Indices near flat line; pharma shares in demand

The key equity benchmarks traded near the flat line in morning trade. The Nifty hovered above 19,400 level. Pharma shares saw buying demand for the sixth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 8.80 points or 0.01% to 64,933.60. The Nifty 50 index added 18.55 points or 0.1% to 19,425.25.

In the broader market, the S&P BSE Mid-Cap index rose 0.80% while the S&P BSE Small-Cap index gained 0.75%.

The market breadth was strong. On the BSE, 2,180 shares rose and 1,145 shares fell. A total of 143 shares were unchanged.

Earnings Today:

Pidilite Industries (up 0.53%), Power Finance Corporation (up 0.74%), Tata Power Co. (up 1.48%), United Spirits (down 0.28%), Lupin (up 0.98%), PI Industries (up 1.32%), Patanjali Foods (up 0.07%), Bharat Heavy Electricals (down 0.16%), Mazagon Dock Shipbuilders (up 1.69%), The Phoenix Mills (down 0.02%), Oil India (up 1.09%), Skf India (up 0.15%), Grindwell Norton (up 1.77%), The New India Assurance Company (up 1.67%), Endurance Technologies (down 0.23%), Godrej Industries (up 1.25%), Bata India (up 0.55%), KIOCL (down 0.73%), Tata Investment Corporation (up 1.64%), Elgi Equipments (up 0.59%), Brigade Enterprises (up 0.36%) will announce their quarter results later today.

Century Plyboards (I) (up 1.08%), Multi Commodity Exchange Of India (up 1.12%), Raymond (up 1.81%), Concord Biotech (up 2.01%), Eris Lifesciences (up 1.88%), Welspun Corp (up 2.41%), Computer Age Management Services (up 0.84%), Gujarat Narmada Valley Fertilizers & Chemicals (up 1.75%), Shree Renuka Sugars (up 0.44%), Birla Corporation (up 0.69%), Medplus Health Services (up 0.56%), Mtar Technologies (up 0.40%), Easy Trip Planners (up 3.67%), Balaji Amines (up 0.14%), Gujarat Pipavav Port (up 1.16%), FDC (up 2.13%), Nazara Technologies (down 0.53%), Hindustan Foods (up 1.14%), Restaurant Brands Asia (up 1.40%), Gujarat Alkalies & Chemicals (up 0.80%) , Wonderla Holidays (down 0.86%), Moil (up 2.96%), Borosil (up 0.28%), Nesco (up 1.67%), Sansera Engineering (down 2.32%), Pricol (up 4.16%), Ami Organics (up 0.67%) are some of the other companies that will announce their quarterly results today.

Buzzing Index:

The Nifty Pharma index advanced 1.43% to 15,490.85. The index gained 5.5% in six trading sessions.

Alkem Laboratories (up 5.33%), Zydus Lifesciences (up 3.96%), Aurobindo Pharma (up 3.05%), Glenmark Pharmaceuticals (up 2.3%), Torrent Pharmaceuticals (up 2.05%), Granules India (up 2.05%), Laurus Labs (up 1.69%), Dr Reddys Laboratories (up 1.56%), Natco Pharma (up 1.51%) and Cipla (up 1.35%) edged higher.

On the other hand, Gland Pharma (down 1.12%), Pfizer (down 0.39%) and Sanofi India (down 0.25%) declined.

Stocks in Spotlight:

Inox Wind added 1.10% to Rs 242.75 after its board approved raising of funds through the issuance of 0.01% non-convertible non-cumulative participating redeemable preference shares (NCPRPS). The issuance will be done through a private placement basis, and the total amount for which the securities will be issued is approximately Rs 500 crore.

Indian Railway Catering and Tourism Corporation shed 0.63%. The firm has reported 30.4% rise in net profit to Rs 226.03 crore on a 23.5% increase in total revenue to Rs 995.31 crore in Q2 of FY 2023-24 in comparison to Q2 of FY 2022-23.

Power Grid Corporation of India rose 0.07%. The company�s net profit increased 3.59% to Rs 3,781.42 crore in Q2 FY24 as compared with Rs 3,650.29 crore posted in corresponding quarter last year. Revenue from operations rose 1.04% YoY to Rs 1,1267.07 crore in Q2 FY24.

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