Nifty above 17,650; Pharma stocks decline
Published on Aug 12, 2022 14:34
The key equity barometers traded with small gains in the mid-afternoon trade. Positive opening in the European stock markets boosted the investor sentiments. The Nifty traded above the 17,650 level after hitting the day`s low of 17,597.85 in the morning trade. Pharma stocks snapped its three days gaining run.
At 13:30 IST, the barometer index, the S&P BSE Sensex, was up 66.33 points or 0.11% to 59,398.93. The Nifty 50 index rose 27.30 points or 0.15% to 17,686.30.
In the broader market, the S&P BSE Mid-Cap index rose 0.22% while the S&P BSE Small-Cap index gained 0.51%.
The market breadth was positive. On the BSE, 1,863 shares rose and 1,485 shares fell. A total of 152 shares were unchanged.
Numbers to Track:
The yield on India`s 10-year benchmark federal paper rose to 7.309 as compared with 7.267 at close in the previous trading session.
In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.715, compared with its close of 79.62 during the previous trading session.
MCX Gold futures for 5 October 2022 settlement fell 0.01% to Rs 52,330.
The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, rose 0.23% to 105.33.
In the commodities market, Brent crude for October 2022 settlement rose 36 cents or 0.36% at $99.96 a barrel.
The Nifty Pharma index fell 1.06% to 12,876.55, snapping its three days gaining streak. The index rose 0.57% in three trading sessions.
Among the components of the Nifty Pharma index, Ipca Laboratories (down 8.43%), Divis Laboratories (down 5.67%), Biocon (down 1.25%), Sun Pharmaceuticals Industries (down 0.91%) Lupin (down 0.86%) Cipla (down 0.81%), Alkem Laboratories (down 0.39%), Abbott India (down 0.26%) and Gland Pharma (down 0.05%) were the losers.
On the other hand, Aurobindo Pharma (up 2.83%), Strides Pharma Science (up 1.69%) and Granules India (up 1.32%) advanced.
Divis Laboratories fell 5.67%. The pharma major`s consolidated net profit jumped 26.01% to Rs 702.01 crore on 14.99% rise in revenue from operations to Rs 2,254.52 crore in Q1 FY23 over Q1 FY22. Total income grew 17.34% to Rs 2,342.91 crore in the quarter ended 30 June 2022 from Rs 1,996.61 crore recorded in the same period a year ago.
Balaji Amines fell 2.88%. The company`s consolidated net profit rose 36% to Rs 122.96 crore on a 48.7% increase in revenue from operations to Rs 670.17 crore in Q1 FY23 over Q1 FY22. Sequentially, consolidated net profit rose 13% from Rs 108.72 crore despite of a 14% decline in revenue from operations from Rs 779.04 crore in the quarter ended 30 June 2022.
Aster DM Healthcare tumbled 8.47%. The company`s consolidated net profit rose 33.8% to Rs 79.77 crore on a 12.3% rise in revenue from operations to Rs 2,662.12 crore in Q1 FY23 over Q1 FY22. Profit before tax increased by 20.9% to Rs 85.22 crore in Q1 FY23 as against Rs 70.49 crore in Q1 FY22.
Quess Corp rose 0.49% after the company`s consolidated net profit surged 51.7% to Rs 67.70 crore on 33.2% jump in net revenue from operations to Rs 3,979.32 crore in Q1 FY23 over Q1 FY22. Increase in revenues were mainly driven by General Staffing (up 34%), QITS (up 33%), and ConneQt (up 33%).
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