Barometers trade with modest cuts; pharma shares decline

The domestic equity benchmarks traded with minor losses in mid-afternoon trade, retreating after a two-day rally as continued foreign investor selling and lingering uncertainty over a potential U.S. trade deal dampened investor risk appetite.

The Nifty traded below the 26,050 mark. Pharma shares witnessed profit booking after advancing in the past three consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, declined 100.20 points or 0.12% to 85,167.42. The Nifty 50 index lost 29.90 points or 0.11% to 26,019.45.

In the broader market, the S&P BSE Mid-Cap index rose 0.02% and the S&P BSE Small-Cap index advanced 0.38%.

The market breadth was positive. On the BSE, 2,172 shares rose and 2,013 shares fell. A total of 202 shares were unchanged.

Buzzing Index:

The Nifty Pharma index slipped 0.57% to 22,679. The index rallied 1.26% in the past three consecutive trading sessions.

Ipca Laboratories (down 1.56%), Piramal Pharma (down 1.51%), Mankind Pharma (down 1.41%), Lupin (down 1.19%), Divis Laboratories (down 1.03%), Ajanta Pharma (down 0.84%), Cipla (down 0.81%), Zydus Lifesciences (down 0.76%), J B Chemicals & Pharmaceuticals (down 0.73%) and Aurobindo Pharma (down 0.69%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.11% to 6.603 compared with previous session close of 6.596.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 90.6950 compared with its close of 90.4950 during the previous trading session.

MCX Gold futures for 5 February 2025 settlement rose 1.30% to Rs 135,360.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.03% to 97.98.

The United States 10-year bond yield lost 0.48% to 4.175.

In the commodities market, Brent crude for February 2025 settlement added 13 cents or 0.21% to $61.25 a barrel.

Stocks in Spotlight:

SBC Exports rose 0.90%. The company announced that it has secured an order worth Rs 10.76 crore from the Indian Institute of Technology (IIT) Jodhpur for the supply of manpower.

Crest Ventures added 0.88%. The company said that its wholly owned subsidiary Crest Urban Living has entered into joint development agreement with Vensco Projects LLP for development of a premium mixed-use project in Chembur.

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