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Market trades flat; VIX rallies 3.30%; pharma shares slide

Published on Dec 11, 2023 12:36

The domestic equity indices traded near the flat line in early afternoon trade. The Nifty traded below the 21,000 level. Pharma stocks declined for two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 7.32 points or 0.01% to 69,832.92. The Nifty 50 index lost 1.25 points or 0.01% to 20,968.15.

The Nifty and the Sensex hit all-time highs in morning trade at 21,026.10 and 70,057.83, respectively.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.55% and the S&P BSE Small-Cap index gained 0.62%.

The market breadth was strong. On the BSE, 2,336 shares rose and 1,394 shares fell. A total of 185 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, advanced 3.30% to 12.88. The Nifty 28 December 2023 futures were trading at 21,038, at a premium of 127.55 points as compared with the spot at 20,910.45.

The Nifty option chain for the 28 December 2023 expiry showed maximum Call OI of 35.9 lakh contracts at the 21,000 strike price. Maximum Put OI of 41.3 lakh contracts were seen at 20,000 strike price.

Buzzing Index:

The Nifty Pharma index lost 1.21% to 15,968.05. The index fell 2% in two trading sessions.

Dr Reddys Laboratories (down 5.48%), Alkem Laboratories (down 2.17%), Cipla (down 1.81%), Aurobindo Pharma (down 1.51%), Granules India (down 1.02%), Ipca Laboratories (down 0.8%), Lupin (down 0.76%), Zydus Lifesciences (down 0.65%), Glaxosmithkline Pharmaceuticals (down 0.6%) and Sun Pharmaceuticals Industries (down 0.53%) slipped.

On the other hand, Glenmark Pharmaceuticals (up 3.35%), Laurus Labs (up 1.49%) and Gland Pharma (up 0.81%) edged higher.

Cipla declined 1.81% after its wholly-owned subsidiary, InvaGen Pharmaceuticals Inc., voluntarily recalled one lot of Vigabatrin for Oral Solution, USP 500mg, to the consumer level due to packaging issues in USA.

Stocks in Spotlight:

Subros surged 11.19% after the company received a new order from Indian Railways for supply and commissioning of coach roof mounted air conditioners for Rs 25 crore.

Technocraft Industries India (TIIL) advanced 3.13% after CRISIL Ratings has upgraded its rating on the long-term (LT) bank facilities of the company to `CRISIL AA-/Stable� from `CRISIL A+/Positive�.

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