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Sensex, Nifty at the low point of the day; Pharma stocks outperform

Published on Oct 03, 2022 14:30

The domestic equity indices pared all recovery gains and were currently at the day`s low in mid-afternoon trade. Negative global cues dampened the investors sentiment. The Nifty traded below the 16,950 mark. Pharma shares extended gains for fifth consecutive session.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 537.59 points or 0.94% to 56,889.33. The Nifty 50 index lost 166.30 points or 0.97% to 16,928.05.

In the broader market, the S&P BSE Mid-Cap index shed 0.91% while the S&P BSE Small-Cap index slipped 0.41%.

The market breadth was positive. On the BSE, 1,502 shares rose and 1,983 shares fell. A total of 164 shares were unchanged.

The sell-off being witnessed in equities across Asia follows the Wall Street`s tumultuous performance last week amid concerns of a global recession grew amid tightening monetary policy and jitters in currency and bond markets.

Economy:

The seasonally adjusted S&P Global India Manufacturing Purchasing Managers` Index (PMI) stood at 55.1 in September 2022, expanding for the fifteenth month in a row. The headline figure, however, slipped from 56.2 in August, though pointed to a solid rate of growth.

Factory orders continued to increase at the end of the second fiscal quarter, stretching the current sequence of expansion to 15 months. New export orders rose further in September. The increase was marked, the sixth in consecutive months and the fastest since May.

Meanwhile, India collected Rs 1.48 lakh crore as Goods and Services Tax (GST) in September, registering an increase of 26% from the same month last year, the finance ministry said on October 1. The September GST mop-up was 2.8% higher from August.

India`s eight core infrastructure sectors` output grew 3.3% in August 2022, lowest in past nine months, as against 12.2% in the year-ago period, according to official data released on Friday. The previous low was in November 2021 at 3.2%. The production growth of eight infrastructure sectors - coal, crude oil, natural gas, refinery products, fertiliser, steel, cement and electricity - was 9.8% during April-August this fiscal, compared to 19.4% a year ago.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper declined to 7.455 as compared with 7.398 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 81.8800, compared with its close of 81.4000 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement rose 0.07% to Rs 50,130.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.16% to 111.94.

The United States 10-year bond yield declined to 3.797 as compared with 3.804 at close in the previous trading session.

In the commodities market, Brent crude for November 2022 settlement gained $3.76 or 4.42% at $88.90 a barrel.

Buzzing Index:

The Nifty Pharma index rose 1.52% to 13,169.55. The index has added 5.56% five sessions.

Zydus Lifesciences (up 5.76%), Lupin (up 5.53%), Aurobindo Pharma (up 4.91%), Glenmark Pharmaceuticals (up 3.83%) and Sanofi India (up 3.19%) were the top gainers.

Among the other gainers were Cipla (up 2.4%), Gland Pharma (up 2.3%), Granules India (up 1.9%), Divis Laboratories (up 1.67%) and Ipca Laboratories (up 1.67%).

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