Benchmarks turn rangebound; pharma shares advance

The headline equity indices continued to trade with minor gains in mid-afternoon trade. The Nifty traded above the 22,500 level after hitting the day's low of 22,404.55 in early trade. Pharma shares extended gains for the second consecutive trading session.

At 14:27 IST, the barometer index, the barometer index, the S&P BSE Sensex, was up 21.73 points or 0.02% to 74,022.27. The Nifty 50 index gained 42.65 points or 0.19% to 22,544.65.

In the broader market, the S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index fell 0.13%.

The market breadth was negative. On the BSE, 1,556 shares rose and 2,331 shares fell. A total of 168 shares were unchanged.

Buzzing Index:

The Nifty Pharma index gained 0.76% to 19,253.45. The index rallied 1.43% in two consecutive trading sessions.

Divis Laboratories (up 2.02%), Cipla (up 1.81%), Biocon (up 1.46%), Sun Pharmaceuticals Industries (up 1.43%), Laurus Labs (up 1.39%), Gland Pharma (up 1.17%), Aurobindo Pharma (up 1.05%), Lupin (up 0.88%), Sanofi India (up 0.57%) and Zydus Lifesciences (up 0.40%) advanced.

On the other hand, J B Chemicals & Pharmaceuticals (down 2.33%), Glenmark Pharmaceuticals (down 1.36%) and Ipca Laboratories (down 1.22%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.30% to 7.074 as compared with previous close 7.095.

In the foreign exchange market, the rupee is edged higher against the dollar. The partially convertible rupee was hovering at 83.2875, compared with its close of 83.3700 during the previous trading session.

MCX Gold futures for 5 June 2024 settlement fell 0.56% to Rs 73,953.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 104.60.

The United States 10-year bond yield was flat at 4.437.

In the commodities market, Brent crude for July 2024 settlement lost 66 cents or 0.79% to $ 83.05 a barrel.

Stocks in Spotlight:

Shriram Properties added 0.63%. The company announced the signing of joint development agreement (JDA) for development of a prime 4-acre land parcel nestled in the coveted micro market of Yelahanka, Bengaluru.

Rolex Rings surged 14.81%. The companys consolidated net profit declined 49.1% to Rs 23.62 crore in Q4 FY24 as compared with Rs 46.41 crore in Q4 FY23. Revenue from operations rose 5.63% year on year (YoY) to Rs 316.34 crore in the fourth quarter of FY24.

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