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Sensex spurts 827 pts; Pharma Stocks advance

Published on Sep 20, 2022 14:35

The key equity indices continued to trade with major gains in the mid-afternoon trade, tracking strong global cues. Steady foreign investment flow also encouraged market sentiments. The Nifty traded above the 17,850 mark. All the sectoral indices on the NSE were in the green. Pharma stocks snap its 3-day declining run.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 827.03 points or 1.40% to 59,968.26. The Nifty 50 index added 263.45 points or 1.49% to 17,885.70.

In the broader market, the S&P BSE Mid-Cap index rose 1.85% while the S&P BSE Small-Cap index increased 1.24%

The market breadth was strong. On the BSE, 2212 shares rose and 1226 shares fell. A total of 134 shares were unchanged.

The Federal Open Market Committee (FOMC), the US Federal Reserve`s policy-setting committee, will begin its two-day meeting later today. The outcome of the FOMC meeting is critical as it includes projections, which could set the path of monetary policy for the next few months. Traders are anticipating another sharp rate hike, third consecutive, from the US central bank to tame the rising inflation.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.287 as compared with 7.277 at close in the previous trading session.

In the foreign exchange market, the rupee was lower against the dollar. The partially convertible rupee was hovering at 79.73, compared with its close of 79.81 during the previous trading session.

MCX Gold futures for 5 October 2022 settlement declined 0.47% to Rs 49,150.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, added 0.06% to 109.81.

In the commodities market, Brent crude for November 2022 settlement rose 71 cents or 0.77% at $92.71 a barrel.

Buzzing Index:

The Nifty Pharma index rose 2.71% to 12,704.60, snapping its three days falling streak. The index declined 3.13% in three trading sessions.

Lupin (up 4.33%), Abbott India (up 4.26%), Sun Pharmaceuticals Industries (up 3.85%), Laurus Labs (up 3.75%), Cipla (up 3.67%), Dr Reddys Laboratories (up 3.31%), Glenmark Pharmaceuticals (up 3.02%), Torrent Pharmaceuticals (up 2.91%), Aurobindo Pharma (up 2.31%) and Alkem Laboratories (up 2.3%) edged higher.

On the other hand, Granules India (down 3.48%), Gland Pharma (down 0.36%) declined.

Stocks in Spotlight:

Bombay Dyeing and Manufacturing Company spurted 5.02% after the company said its board on 22 September 2022 will consider a proposal of raising funds by issuing equity shares on rights basis.

Piramal Enterprises jumped 3.21% after the company said on Tuesday that its board of directors approved fund raising up to Rs 750 crore through issuance of non- convertible debentures. The company said that it will raise market linked non-convertible debentures on a private placement basis upto Rs 100 crore along with an option to retain over subscription of up to Rs 650 crore, aggregating up to Rs. 750 crores.

Inox Leisure declined 1.32%. The company said that CRISIL Ratings has upgraded its ratings on the bank facilities of the company to `CRISIL AA-/CRISIL A1+` from `CRISIL A+/CRISIL A1`. The long-term rating continues on `rating watch with positive implications` and short term rating removed from `rating watch with positive implications`.

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