Shares trade with minor cuts; pharma stocks decline

The domestic equity benchmarks traded with minor cuts amid significant volatility in mid afternoon trade. The Nifty was trading a tad above the 17,650 mark. Pharma shares declined for the second consecutive trading session.

At 14:24 IST, the barometer index, the S&P BSE Sensex, was down 88.41 points or 0.15% to 60,233.96. The Nifty 50 index lost 31.75 points or 0.18% to 17,967.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index gained 0.54%.

The market breadth was almost even. On the BSE, 1634 shares rose and 1636 shares fell. A total of 144 shares were unchanged.

Buzzing Index:

The Nifty Pharma index fell 1% to 13,661.10, extending decline for second day. The index has lost 2.24% in two sessions.

Strides Pharma (down 2.72%), Ipca Laboratories (down 2.66%), Aurobindo Pharma (down 2.15%), Glenmark Pharma (down 2.02%) and Lupin (down 1.80%) edged lower.

Laurus Labs (down 1.73%), Cipla (down 1.50%), Cadila Healthcare (down 1.36%), Divi's Labs (down 1.45%), Natco Pharma (down 1.30%) and Sun Pharma (down 0.88%) declined.

However, Torrent Pharma (up 1.57%) and Granules India (up 1.48%) bucked the trend.

Biocon added 1.67% to Rs 375.50. The company's subsidiary, Biocon Biologics, and Viatris Inc. announced the U.S. launch of interchangeable biosimilars SEMGLEE (insulin glargine-yfgn) injection, a branded product, and Insulin Glargine (insulin glargine-yfgn) injection, an unbranded product.

Alembic Pharmaceuticals rose 0.19% to Rs 788.50. The company said that its joint venture (JV) Aleor Dermaceuticals has received final approval from the US Food & Drug Administration (USFDA) for its ANDA for Mupirocin Cream USP, 2%. The cream, indicated for the treatment of secondarily infected traumatic skin lesions, has an estimated market size of US$ 28 million for twelve months ending Jun 2021 according to IQVIA.

Numbers to Track:

MCX Gold futures for 3 December 2021 settlement rose 0.13% to Rs 49,104.

The yield on India's 10-year benchmark federal paper rose to 6.362% from its previous close of 6.364%.

In the commodities market, Brent crude for January 2022 settlement lost 71 cents or 0.86% to $81.72 a barrel.

In the foreign exchange market, the partially convertible rupee rose to 74.34 from its previous closing of 74.37.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was currently trading flat at 95.92.

The yield on the benchmark 10-year US Treasury note last stood at 1.625% as compared to its previous close of 1.634%.

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