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Barometers turn range bound; pharma shares advance

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The benchmark indices traded in a narrow range with moderate gains in mid-morning trade. The Nifty hovered above the 22,000 level. Pharma shares advanced after declining in the past two consecutive trading sessions.
At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 377.41 points or 0.52% to 72,427.79. The Nifty 50 index added 119.30 points or 0.54% to 22,030.05.
In the broader market, the S&P BSE Mid-Cap index gained 0.68% and the S&P BSE Small-Cap index advanced 0.75%.
The market breadth was strong. On the BSE, 2,280 shares rose and 1,396 shares fell. A total of 120 shares were unchanged.
Buzzing Index:
The Nifty Pharma index increased 1.50% to 18,846.15. The index decreased 0.99% in past two trading sessions.
Natco Pharma (up 12.73%), Glenmark Pharmaceuticals (up 8.25%), Gland Pharma (up 5.59%), Ipca Laboratories (up 5.42%), Granules India (up 3.78%), Aurobindo Pharma (up 2.34%), Biocon (up 2.33%), Glaxosmithkline Pharmaceuticals (up 2.05%), Laurus Labs (up 1.91%) and Divis Laboratories (up 1.57%) edged higher.
Stocks in Spotlight:
Elgi Equipments declined 1.23%. The company said that it has signed a technical licensing agreement with D.V.P. Vacuum Technology S.P.A., Italy, to acquire the know-how, technical information and assistance to assemble, manufacture and sell 'vacuum products' in India.
B.L.Kashyap and Sons rose 1.78% after the company announced that it has secured new order worth approximately Rs 208 crore from Manyata Promoters.
Dilip Buildcon added 2.74% after the firm through its joint venture (JV), VKMCPL-DBL has emerged as the lowest bidder (L-1) for construction project in Madhya Pradesh worth Rs 412.92 crore.
Global Markets:
Asian stocks advanced across the board on Friday, boosted by overnight gains on Wall Street. Japans Nikkei 225 hit a fresh 34-year high. Mainland China markets remain closed for the Chinese New Year holidays.
US stocks closed higher on Thursday as retail sales data declined more than expected, feeding hopes the Federal Reserve will soon start cutting interest rates in coming months.
US retail sales fell more than expected in January. Retail sales dropped 0.8% last month, the Commerce Department's Census Bureau said on Thursday. Data for December was revised lower to show sales rising 0.4%, instead of 0.6% as previously reported.
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First Published: Feb 16 2024 | 11:34 AM IST

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