Market pares losses; pharma stocks rally

Key equity indices came off the day's low in mid-afternoon trade. Pharma shares were in demand. The Nifty, however, was trading below the 14,850 mark.

At 14:23 IST, the barometer index, the S&P BSE Sensex, was down 113.98 points or 0.23% to 49,632.23. The Nifty 50 index lost 31.60 points or 0.21% to 14,842.20.

In the broader market, the S&P BSE Mid-Cap index slipped 0.02% while The S&P BSE Small-Cap index added 0.58%.

Buyers outnumbered sellers. On the BSE, 1561 shares rose and 1280 shares fell. A total of 174 shares were unchanged.

Numbers To Track:

In the foreign exchange market, the partially convertible rupee fell to 74.8450 compared with its previous closing of 74.5875.

The yield on 10-year benchmark federal paper fell to 6.017% as compared to its previous close of 6.031%.

MCX Gold futures for 4 June 2021 settlement shed 0.28% to Rs 46,708.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.22% to 92.26.

In the commodities market, Brent crude for June 2021 settlement fell 35 cents to $62.85 a barrel. The contract gained 0.06% or 4 cents to settle at $63.20 in the previous trading session.

Buzzing Index:

The Nifty Pharma index rose 2.61% to 12,941. The index had declined by 0.04% to end at 12,611.70 yesterday.

Cadila Healthcare (up 7.63%), Cipla (up 4.78%), Aurobindo Pharma (up 4.24%), Lupin (up 2.78%), Sun Pharma (up 2.71%), Biocon (up 1.51%), Dr. Reddy's Labs (up 1.46%), Torrent Pharma (up 0.87%) and Divi's Labs (up 0.87%) advanced.

Alkem Laboratories added 3.35% to Rs 2,797. the company's board has approved approved the commencement of commercial production/ operations at the Chakan manufacturing facility of Enzene Biosciences, subsidiary of the company, located at Pune, Maharashtra, w.e.f. today, i.e. 09th April, 2021.

Stocks in Spotlight:

Westlife Development rose 0.94% at Rs 424.10. In wake of the new restrictions announced to curb the spread of COVID-19 infections in Maharashtra, Westlife Development owned McDonald's restaurants will operate 24/7 for contactless McDelivery from select stores in Mumbai.

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