Benchmarks reverse early gains; pharma shares decline

The benchmarks indices reversed early gains and edged lower as they hit the day's low in morning trade. The Nifty traded below the 18,350 level. Pharma shares witnessed significant selling pressure.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 162.33 points or 0.26% to 61,632.71. The Nifty 50 index lost 15.10 points or 0.08% to 18,334.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.02% while the S&P BSE Small-Cap index added 0.06%.

The market breadth was almost even. On the BSE, 1,693 shares rose and 1,645 shares fell. A total of 160 shares were unchanged.

Earnings Today:

Apollo Tyres (down 2.20%), Oil & Natural Gas Corporation (down 0.32%), NMDC (up 0.13%), Bharat Forge (down 1.03%), Balkrishna Industries (down 0.74%), Biocon (up 0.50%), Aarti Industries (down 2.18%), Abbott India (up 1.58%), GMR Airports Infrastructure (down 0.10%), AIA Engineering (up 0.58%), Godrej Industries (down 0.29%), Grasim Industries (up 1.80%), Indian Railway Catering & Tourism Corporation (up 1.32%), Radico Khaitan (down 0.10%) and SpiceJet (down 0.38%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Pharma index fell 0.61% to 12,936.25. The index had advanced 0.25% to end at 13,015.65 on Friday.

Dr Reddys Laboratories (down 4.29%), Natco Pharma (down 2.31%), Zydus Lifesciences (down 2.2%), Aurobindo Pharma (down 1.98%) and Torrent Pharmaceuticals (down 0.84%) were the top losers.

Among the other losers were Ipca Laboratories (down 0.78%), Alkem Laboratories (down 0.43%), Divis Laboratories (down 0.32%), Sun Pharmaceuticals Industries (down 0.13%) and Sanofi India (down 0.09%).

On the other hand, Pfizer (up 2.39%) and Abbott India (up 1.42%) moved up.

Glenmark Pharmaceuticals jumped 4.62%. The company reported 1.4% rise in consolidated net profit to Rs 278.7 crore in Q2 FY23 as against a net profit of Rs 274.8 crore in Q2 FY22. Revenue from operations increased by 7.2% to Rs 3375.2 crore in Q2 FY23 from Rs 3147.4 crore posted in Q2 FY22.

Strides Pharma Science added 1.29%. The drug maker said its biologics arm received a positive recommendation from European Medicines Agency (EMA) granting market authorization for Kauliv. Kauliv is a biosimilar to Forsteo (innovator product), indicated for both men and postmenopausal women with osteoporosis who are at high risk for having broken bones or fractures.

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