Nifty hovers below 22,000 level; pharma shares decline

The key equity barometers continued to trade with moderate losses in mid-afternoon trade. The Nifty traded below the 22,000 level after hitting the day�s high of 22,120.90 in early trade. Pharma shares slipped after advancing in the past trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex was down 469.38 points or 0.65% to 72,619.79. The Nifty 50 index slipped 151.35 points or 0.68% to 21,995.30.

In the broader market, the S&P BSE Mid-Cap index lost 0.66% and the S&P BSE Small-Cap index rose 0.12%.

The market breadth was negative. On the BSE, 1,644 shares rose and 2,148 shares fell. A total of 107 shares were unchanged.

Economy:

Oil companies have trimmed petrol and diesel prices by Rs 2 per litre, effective from 6 a.m. on March 15, said Petroleum Minister Hardeep Singh Puri. Reduction in petrol and diesel prices will boost consumer spending and reduce operating costs for over 58 lakh heavy goods vehicles running on diesel, six crore cars and 27 crore two-wheelers.

Buzzing Index:

The Nifty Pharma index fell 1.20% to 18,876.80. The index advanced 1.40% in the past trading session.

Biocon (down 4.39%), Torrent Pharmaceuticals (down 3.4%), Sanofi India (down 1.99%), Aurobindo Pharma (down 1.68%), Sun Pharmaceuticals Industries (down 1.67%), Glaxosmithkline Pharmaceuticals (down 1.55%), Ipca Laboratories (down 1.27%), Divis Laboratories (down 1.25%), Cipla (down 1.24%) and Lupin (down 1.19%) slipped.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose 0.28% to 7.061 as compared with previous close 7.041.

In the foreign exchange market, the rupee is edged lower against the dollar. The partially convertible rupee was hovering at 82.8700, compared with its close of 82.8400 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement rose 0.25% to Rs 65,760.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was rose 0.06% to 103.43.

The United States 10-year bond yield fell 0.40% to 4.281.

In the commodities market, Brent crude for May 2024 settlement lost 55 cents or 0.64% to $ 84.84 a barrel.

Stocks in Spotlight:

Elgi Equipments rose 1.87% to Rs 642.85 after the company said that its board has appointed Indranil Sen as chief financial officer (CFO), succeeding Jayakanthan, who will step down from the role on 18 March 2024.

Ahluwalia Contracts added 0.48% after the civil construction company announced that it has secured an order worth Rs 364 crore from Government of Assam (chief engineer, PWD building) to build open stadium.

Krishna Institute of Medical Sciences rose 0.79%. The company announced the signing of definitive agreement for the acquisition of land on 99-year lease and purchase of the building thereon for setting up a new hospital at Thane.

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