Indices trade with modest losses; Pharma shares advance

The domestic equity benchmarks continued to pare losses and traded with minor cuts in mid-afternoon trade. The Nifty traded above the 20,850 mark after hitting the day�s low of 20769.50 in early afternoon trade. Pharma shares advanced after declining for third consecutive trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 138.17 points or 0.20% to 69,412.86. The Nifty 50 index lost 31.55 points or 0.15% to 20,874.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.68% and the S&P BSE Small-Cap index added 0.54%.

The market breadth was positive. On the BSE, 2,097 shares rose and 1,634 shares fell. A total of 126 shares were unchanged.

Despite the recent run-up in domestic equities, the underlying investor sentiment remains bullish buoyed by the growth momentum in the economy, the sustained buying by DIIs and retail investors, reversal of the FPI strategy from selling to buying and favourable global cues will keep the market resilient. From the global perspective, message from the US Federal Reserve, which is slated for release late on Wednesday, remains important in setting the global market trend. Investors will look out for the Fed chief�s message before deciding on future course of action.

Buzzing Index:

The Nifty Pharma index advanced 0.82% to 16,094.70. The index slipped 2.03% in the past three trading sessions.

Nazara Technologies (up 5.72%), Dish TV India (up 3.82%), D B Corp (up 2.57%), Sun TV Network (up 1.25%) and Network 18 Media & Investments (up 0.4%), TV18 Broadcast (up 0.3%) advanced.

On the other hand, Zee Entertainment Enterprises (down 0.43%), Hathway Cable & Datacom (down 0.24%) and Saregama India (down 0.17%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.14% to 7.265 as compared with previous close 7.275.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3975, compared with its close of 83.3750 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement declined 0.01% to Rs 61,175.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.09% to 103.96.

The United States 10-year bond yield declined 0.29% to 4.195.

In the commodities market, Brent crude for February 2024 settlement fell 59 cents or 0.81% to $72.65 a barrel.

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