Nifty trades above 16,120; pharma stocks in demand

The benchmark indices were trading with modest gains in mid-morning trade. IT and pharma stocks were in demand. The Nifty was tradign above 16,100 level.

At 11:30 IST, the barometer index, the S&P BSE Sensex, rose 453.91 points or 0.85% at 53,878. The Nifty 50 index gained 114.50 points or 0.72% at 16,127.95.

In the broader market, the S&P BSE Mid-Cap index rose 1.12% while the S&P BSE Small-Cap index gained 1.26%.

The market breadth was strong. On the BSE, 2,405 shares rose and 725 shares fell. A total of 134 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 8,142.60 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,489.59 crore in the Indian equity market on 8 March 2022, provisional data showed.

LIC IPO:

State-owned insurance behemoth Life Insurance Corporation of India (LIC) on Tuesday has received capital markets regulator Sebi`s go-ahead to raise funds through an initial share sale. The government will sell over 31 crore equity shares of LIC.

Buzzing Index:

The Nifty Pharma index rose 1.52% to 13,040.20. The index added 3.93% in three trading sessions.

Zydus Lifesciences (up 4.30%), Lupin (up 2.92%), Alkem Laboratories (up 2.28%), Strides Pharma Science (up 2.20%) and Sun Pharmaceutical Industries (up 2.20%) were the top gainers in the Pharma segment.

Stocks in Spotlight:

HIL rose 0.05%. On Wednesday, the company announced that the company`s chief financial officer and key managerial personnel has tendered resignation. In an exchange filing, HIL said, �KR Veerappan, chief financial officer and key managerial personnel of HIL has tendered his resignation as of 8 March 2022.� The company further said that 10 May 2022 will be KR Veerappan`s last working day.

Larsen & Toubro gained 0.73%. On Wednesday, the firm announced that the company`s heavy civil infrastructure business won a significant order from Delhi Metro Rail Corporation. As per L&T`s classification, the value of the significant project is 1,000 to 2,500 crore. The project is for design and construct of the underground metro project of phase� IV of Delhi MRTS. The major scope of work for the project comprises design and construction of five kilometer of twin tunnel by shield tunnel boring machine (TBM), cut and cover tunnel box, underground ramp and four underground stations.

Global Markets:

Asian stocks were mixed on Wednesday, recovering partially from losses earlier in the week as investors continue to assess the potential economic ramifications of the ongoing war in Ukraine. Markets in South Korea are closed on Wednesday due to the country`s presidential election.

Japan`s economic rebound was softer than initial estimates in the final quarter of 2021, revised data showed on Wednesday. Revised gross domestic product (GDP) data showed Japan expanded an annualised 4.6% in October-December. That was lower than the preliminary reading of 5.4% released last month.

In the commodities market, Brent crude for May 2022 settlement rose $2.66 at $130.64 a barrel.

Oil prices jumped to their session highs on Tuesday after President Joe Biden said the U.S. will ban imports of Russian oil, a further escalation in the international response to Moscow`s invasion of Ukraine. The United Kingdom also announced its own plans to phase out its reliance on Russian oil imports by the end of the year.

US stocks declined on Tuesday as investors continue to assess geopolitical tensions between Russia and Ukraine and high commodity prices.

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