SENSEX JUMPS 422 PTS; PHARMA SHARES ADVANCE
Published on Dec 27, 2024 11:33
The domestic equity barometers continued to trade with moderate gains in the mid-morning trade. The Nifty traded above the 23,850 mark. Pharma shares extended gains for the second consecutive trading session.
At 11:30 IST, the barometer index, the S&P BSE Sensex, rallied 421.53 points or 0.53% to 78,887.86. The Nifty 50 index jumped 136.40 points or 0.57% to 23,886.15.
In the broader market, the S&P BSE Mid-Cap index rose 0.02% and the S&P BSE Small-Cap index rose 0.08%.
The market breadth was positive. On the BSE, 1,961 shares rose and 1,803 shares fell. A total of 148 shares were unchanged.
The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, tumbled 5.59% to 13.28.
Buzzing Index:
The Nifty Pharma index rose 0.97% to 22,933.75. The index added 0.0.88% in two consecutive trading sessions.
Abbott India (up 2.6%), Glenmark Pharmaceuticals (up 2.52%), Ajanta Pharma (up 2.51%), Dr Reddys Laboratories (up 2.02%), Laurus Labs (up 1.62%), Lupin (up 1.26%), Zydus Lifesciences (up 1.24%), Cipla (up 1.12%), Alkem Laboratories (up 0.96%) and Ipca Laboratories (up 0.92%) added.
On the other hand, Granules India (down 1.57%), Gland Pharma (down 1.01%) and J B Chemicals & Pharmaceuticals (down 0.48%) edged lower.
Stocks in Spotlight :
Dixon Technologies (India) fell 2.10%. The company announced that its wholly owned subsidiary, Dixon Electro Manufacturing, has entered into a Memorandum of Understanding (MoU) with Cellecor Gadgets for the manufacturing of refrigerators and related components for Cellecor.
Jubilant FoodWorks rose 0.90%. The company has entered into a memorandum of understanding (MoU) with Coca-Cola India for the purchase of a portfolio of sparkling beverage products and certain other products from The Coca-Cola Company�s authorized bottlers. The marketing activities for these products will be undertaken in the usual/ordinary course.
Global Markets:
Markets in Asia traded in mixed fashion on Friday, as some markets returned from the Boxing Day holiday and investors assessed economic data from the region.
China�s industrial profits extended declines to a fourth straight month, dropping 7.3% in November from a year earlier, signaling that Beijing�s stimulus measures have yet to meaningfully stem the slide in corporate earnings.
Investors assessed November inflation numbers from Tokyo, which saw its headline inflation rate come in at 3%, compared to 2.6% in October. Core inflation, which excludes costs of fresh food, rose to 2.4%. Tokyo�s inflation numbers are widely considered to be a leading indicator of nationwide trends.
Separately, Japan�s cabinet approved a historic budget of $732 billion for the fiscal year beginning in April, while restricting new bond issuance to its lowest level in 17 years, media reports stated. The approved budget is 2.6% larger than the current year�s budget. Overnight in the U.S., the Dow Jones Industrial Average erased earlier losses and squeezed out a small gain in thin trading Thursday after the market�s strong back-to-back gains at the start of the holiday week.
The Dow closed the day 28.77 points, or 0.07%, higher to 43,325.80 after losing about 182 points earlier in the session. The S&P 500 dipped 2.45 points, or 0.04%, to 6,037.59. The Nasdaq Composite also ended the day lower, falling less than 0.1% to 20,020.36.
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