the S&P BSE Mid-Cap index gained 0.23% while the S&P BSE Small-Cap index rose 0.37%.

The market breadth was strong. On the BSE, 1,955 shares rose and 1,170 shares fell. A total of 114 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 342.84 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 264.02 crore in the Indian equity market on 11 April, provisional data showed.

IT major, Tata Consultancy Services (TCS) (up 0.18%) will announce its Q4 & FY23 results today. Anand Rathi Wealth (down 0.34%) and National Standard (India) (up 10%) will also announce their earnings today.

Economy:

The International Monetary Fund (IMF) has cut its GDP growth forecast for India for the financial year 2023-24 by 20 basis points to 5.9%.

Chief economist of IMF Pierre-Olivier Gourinchas said while the global economy`s gradual recovery is on track, the recent banking instability has highlighted the fragilities in the rebound story.

The IMF has projected that global growth will bottom out at 2.8% in 2023 before rising modestly to 3% next year and has said policymakers need a steady hand and clear communication to tide over this period of instability.

Buzzing Index:

The Nifty Pharma index gained 1.19% to 12,446.10. The index advanced 4.82% in eight trading sessions.

Divis Laboratories (up 5.16%), Biocon (up 4.7%), Lupin (up 2.83%), Pfizer (up 2.62%), Laurus Labs (up 2.2%), Granules India (up 1.38%), Alkem Laboratories (up 1.36%), Cipla (up 1.14%), Dr Reddys Laboratories (up 1.11%) and Gland Pharma (up 0.68%).

Stocks in Spotlight:

Canara Bank shed 1.29%. The state-run bank has announced that it will revise its Marginal Cost of Funds Based Lending Rate (MCLR) effective from 12 April 2023. The six-month MCLR will increase by 5 basis points from 8.40% to 8.45%, and the one-year MCLR will also see a 5 basis point adjustment, rising from 8.60% to 8.65%.

Bharat Heavy Electricals rose 1.31% and Titagarh Wagons gained 1.68%. The consortium of BHEL and Titagarh Wagons has received an order for supply of 80 nos. sleeper class Vande Bharat trains. The consortium also has undertake comprehensive maintenance of the same for 35 years in accordance with the terms and conditions of the agreement. The contract has been awarded at the rate of Rs 120 crore per train.

Sula Vineyards jumped 7.97% after the company said that its own brands sales volumes crossed 1 million cases, with Elite & Premium wines surging past the 5 lakh case mark for the first time.

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