Benchmarks turn rangebound; pharma shares slide

The domestic equity indices traded in a narrow range with moderate gains in mid-afternoon trade. The Nifty hovered above the 25,000 level. Pharma shares witnessed profit booking after advancing in the past two consecutive trading sessions. Trading was volatile due to weekly F&O series expiry today.

At 14:30 IST, the barometer index, the S&P BSE Sensex added 235.84 points or 0.30% to 81,702.94. The Nifty 50 index rose 41.05 points or 0.16% to 25,023.

In the broader market, the S&P BSE Mid-Cap index declined 0.40% and the S&P BSE Small-Cap index rose 0.47%.

The market breadth was strong. On the BSE, 2,227 shares rose and 1,638 shares fell. A total of 130 shares were unchanged.

Ratan Tata, the Chairman Emeritus of Tata Sons and a recipient of India's second-highest civilian honor, the Padma Vibhushan, passed away on Wednesday at Mumbai's Breach Candy Hospital. He was 86 years old. Tata had been in critical condition and under intensive care. On Monday, he had disclosed that he was undergoing routine medical examinations due to his age and associated health conditions.

Buzzing Index:

The Nifty Pharma index slipped 2.12% to 23,278.85. The index jumped 1.31% in past two consecutive trading sessions.

Lupin (down 6.61%), Torrent Pharmaceuticals (down 3.53%), Aurobindo Pharma (down 3.34%), Cipla (down 3.27%), Alkem Laboratories (down 2.55%), Natco Pharma (down 2.53%), Ipca Laboratories (down 1.63%), Sun Pharmaceuticals Industries (down 1.61%), Dr Reddys Laboratories (down 1.5%) and Glenmark Pharmaceuticals (down 1.41%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.04% to 6.884 as compared with previous close 6.881.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9725, compared with its close of 83.9650 during the previous trading session.

MCX Gold futures for 4 December 2024 settlement rose 0.20% to Rs 75,083.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 102.92.

The United States 10-year bond yield gained 0.40% to 4.083.

In the commodities market, Brent crude for December 2024 settlement gained 64 cents or 0.84% to $77.22 a barrel.

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