Market near day's high; Pharma stocks rally for 3rd day

The key equity indices extended gains and traded near the intraday high in the mid-afternoon trade. The Nifty scaled above the 21,900 level after hitting days low of 21,737.55 in early trade. Pharma shares witnessed buying demand for the third consecutive trading session.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 434.20 points or 0.61% to 72,165.62. The Nifty 50 index added 148.95 points or 0.68% to 21,920.65.

In the broader market, the S&P BSE Mid-Cap added rose 0.89% and the S&P BSE Small-Cap index rose 1.04%.

The market breadth was positive. On the BSE, 2,258 shares rose and 1,554 shares fell. A total of 107 shares were unchanged.

Buzzing Index:

The Nifty Pharma index gained 1.15% to 18,503.65. The index advanced 3.72% in the three trading sessions.

Gland Pharma (up 5.01%), Biocon (up 4.94%), Ipca Laboratories (up 4.68%), Zydus Lifesciences (up 4.32%), Laurus Labs (up 2.73%), Glaxosmithkline Pharmaceuticals (up 2.53%), Alkem Laboratories (up 1.54%), Dr Reddys Laboratories (up 1.23%), Abbott India (up 1.15%) and Pfizer (up 1.14%) edged higher.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.14% to 7.081 as compared with the previous close of 7.091.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.0300, compared with its close of 82.0325 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.01% to Rs 62,308.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.10% to 104.35.

The United States 10-year bond yield shed 0.51% to 4.146.

In the commodities market, Brent crude for March 2024 settlement added 0.27 cent or 0.35% to $78.86 a barrel.

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