Sensex slides 482 pts, pharma shares rally

The benchmark indices traded with modest losses and hit the day`s low in morning trade. The Nifty traded below the 21,650 mark after hitting the day`s high of 21,755.60 in early trade. Pharma shares extended gains for the second consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was down 482.41 points or 0.67% to 71,789.53. The Nifty 50 index lost 128.80 points or 0.59% to 21,613.10.

In the broader market, the S&P BSE Mid-Cap index slipped 0.82% and the S&P BSE Small-Cap index fell 0.77%.

The market breadth was negative. On the BSE, 1,494 shares rose and 2,028 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty Pharma index advanced 2.25% to 17,238.15. The index gained 2.41% in two trading session.

Lupin (up 4.14%), Glaxosmithkline Pharmaceuticals (up 4.02%), Glenmark Pharmaceuticals (up 3.51%), Divis Laboratories (up 2.84%) and Biocon (up 2.54%) Gland Pharma (up 2.06%), Granules India (up 1.83%), Cipla (up 1.71%), Sun Pharmaceuticals Industries (up 1.69%) and Aurobindo Pharma (up 1.57%) edged higher.

Stocks in Spotlight:

Coal India rose 1.45% after the company�s total coal offtake during the period under review has improved by 6.1% as compared with December 2022.

UltraTech Cement declined 2.89%. The cement major said that its consolidated cement sales volume increased 6%YoY to 27.32 million tons (MT) in Q3 FY24.

SRF shed 0.36%. The company had incorporated SRF Altech, a wholly owned subsidiary, to set up the manufacturing facility for the manufacture of aluminum foil. SRF informed that the facility has been commissioned and capitalized on 1 January 2024 at an aggregate cost of Rs. 536 crores (approx).

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