Indices further pare gains; breadth remains strong

Barometers further pared gains in mid afternoon trade. Pharma and media stocks were under pressure while realty, banking and financial shares advanced. At 14:28 IST, the barometer index, the S&P BSE Sensex, jumped 405.76 points or 0.85% at 48,284.45. The Nifty 50 index gained 118.9 points or 0.83% at 14,460.95.

In the broader market, the S&P BSE Mid-Cap index added 0.51% while the S&P BSE Small-Cap index rose 0.79%.

The market breadth was strong. On the BSE, 1,893 shares rose and 1034 shares fell. A total of 214 shares were unchanged.

Buzzing Index:

The Nifty Realty index jumped 2.75% to 310.10. Phoenix Mills (up 6.49%), Hemisphere Properties (up 4.97%), Godrej Properties (up 4%), Indiabulls Real Estate (up 3.33%), Brigade Enterprises (up 2.78%) and DLF (up 2.17%) were top gainers in realty space.

Stocks in Spotlight:

Mindtree rose 1.86% to Rs 2056.20 after the company said that it has partnered with Duck Creek to improve customer experience for UPC Insurance customers through the implementation of SaaS-based core systems.

Glenmark Pharmaceuticals rose 1.11% to Rs 565.25 after the company's Ryaltris nasal spray received an approval in Europe for the first line treatment of allergic rhinitis in patients over 12 years of age. The company is concluding the final, national phase of its marketing approval application process to enable launch of its innovative nasal spray in 17 countries in the European Union.

Olectra Greentech rose 0.48%. The company on Monday announced that it has received letters of award for supplying composite polymer insulators worth of Rs 30 crore.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee rose to 74.70 compared with its previous closing of 75.01.

The yield on 10-year benchmark federal paper rose to 6.041% as compared to its previous close of 6.035%.

MCX Gold futures for 4 June 2021 settlement slipped 0.11% to Rs 47,482.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.1% to 90.745.

In the commodities market, Brent crude for June 2021 settlement fell 90 cents to $65.21 a barrel. The contract rose 1.09% to settle at $66.11 in the previous trading session.

Powered by Capital Market - Live News