Trading was highly volatile. The Nifty surged 232.45 points to hit the day's high of 10,046.15 in early trade on strong global cues. It slumped 317.65 points from the day's high to hit an intraday low of 9,728.50 in afternoon trade.
The market pared early gains amid reports that an Indian Army Colonel and two Army jawans were killed in action during a clash with Chinese troops in the Galwan Valley, Ladakh. However, firm global cues triggered bargain hunting at lower levels.
The broader market traded higher. The S&P BSE Mid-Cap index rose 0.39% while the S&P BSE Small-Cap index was up 0.01%.
Sellers outpaced buyers. On the BSE, shares 1,105 rose and 1,388 shares fell. A total of 147 shares were unchanged. In Nifty 50 index, the breadth was positive with 32 stocks advanced while 18 stocks declined.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 5.846% compared with previous closing of 5.792% in the previous trading session.
In the foreign exchange market, the partially convertible rupee declined to 76.2 compared with its previous closing 76.03.
In the commodities market, Brent crude for August 2020 settlement rose 63 cents to $40.35 a barrel. The contract rose 2.56% to settle at $39.72 a barrel in the previous trading session.
MCX Gold futures for 5 August 2020 settlement rose 0.76% to Rs 47,385.
Buzzing Index:
The Nifty Pharma index declined 0.83% to 9,905.70, snapping its two-day rising streak.
Cadila Healthcare (down 2.52%), Lupin (down 1.84%), Biocon (down 1.1%), Divi's Laboratories (down 0.98%), Sun Pharmaceuticals Industries (down 0.85%), Cipla (down 0.71%), Dr. Reddy's Laboratories (down 0.61%), Piramal Enterprises (down 0.59%) and Aurobindo Pharma (down 0.34%) declined.
Alembic Pharmaceuticals gained 2.89%. The drug maker announced on Tuesday (16 June) that it has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Deferasirox tablets, 180 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Jadenu tablets, 180 mg, of Novartis Pharmaceuticals Corporation (Novartis). Deferasirox tablets are indicated for treatment of chronic iron overload due to blood transfusions (transfusional iron overload) and for treatment of chronic iron overload in non-transfusion-dependent thalassemia syndromes.
Stocks in Spotlight:
Shriram Transport Finance Company (STFC) fell 3.09%. The NBFC major said that the board of directors of the company has approved raising of funds for an amount aggregating up to Rs 4000 crore. The company approved fund raising up to Rs 1,500 crore via rights issue and up to Rs 2,500 crore via specified securities.
Steel Strips Wheels (SSWL) fell 0.05%. The auto ancillary company announced on Tuesday (16 June) said that it has bagged firm exports orders for over 36,000 wheels for European Union (EU) caravan & truck trailer market to be executed in July & August from its Chennai plant.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content