Sensex, Nifty hit day`s low; pharma shares decline
Published on Jun 16, 2022 11:32
The benchmarks indices reversed gains and turned negative in mid-morning trade. The Nifty traded below the 15,650 level. Pharma shares witnessed some bit of profit booking after advancing in the past two sessions.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 168.5 points or 0.32% to 52,372.89. The Nifty 50 index lost 65.65 points or 0.42% to 15,626.50.
In the broader market, the S&P BSE Mid-Cap index shed 0.54% while the S&P BSE Small-Cap index lost 0.62%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 1280 shares rose and 1812 shares fell. A total of 142 shares were unchanged.
Trading was volatile as investors digested the US central bank`s policy action on Wednesday. The US Fed announced a 75 basis point hike in interest rates, its biggest jump in 28 years, in line with market expectations, to tame the soaring inflation.
The Nifty Pharma index shed 0.48% to 12,202.45. The index had advanced 0.57% in the past two sessions.
Aurobindo Pharma (down 1.35%), Cipla (down 1.27%) and Ipca Laboratories (down 1.04%) were the top losers.
Further, Granules India (down 0.88%), Laurus Labs (down 0.85%), Zydus Lifesciences (down 0.68%), Alembic Pharmaceuticals (down 0.66%) and Sun Pharmaceuticals Industries (down 0.43%) edged higher.
Meanwhile, Abbott India (up 0.5%), Pfizer (up 0.47%) and Gland Pharma (up 0.34%) edged higher.
Strides Pharma Science slipped 1.5%. The pharma company said its biologics arm, Stelis Biopharma, received the EU-GMP compliance certificate for two of its manufacturing facilities.
Glenmark Pharmaceuticals fell 2.28%. The pharmaceutical company on Thursday announced that it has launched Indacaterol + Mometasone fixed-dose combination (FDC) drug for patients suffering from uncontrolled asthma in India.
Asian stocks are trading higher on Thursday tracking U.S. stocks after the Federal Reserve raised benchmark interest rates 75 basis points in a move that equates to the most aggressive hike since 1994.
US stocks rallied on Wednesday after a policy announcement by the Federal Reserve that raised interest rates to market expectations as the central bank seeks to fight rising inflation without sparking a recession.
The Federal Reserve raised its benchmark interest rates three-quarters of a percentage point in its most aggressive hike since 1994. The Fed said in a statement it was committed to bringing down inflation to 2%.
It also said it would continue to reduce holdings of Treasury securities and agency debt and agency mortgage-backed securities. Officials also significantly cut their outlook for 2022 economic growth, now anticipating just a 1.7% gain in GDP, down from 2.8% from March.
Fed Chairman Jerome Powell also said during his afternoon press conference that, �either a 50 basis point or a 75 basis point increase seems most likely at our next meeting.�
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