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Nifty hovers above 18,250; pharma shares gain

Published on May 22, 2023 14:32

Domestic equity barometers traded with modest gains in mid-afternoon trade. The Nifty hovered above the 18,250 level after hitting day`s low of 18,178.85 in early trade. Pharma shares witnessed bargain buying after declining for four trading sessions.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 185.34 points or 0.30% to 61,915.02. The Nifty 50 index added 93.60 points or 0.51% to 18,297.

In the broader market, the S&P BSE Mid-Cap index rose 0.57% while the S&P BSE Small-Cap index gained 0.40%.

The market breadth was negative. On the BSE, 1,714 shares rose and 1,837 shares fell. A total of 181 shares were unchanged.

Numbers to track:

The yield on India`s 10-year benchmark federal paper declined to 6.988 as compared with previous close of 7.004.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.82, compared with its close of 82.67 during the previous trading session.

MCX Gold futures for 5 June 2023 settlement fell 0.07% to Rs 60,388.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.06% to 103.14.

The United States 10-year bond yield declined 1.08% to 3.669.

In the commodities market, Brent crude for July 2023 settlement rose 8 cents or 0.11% to $75.66 a barrel.

Buzzing Index:

The Nifty Pharma advanced 0.73% to 12,212.55, snapped its four days falling streak. The index slipped 2.91% in past four trading sessions.

Divis Laboratories (up 4.12%), Zydus Lifesciences (up 2.7%), Dr Reddys Laboratories (up 1.56%), Aurobindo Pharma (up 1.44%) and Abbott India (up 1.43%) were the top gainers. Among the other gainers were Sun Pharmaceuticals Industries (up 1.4%), Cipla (up 0.87%), Natco Pharma (up 0.56%), Torrent Pharmaceuticals (up 0.45%) and Ipca Laboratories (up 0.35%) advanced.

On the other hand, Gland Pharma (down 17.14%), Glenmark Pharmaceuticals (down 2.88%) and Alkem Laboratories (down 1.76%) declined.

Earnings impact:

NLC India jumped 6.97% after the company`s consolidated net profit surged 152.62% to Rs 836.59 crore in Q4 FY23 from 331.16 crore in Q4 FY22. The company recorded its highest ever revenue from operations, climbing 66.4% year on year to Rs 5,134.04 crore in the quarter ended 31 March 2023.

VRL Logistics rallied 7.30% after the company`s net profit jumped 16.6% to Rs 60.98 crore in Q4 FY23 as compared with Rs 52.30 crore in Q4 FY22. Net sales increased by 17.6% to Rs 698.19 crore in Q4 FY23 as compared with Rs 593.92 crore in corresponding quarter last year.

Delhivery fell 0.03% after the logistics solution provider reported a consolidated net loss of 158.67 crore in Q4 FY23 as against a net loss of Rs 119.86 crore posted in Q4 FY22. Revenue from operations declined 10.2% year on year to Rs 1,859.63 crore in the quarter ended 31 March 2023.

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