Nifty slides below 24,300; pharma shares under pressure

The key equity barometers reversed early gains and traded with minor losses in the morning trade. The Nifty traded below the 24,300 level. Pharma shares declined after advancing in the two trading sessions. Trading could be volatile due to weekly F&O series expiry today.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was down 263.96 points or 0.33% to 79,660.81. The Nifty 50 index declined 76.80 points or 0.32% to 24,253.85.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.13% and the S&P BSE Small-Cap index gained 0.34%.

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The market breadth was strong. On the BSE, 2,129 shares rose and 1,435 shares fell. A total of 158 shares were unchanged.

Buzzing Index:

The Nifty Pharma index fell 0.78% to 20,564.85. The index added 1.60% in previous two trading sessions.

Glenmark Pharmaceuticals (down 1.56%), Biocon (down 1.05%), Sun Pharmaceuticals Industries (down 1%), Aurobindo Pharma (down 0.98%) and Cipla (down 0.82%), Zydus Lifesciences (down 0.78%), Lupin (down 0.7%), Divis Laboratories (down 0.63%), Ipca Laboratories (down 0.59%) and Abbott India (down 0.38%) edged lower.

On the other hand, Natco Pharma (up 1.52%) ,Gland Pharma (up 1.49%) and Mankind Pharma (up 1.2%) added.

Stocks in Spotlight:

HPL Electric & Power zoomed 16.40% after the company announced that it has received work orders of Rs 2,100.71 crore from its regular leading customers.

GE Power India jumped 6.03% after the companys board approved to sell its hydro business undertaking to GE Power Electronics and its Gas business to GE Renewable Energy Technologies through slump sale basis.

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