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Indices hit fresh day`s low; pharma stocks decline

Published on Feb 28, 2023 14:36

The domestic equity barometers hit fresh day`s low and traded with significant losses in mid-afternoon trade. The Nifty traded near the 17,300 level after hitting the day`s high of 17,440.45 in morning trade. Media, realty and auto stocks advanced while oil & gas, healthcare and pharma stocks declined.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 354.79 points or 0.60% to 58,933.56. The Nifty 50 index lost 92.60 points or 0.53% to 17,300.10.

The broader market outperformed the key domestic barometers. The S&P BSE Mid-Cap index advanced 0.32% while the S&P BSE Small-Cap index rose 0.17%.

The market breadth was negative. On the BSE, 1,601 shares rose and 1,785 shares fell. A total of 139 shares were unchanged.

Investors look ahead to the gross domestic product data of the fourth quarter of 2022, to be released later today.

Numbers to track:

The yield on India`s 10-year benchmark federal paper advanced to 7.462 from 7.448 in previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.6350, compared with its close of 82.79 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement declined 0.47% to Rs 55,218.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.07% to 104.75.

The United States 10-year bond yield added 0.74 % to 3.951

In the commodities market, Brent crude for April 2023 settlement rose 55 cents or 0.67% to $83 a barrel.

Buzzing Index:

The Nifty Pharma index declined 0.87% to 11,799.45. The index shed 1.64% in two trading sessions.

Cipla (down 3.33%), Alkem Laboratories (down 3.2%), Dr Reddys Laboratories (down 1.33%), Sanofi India (down 0.85%), Pfizer (down 0.77%), Abbott India (down 0.62%), Torrent Pharmaceuticals (down 0.49%), Glenmark Pharmaceuticals (down 0.45%), Natco Pharma (down 0.41%) and Glaxosmithkline Pharmaceuticals (down 0.17%) declined.

On the other hand, Gland Pharma (up 3.98%), Zydus Lifesciences (up 1.93%) and Aurobindo Pharma (up 1.4%) advanced.

Stocks in Spotlight:

South India Paper Mills rallied 4.74% after the board approved issue of equity shares aggregating to Rs 45 crore to non promoters on a preferential basis through private placement.

HPL Electric & Power jumped 5.28%. The company announced that it has won a smart meter order worth Rs 409.10 crore from an institutional customer in west India.

Happiest Minds Technologies rose 0.31%. The company`s board will consider fund raising through issuance of non-convertible debentures (NCDs) in domestic market, in one or more tranches on Thursday 2 March 2023.

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