BENCHMARKS TRADE WITH MINOR LOSSES; PHARMA SHARES SLIDE

The domestic equity indices traded with limited losses in mid-afternoon. The Nifty traded below the 25,100 level after hitting the day�s high of 25,212.05 in early trade. Pharma shares declined after advancing in the past two trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex was down 136.61 points or 0.17% to 81,843.25. The Nifty 50 index fell 63.60 points or 0.25% to 25,064.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.01% and the S&P BSE Small-Cap index added 0.70%.

The market breadth was negative. On the BSE, 1,917 shares rose and 1,978 shares fell. A total of 112 shares were unchanged.

Economy:

The Government of India (GoI) has announced the sale (re-issue) of (i) �7.02% Government Security 2031� for a notified amount of Rs 10,000 crore (nominal) through price based auction using multiple price method, (ii) �7.23% Government Security 2039� for a notified amount of Rs 13,000 crore (nominal) through price based auction using multiple price method and (iii) �7.09% Government Security 2054� for a notified amount of Rs 10,000 crore (nominal) through price based auction using multiple price method.

GoI will have the option to retain additional subscription up to Rs 2,000 crore against each security mentioned above. The auctions will be conducted by the Reserve Bank of India, Mumbai Office, Fort, Mumbai on October 18, 2024 (Friday). Up to 5% of the notified amount of the sale of the securities will be allotted to eligible individuals and institutions as per the Scheme for Non-Competitive Bidding Facility in the Auction of Government Securities.

Buzzing Index:

The Nifty Pharma index fell 0.63% to 25,530.60. The index rose 0.95% in the past two trading session.

Natco Pharma (down 2.65%), Divis Laboratories (down 2.27%), Granules India (down 2.05%), Gland Pharma (down 2.03%), Aurobindo Pharma (down 1.42%), Cipla (down 1.23%), Mankind Pharma (down 0.93%), Glenmark Pharmaceuticals (down 0.65%), Sun Pharmaceuticals Industries (down 0.54%) and Laurus Labs (down 0.52%) edged lower.

On the other hand, J B Chemicals & Pharmaceuticals (up 2.73%) ,Biocon (up 1.46%) and Ipca Laboratories (up 1.29%) edged higher.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 1.61% to 6.891 as compared with previous close 6.894.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.0675, compared with its close of 84.0500 during the previous trading session.

MCX Gold futures for 5 December 2024 settlement rose 0.13% to Rs 76,148.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.16% to 103.13.

The United States 10-year bond yield slipped 1.19% to 4.076.

In the commodities market, Brent crude for November 2024 settlement lost $3.12 or 4.03% to $74.34 a barrel.

Stocks in spotlight:

HCL Technologies rose 0.67%. The company�s consolidated net profit fell 0.52% to Rs 4,237 crore in Q2 FY25 as compared with Rs 4,259 crore in Q1 FY25. Revenue from operations increased 2.87% YoY to Rs 28,862 crore during the quarter.

Active Clothing Company surged 9.87% after the company announced the signing of a contract manufacturing agreement with Puma Sports India.

Landmark Cars added 2.11% after the company reported 13.84% increase in total revenue from operations to Rs 1,275 crore in Q2 FY25 from Rs 1,120 crore in Q2 FY24.

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