loader2
Partner With Us NRI

Market turns rangebound; pharma shares decline

Published on Jun 18, 2024 11:39

The domestic equity benchmarks traded in narrow range with modest gains in mid-morning trade. The Nifty hovered above the 23,500 level. Pharma shares witnessed profit booking after advancing in the past three consecutive trading sessions.

At 11:30 IST, the barometer index, the S&P BSE Sensex was up 276.07 points or 0.36% to 77,268.84. The Nifty 50 index added 78.50 points or 0.33% to 23,544.10.

The Sensex and Nifty clocked an all-time high of 77,366.77 and 23,579.05 respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index added 0.34% and the S&P BSE Small-Cap index rose 0.73%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,278.53 and 51,758.97 respectively.

The market breadth was positive. On the BSE, 2,122 shares rose and 1,699 shares fell. A total of 185 shares were unchanged.

Economy

India�s forex reserves rose 4.307 billion US Dollars to hit a new all-time high of 655.817 billion Dollars for the week ended June 7. The reserves had jumped 4.837 billion dollars to 651.51 billion dollars in the previous week. For the latest week, foreign currency assets, a major component of the reserves, increased by 3.773 billion dollars to 576.337 billion dollars.

Buzzing Index:

The Nifty Pharma index declined 0.69% to 19,759.30. The index advanced 1.04% in the past three consecutive trading sessions.

Alkem Laboratories (down 3.12%), Aurobindo Pharma (down 2.24%), Zydus Lifesciences (down 2.23%), Biocon (down 1.82%), Lupin (down 1.64%), Dr Reddys Laboratories (down 1.19%), Divis Laboratories (down 1.18%), Laurus Labs (down 1.17%), Ipca Laboratories (down 1.03%) and J B Chemicals & Pharmaceuticals (down 0.94%) slipped.

On the other hand, Sanofi India (up 5%), Mankind Pharma (up 0.76%) and Cipla (up 0.46%) edged higher.

Stocks in Spotlight :

Hindustan Aeronautics (HAL) jumped 5.07% to Rs 5,463 after the company announced that a request for proposal (RFP) has been issued by the Ministry of Defence for procurement of 156 light combat helicopters (LCH).

Swan Energy advanced 2.90% after the company`s board has approved a proposal to incorporate a wholly owned subsidiary to engage in information technology (IT) and artificial intelligence (AI) activities.

Global Markets:

Most Asian stocks traded higher on Tuesday, following gains on Wall Street the previous day. This positive sentiment was buoyed by easing concerns about political instability in Europe. Investors also awaited comments from several Federal Reserve officials scheduled to speak later.

The primary focus in Asian markets remained the Reserve Bank of Australia`s (RBA) policy decision. While the RBA is expected to maintain current interest rates, markets are keen on any hints regarding a potential future rate cut cycle in Australia.

U.S. stocks surged to fresh records on Monday, fueled by continued gains in technology companies. The S&P 500 climbed 0.8%, surpassing its all-time high from Thursday. The Dow Jones Industrial Average also rose 0.5%, while the Nasdaq Composite extended its own record with a 1% gain.

The U.S. stock market will be closed tomorrow, Wednesday, June 19th, for Juneteenth.

Powered by Capital Market - Live News