Market turn rangebound, pharma shares advance

The frontline indices traded in a narrow range with modest losses in mid-afternoon trade. The Nifty traded below the 21,450 level. Pharma shares advance after declining in the past two consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 461.88 points or 0.65% to 71,038.88. The Nifty 50 index lost 148.10 points or 0.69% to 21,423.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.41% and the S&P BSE Small-Cap index shed 0.25%.

The market breadth was negative. On the BSE, 1,696 shares rose and 2,073 shares fell. A total of 115 shares were unchanged.

Buzzing Index:

The Nifty Pharma index rose 1% to 17,326.10. The index fell 2.21% in the past two trading sessions.

Aurobindo Pharma (up 3.06%), Glaxosmithkline Pharmaceuticals (up 2.57%), Sun Pharmaceuticals Industries (up 2.46%), Cipla (up 1.8%),Lupin (up 1.21%), Natco Pharma (up 0.44%), Sanofi India (up 0.24%), Dr Reddys Laboratories (up 0.03%) advanced.

On the other hand, Ipca Laboratories (down 3.73%), Alkem Laboratories (down 2.54%) and Divis Laboratories (down 1.15%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.11% to 7.171 as compared with previous close 7.163

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1725, compared with its close of 83.1450 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.24% to Rs 61,655.00.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.08% to 103.37.

The United States 10-year bond yield shed 0.42% to 4.090.

In the commodities market, Brent crude for February 2024 settlement rose 36 cents or 0.46% to $78.24 a barrel.

Stocks in Spotlight:

Nazara Technologies declined 2.49%. The company said that its board has approved preferential allotment of equity shares to raise up to Rs 250 crore.

Indiabulls Housing Finance fell 1.07%. The firm announced that its board has approved raising of funds aggregating up to Rs 5,000 crore or its equivalent in USD.

Sobha surged 12.91% after the realtor informed that its board will meet on Monday, 22 January 2024 to consider the proposal of fund raising by way of equity shares through rights issue.

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