MARKET TRADE WITH STRONG GAINS; PHARMA SHARES RALLY

The key equity benchmarks traded with strong gains in early afternoon trade, buoyed by optimism over the India�New Zealand Free Trade Agreement. Investors will keep track crucial economic data including US GDP data, scheduled later this week. Further, market participants are also closely monitoring rupee movement, FII activity, ongoing IPO activity, and global cues. The Nifty traded near the 26,150 mark.

Pharma shares witnessed buying demand for second consecutive trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex surged 569.20 points or 0.67% to 85,498.66. The Nifty 50 index added 186.75 points or 0.72% to 26,151.26.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.84% and the S&P BSE Small-Cap index added 1.16%.

The market breadth was weak. On the BSE, 2,789 shares rose and 1,449 shares fell. A total of 214 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 1.86% to 9.70.

India-New Zealand Agreement:

India and New Zealand concluded a comprehensive, balanced and forward-looking Free Trade Agreement (FTA) under the visionary leadership of Hon�ble Prime Minister Shri Narendra Modi, marking a major economic and strategic milestone in India�s engagement with the Indo-Pacific region.

India has secured commitments across a wide range of high-value sectors including IT and IT-enabled services, professional services, education, financial services, tourism, construction and other business services, opening substantial new opportunities for Indian service suppliers and high-skill employment.

New Zealand has committed to facilitate investments of USD 20 billion into India over the next fifteen years, thereby supporting manufacturing, infrastructure, services, innovation and employment under India�s Make in India vision. Indian enterprises are also expected to benefit from their presence in New Zealand and access the wider Pacific Island markets.

Buzzing Index:

The Nifty Pharma index advanced 0.72% to 22,915.05 The Index rose 1.58% for the two consecutive trading sessions.

Piramal Pharma (up 3.99%), Wockhardt (up 2.65%), Ajanta Pharma (up 2.56%), Glenmark Pharmaceuticals (up 2.36%) and Laurus Labs (up 2.33%), Ipca Laboratories (up 1.43%), Alkem Laboratories (up 1.38%), Sun Pharmaceutical Industries (up 1.05%), Gland Pharma (up 0.88%) and Divis Laboratories (up 0.64%) surged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.67% to 6.650 compared with previous session close of 6.606.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 89.5900 compared with its close of 89.6700 during the previous trading session.

MCX Gold futures for 5 February 2026 settlement advanced 1.26% to Rs 135,888.

The US Dollar Index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.10% to 98.50.

The United States 10-year bond yield declined 0.43% to 4.163.

In the commodities market, Brent crude for February 2025 settlement jumped 57 cents or 0.57% to $61.04 a barrel.

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