Nifty hovers above 17,100; pharma shares gain

The domestic equity indices continued to trade in a narrow range with small gains in mid-afternoon trade. The Nifty hovered above the 17,100 level. Pharma stocks snapped its three-day losing streak.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was up 107.30 points or 0.18% to 58,181.98. The Nifty 50 index added 16.40 points or 0.1% to 17,123.90.

In the broader market, the S&P BSE Mid-Cap index gained 0.27% while the S&P BSE Small-Cap index advanced 0.57%.

The market breadth was strong. On the BSE, 2,075 shares rose and 1,354 shares fell. A total of 142 shares were unchanged.

Investors look ahead to the outcome of US Federal Reserve's meeting scheduled to release later today. Market expects Fed to raise rates by 25-basis points amid the risk of financial contagion after the failures of Silicon Valley Bank and Signature Bank and concerns about the potential for a regional banking crisis.

Numbers to track:

MCX Gold futures for 5 April 2023 settlement advanced 0.08% to Rs 58,628.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.16% to 103.09.

The United States 10-year bond yield slipped 0.33% to 3.594.

In the commodities market, Brent crude for May 2023 settlement declined 34 cents or 0.45% to $74.98 a barrel.

Buzzing Index:

The Nifty Pharma index rose 0.60% to 11,704. The index declined 0.93% in past three trading sessions.

Alkem Laboratories (up 2.54%), Aurobindo Pharma (up 1.59%), Abbott India (up 1.46%), Sun Pharmaceuticals Industries (up 1.23%), Gland Pharma (up 1.12%), Biocon (up 1.02%), Lupin (up 0.92%), Dr Reddys Laboratories (up 0.61%), Ipca Laboratories (up 0.33%) and Laurus Labs (up 0.25%) advanced.

Stocks in Spotlight:

Zydus Lifesciences fell 0.20%. Zydus Pharmaceuticals (USA) Inc., a subsidiary of the company received final approval and tentative approval from the United States Food and Drug Administration (USFDA) for Tofacitinib tablets, 5 mg, and 10 mg, respectively.

Sula Vineyards rose 5.56% after a foreign broker initiated coverage on the stock on Tuesday with a 'buy' ratingand a 12-month price target of Rs 475. Based on the ruling market price, the price target of Rs 475, implies a potential upside of 32% for the stock.

Sobha tumbled 12.40% after the real estate developer informed that the Income Tax (I-T) department is carrying out a search at its registered office and other premises.

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