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Nifty above 21,600 level; pharma shares in demand

Published on Jan 23, 2024 10:32

The domestic equity benchmarks traded with significant gains in morning trade. The Nifty traded above the 21,600 level. Pharma shares rallied after declining in the past trading session.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 150.20 points or 0.21% to 71,573.85. The Nifty 50 index added 41.20 points or 0.19% to 21,613.

In the broader market, the S&P BSE Mid-Cap index shed 0.93% and the S&P BSE Small-Cap index slipped 1.07%.

The market breadth was negative. On the BSE, 1,367 shares rose and 2,238 shares fell. A total of 193 shares were unchanged.

Buzzing Index:

The Nifty Pharma index advanced 1.99% to 17,576.95. The index declined 0.88% in the past trading session.

Cipla (up 6.91%), Sun Pharmaceuticals Industries (up 3.61%), Zydus Lifesciences (up 2%), Abbott India (up 1.97%), Lupin (up 1.65%), Dr Reddys Laboratories (up 1.41%), Natco Pharma (up 1.41%), Laurus Labs (up 1.16%), Glenmark Pharmaceuticals (up 1.05%) and Alkem Laboratories (up 0.95%) edged higher.

Cipla surged 6.91% after the company reported 31.83% jump in consolidated net profit to Rs 1,055.90 crore on 3.54% increase in revenue from operations to Rs 6,505.66 core in Q3 FY24 over Q3 FY23.

Stocks in Spotlight:

Shree Cement rose 1.04% after the company said that it has started commercial production at Nawalgarh cement plant situated at Village Gothra in Nawalgarh Tehsil of Rajasthan. With the commencement of cement production at the Nawalgarh facility, the company`s total cement production capacity in India has risen from 49.9 MTPA to 53.4 MTPA.

Persistent Systems jumped 6.65% after the IT company�s consolidated net profit rose 8.68% to Rs 286.13 crore on 3.59% increase in revenue from operations to Rs 2,498.22 crore in Q3 FY24 over Q2 FY24.

Colgate-Palmolive (India) shed 0.97%. The FMCG major`s net profit jumped 35.71% to Rs 330.11 crore in Q3 FY24 as against Rs 243.24 crore posted in Q3 FY23. Net sales increased 8.21% year on year (YoY) to Rs 1,386.41 crore in the quarter ended 31 December 2023.

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