SENSEX DOWN 388 PTS; BROADER MKT OUTPERFORMS

The domestic equity indices traded in negative terrain with modest losses in mid-afternoon trade. The Nifty slipped below the 24,250 mark. Pharma shares witness buying demand for sixth consecutive trading sessions.

At 14:25 IST, the barometer index, the S&P BSE Sensex was down 388.77 points or 0.49% 79,654.55. The Nifty 50 index declined 70.60 points or 0.29% to 24,231.55.

In the broader market, the S&P BSE Mid-Cap index added 0.65% and the S&P BSE Small-Cap index rose 0.63%.

The market breadth was positive. On the BSE, 2,099 shares rose and 1,787 shares fell. A total of 89 shares were unchanged.

Buzzing index:

The Nifty Pharma index gained 1.27% to 20,448.75. The index surged 4.79% in the six consecutive trading sessions.

Laurus Labs (up 4.51%), Glenmark Pharmaceuticals (up 4.4%), Aurobindo Pharma (up 4.1%), Zydus Lifesciences (up 2.42%), Divis Laboratories (up 2.38%), Granules India (up 2.34%), Biocon (up 2.15%), Cipla (up 1.77%), Gland Pharma (up 1.76%) and Alkem Laboratories (up 1.68%).

Numbers to Track:

The yield on India`s 10-year benchmark federal fell 0.11% to 6.990 as compared with previous close 6.990.

In the foreign exchange market, the rupee was flat at 83.5025 against the dollar.

MCX Gold futures for 5 August 2024 settlement rose 0.28% to Rs 72,570.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.15% to 104.97.

The United States 10-year bond yield fell 0.09% to 4.340.

In the commodities market, Brent crude for September 2024 settlement added 13 cents or 0.15% to $ 87.47 a barrel.

Stocks in Spotlight:

Bigbloc Construction jumped 7.14% after AAC blocks maker said that its board will meet on Friday, 19 July 2024, to consider a proposal for issue of bonus shares to the equity shareholders of the company.

Mahindra Lifespace Developers added 2.20% after the company bagged two deals in Bengaluru and Mumbai aggregating to Rs 2,050 crore in gross development value (GDV).

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