Indices extend losses; pharma share rise for fourth day

The key equity indices extended losses and hit fresh intraday low in morning trade. The Nifty was trading a tad above the 17,450 mark. Pharma shares advanced for fourth consecutive session.

At 10:21 IST, the barometer index, the S&P BSE Sensex, was down 226.63 points or 0.39% to 58,580.50. The Nifty 50 index lost 60.90 points or 0.35% to 17,455.95.

In the broader market, the S&P BSE Mid-Cap index rose 0.11% while the S&P BSE Small-Cap index added 0.56%.

The market breadth was strong. On the BSE, 1965 shares rose and 1001 shares fell. A total of 126 shares were unchanged.

Meanwhile, a foreign brokerage firm reportedly expects Indian economy to continue to show positive surprises and record up to 9% growth in the next fiscal. For the current financial year too, the brokerage anticipates growth to be higher than the consensus forecast of 8.4-9.5%, and printing in at around 10.5%, media reports said.

Buzzing Index:

The Nifty Pharma index rose 0.33% to 13,493.20, extending gains for fourth day. The index has added 2.28% in four sessions.

Glenmark Pharma (up 2.92%), Sun Pharma (up 1.80%), Cadila Healthcare (up 1.18%), Biocon (up 0.87%), Granules India (up 0.85%), Ipca Laboratories (up 0.68%), Gland Pharma (up 2.92%), Pfizer (up 0.44%), Alembic Pharmaceuticals (up 0.40%) and Alkem Laboratories (up 0.30%) advanced.

Stocks in Spotlight:

Infosys shed 0.62% to Rs 1751.70. The IT giant's next-gen digital services and consulting arm Infosys Equinox collaborated with Packable to boost its direct to consumer e-commerce offerings for brand partners.

One 97 Communications shed 0.36% to Rs 1588.75. Fintech major Paytm informed on Thursday about getting approval for a scheduled bank status by RBI, allowing it to expand its business and financial opportunities.

JMC Projects (India) was up 0.25% to Rs 100.75. The construction engineering company has approved to issue unsecured, rated, listed, redeemable non-convertible debentures worth Rs 99 crore on a private placement basis.

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