Barometers trade with minor gains, pharma stocks decline

The key equity indices traded with small gains in morning trade. The Nifty hovered around the 17,950 mark. IT, FMCG and auto stocks advanced while pharma, healthcare and oil & gas shares slipped.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 109 points or 0.18% to 61,111.57. The Nifty 50 index rose 6.15 points or 0.03% to 17,950.35.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index declined 0.03% while the S&P BSE Small-Cap index fell 0.04%

The market breadth was negative. On the BSE, 1,472 shares rose and 1,688 shares fell. A total of 193 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 624.61 crore, while domestic institutional investors (DIIs) were net sellers to the tune of Rs 85.29 crore in the Indian equity market on 17 February 2023, provisional data showed.

Buzzing Index:

The Nifty Pharma index declined 0.99% to 12,034.30. The index lost 2.15% in two trading sessions.

Cipla (down 6%), Biocon (down 1.53%), Ipca Laboratories (down 0.96%), Glenmark Pharmaceuticals (down 0.84%), Granules India (down 0.78%), Pfizer (down 0.76%), Aurobindo Pharma (down 0.71%), Lupin (down 0.7%), Abbott India (down 0.58%) and Zydus Lifesciences (down 0.35%) edged lower.

On the other hand, Sanofi India (up 1.23%) ,Natco Pharma (up 1.01%) and Glaxosmithkline Pharmaceuticals (up 0.81%) advanaced.

Cipla tumbled 6%. The United States Food and Drug Administration (USFDA) conducted a current Good Manufacturing Practices (cGMP) inspection at the company's Pithampur manufacturing facility from 6th - 17th February 2023. On conclusion of the inspection, the company has received 8 inspectional observations in Form 483. The company will work closely with the USFDA and is committed to address these comprehensively within stipulated time.

Zydus Lifesciences shed 0.35%. The drug maker received tentative approval from the USFDA for Gabapentin tablets (once-daily), 300 mg and 600 mg. Further, it also received tentative approval from the USFDA for Canagliflozin and Metformin Hydrochloride tablets.

Stocks in Spotlight:

United Breweries (UBL) declined 1.18%. The company announced that its managing director and chief executive officer, Rishi Pardal, tendered his resignation on 16 February 2023. UBL said its board has commenced a search for a new managing director & CEO for the company.

RITES rose 1% after the company announced that it has secured a new engineering, procurement and construction (EPC) work order of Rs 76.08 crore from the Indian Railways.

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