Benchmarks hover near day's high; pharma stocks correct

The equity benchmarks were at the high point of the day in mid-afternoon trade. At 14:22 IST, the barometer index, the S&P BSE Sensex, advanced 412 points or 1.07% at 38,846.72. The Nifty 50 index added 114.65 points or 1.01% at 11,486.25. The sentiment was upbeat as more businesses resumed operations after coronavirus lockdowns.

In the broader market, the S&P BSE Mid-Cap index rose 0.73% while the S&P BSE Small-Cap index gained 1.87%.

The market breadth was strong. On the BSE, 1684 shares rose and 1103 shares fell. A total of 155 shares were unchanged.

Buzzing Index:

The Nifty Pharma index shed 0.44% to 11,563.95. The index rose 0.67% in the past two sessions.

Lupin (down 1.68%), Cadila Healthcare (down 1.52%), Alkem Laboratories (down 1.36%), Torrent Pharma (down 1.13%) and Cipla (down 0.90%) were the top index losers.

Meanwhile, Aurobindo Pharma (up 1.88%) and Sun Pharma (up 0.29%) outperformed the index.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.221% compared with previous closing of 6.140% in the previous trading session.

In the foreign exchange market, the partially convertible rupee edged higher to 74.32 compared with its previous closing 74.845.

In the commodities market, Brent crude for October 2020 settlement rose 33 cents to $44.68 a barrel. The contract fell 1.22% or 55 cents to end at $ 44.35 in the previous trading session.

MCX Gold futures for 5 October 2020 settlement fell 0.42% to Rs 51,792.

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