Benchmarks trade with small cuts; Nifty below 17,300 mark

The benchmark indices were trading lower in morning trade, tracking negative global cues. Pharma, healthcare and IT stocks were under pressure. The Nifty was hovering a tad below 17,300 level.

The ongoing Russia-Ukraine crisis stands at a pivotal moment, with Kyiv accusing pro-Moscow separatists of attacking a village near the border. The crisis re-escalated following an exchange of fire in eastern Ukraine and renewed U.S. warnings of an imminent Russian invasion.

At 10:30 IST, the barometer index, the S&P BSE Sensex, fell 58.40 points or 0.10% at 57,833.61. The Nifty 50 index slipped 19.15 points or 0.11% at 17,285.45.

In the broader market, the S&P BSE Mid-Cap index skid 0.15% while the S&P BSE Small-Cap index lost 0.06%.

The market breadth was negative. On the BSE, 1,395 shares rose and 1,603 shares fell. A total of 126 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,242.10 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 901.10 crore in the Indian equity market on 17 February 2022, provisional data showed.

Buzzing Index:

The Nifty Pharma index declined 0.78% to 13,220.40. The index lost 1.52% in two trading sessions.

Gland Pharma (down 2.61%), Cipla (down 2.12%), Cadila Healthcare (down 1.63%), Aurobindo Pharma (down 1.52%) and Divi`s Laboratories (down 1.41%) were the top losers in the Pharma segment.

Lupin slipped 0.11%. The company, on Thursday, announced that the USFDA has approved the company`s supplemental New Drug Application to expand the use of SOLOSEC (secnidazole) in the treatment of bacterial vaginosis. The drug will be used for female patients 12 years of age and older and in the treatment of trichomoniasis for all patients 12 years of age and older. Bacterial vaginosis is a common vaginal infection and trichomoniasis is the most common non-viral, curable sexually transmitted infection in the U.S. Secnidazole oral granules is the first and only single-dose oral prescription approved to treat both bacterial vaginosis (BV), a common vaginal infection. The drug is designed to be easy to take and one oral dose contains a complete course of treatment.

Stocks in Spotlight:

CSB Bank advanced 3.26%. The bank said that the Reserve Bank of India (RBI) has approved the appointment of Pralay Mondal as the deputy managing director of the bank, for a period of three years. On June 8, 2021, the bank had announced the appointment of Pralay Mondal as the deputy managing director of the bank, subject to RBI`s approval.

Hero MotoCorp lost 0.41%. The two-wheeler major has inaugurated its new dealership - Surya Hero in Jaipur, Rajasthan. Surya Hero will act as a one-stop-shop for all the sales and customer service requirements, in addition to offering the latest range of Hero-branded merchandise and accessories at the dealership.

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