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Sensex, Nifty hit the day`s low; pharma shares slide for 2nd day

Published on May 24, 2022 14:30

The key equity barometers tumbled in mid-afternoon trade as sharp sell-off in index pivotals led the benchmarks lower. The Nifty fell below the 16,100 mark. Pharma shares extended losses for second consecutive session.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 319.24 points or 0.59% to 53,969.37. The Nifty 50 index lost 115.20 points or 0.71% to 16,099.50.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.92% while the S&P BSE Small-Cap index declined 0.96%.

The market breadth remained weak. On the BSE, 1,028 shares rose and 2,235 shares fell. A total of 128 shares were unchanged.

Investors continued to assess the global macroeconomic outlook as they await the minutes from the last U.S. Federal Reserve meeting, due on Wednesday, which could give clues on whether the monetary tightening would continue.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 7.349% as compared with 7.386% at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 77.6575, compared with its close of 77.5500 during the previous trading session.

MCX Gold futures for (3 June 2022) settlement rose 0.27% to Rs 51,042.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.02% to 102.06.

In the commodities market, Brent crude for July 2022 settlement lost 43 cents or 0.38% to $112.99 a barrel.

Buzzing Index:

The Nifty Pharma index fell 1.43% to 12,704.60. The index has declined _ % in two sessions.

Divi`s Labs (down 6.03%), Gland Pharma (down 3.63%), Aurobindo Pharma (down 3.37%), Natco Pharma (down 3.08%), Pfizer (down 2.89%), Lupin (down 2.64%), Biocon (down 2.63%), Glenmark Pharma (down 2.52%) and Torrent Pharma (down 1.48%) declined.

Meanwhile, Abbott India (up 2.11%), Zydus Lifesciences (up 2.07%) and Dr. Reddy`s Labs (down 1.60%) edged higher.

IPCA Laboratories fell 2.04%. The company reported 19% drop in consolidated net profit to Rs 130.23 crore despite a 15% growth in net total income to Rs 1,303.64 crore in Q4 FY22 over Q4 FY21.

Alembic Pharmaceuticals slipped 1.87%. The company announced that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) for pirfenidone tablets. According to IQVIA, Pirfenidone Tablets have an estimated market size of $548 million for twelve months ending December 2021. Pirfenidone is used to treat a certain lung disease called idiopathic pulmonary fibrosis (IPF). The disease causes the lungs to get scarred and become stiff, making it hard to breathe.

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