Benchmarks pare gains; pharma shares in demand

The key equity benchmarks pared early gains in morning trade. The Nifty was trading below the 17,350 mark. Pharma shares were up across the board.

At 10:20 IST, the barometer index, the S&P BSE Sensex, was up 107.25 points or 0.18% to 58,096.55. The Nifty 50 index added 33.90 points or 0.20% to 17,349.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.53% while the S&P BSE Small-Cap index gained 0.59%.

Buyers outnumbered sellers. On the BSE, 1961 shares rose and 1104 shares fell. A total of 133 shares were unchanged.

Buzzing Index:

The Nifty Pharma index rose 1.49% to 13,714.50. The index had declined 0.27% to end at 13,513.15 yesterday.

Pfizer (up 3.37%), Torrent Pharma (up 3%), Dr. Reddy's Labs (up 2.84%), Aurobindo Pharma (up 2.39%) and Divi's Labs (up 2.35%) were the top index gainers.

Concurrently, Strides Pharma (up 2.29%), Glenmark Pharma (up 2.28%), Zydus Lifesciences (up 1.96%), Lupin (up 1.62%), Biocon (up 1.36%), Cipla (up 1.06%), Ipca Laboratories (up 1.04%), Sun Pharma (up 0.94%) and Abbott India (up 0.84%) advanced.

Stocks in Spotlight:

RailTel Corporation of India gained 1.90% to Rs 91.30. The company has received work order from Rail Vikas Nigam Limited (RVNL) for installation of RailTel''s MPLS-VPN services for 5 years at various locations of RVNL for an amount of Rs. 11.57 crore (Including GST).

Ugro Capital fell 1.19% to Rs 182.85. The company said that a meeting of the Investment and Borrowing Committee of the board is scheduled on Friday, 25 March 2022 to consider and approve raising of funds via issuance of Non-Convertible Debentures (NCDs) on private placement basis.

Indian Hotels Company advanced 0.96% to Rs 210.75. The board of the hospitality company authorized opening the qualified institutional placement (QIP) issue of Rs 2000 crore on Tuesday, 22 March 2022. Floor price is set at Rs 203.48. The board is scheduled to meet on 25 March 2022 to approve the issue price.

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