At 14:30 IST, the barometer index, the S&P BSE Sensex rose 154.28 points or 0.20% to 76,559.27. The Nifty 50 index added 64.95 points or 0.28% to 23,220.30.
The broader market outperformed the headline indices. The S&P BSE Mid-Cap index jumped 1.68% and the S&P BSE Small-Cap index rallied 0.67%.
The market breadth was positive. On the BSE, 2,184 shares rose and 1,688 shares fell. A total of 144 shares were unchanged.
Politics:
The JD(U) on Wednesday sacked its Manipur unit president, Ksh. Biren Singh, in an effort to quell growing speculation about its ties with the BJP. Partys national spokesperson Rajiv Ranjan told the media Singhs removal was due to indiscipline and asserted that the party would continue to support the BJP-led government in the northeastern state. Ranjan affirmed that the JD(U) remains committed to supporting the BJP-led NDA, not just in Manipur but across the country. Ranjans remark came shorty after Ksh Biren Singh claimed that the party had withdrawn support to the BJP-led Biren Singh government and informed its decision to governor Ajay Kumar Bhalla. The state unit chief had also claimed that the lone JDU MLA in the state, Md Abdul Nasir, will sit in the opposition benches.
Buzzing Index:
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The Nifty Pharma index jumped 1.48% to 22,362.15. The index rallied 2.19% in two consecutive trading sessions.
Aurobindo Pharma (up 4.92%), Torrent Pharmaceuticals (up 2.85%), Biocon (up 2.62%), Laurus Labs (up 2.21%), Natco Pharma (up 2.18%), Sun Pharmaceuticals Industries (up 2.15%), Mankind Pharma (up 2.13%), Ipca Laboratories (up 1.43%), Zydus Lifesciences (up 1.13%) and Ajanta Pharma (up 1.1%) advanced.
On the other hand, Dr Reddys Laboratories (down 0.53%) and Gland Pharma (down 0.52%), edged lower.
Numbers to Track:
The yield on India's 10-year benchmark federal paper rose 0.15% to 6.839 as compared with the previous close of 6.829.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 86.5150, compared with its close of 85.3550 during the previous trading session.
MCX Gold futures for the 5 February 2025 settlement shed 0.09% to Rs 79,491.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 108.39.
The United States 10-year bond yield gained 0.20% to 4.608.
In the commodities market, Brent crude for March 2025 settlement added 16 cents, or 0.20% to $79.16 a barrel.
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