Market trades with small gains; pharma shares extent gains for 2nd day

The domestic equity indices traded with minor gains in the early afternoon trade as investors assessed the U.S. Federal Reserve's decision to keep interest rates unchanged at 4.254.5%. Market participants are closely awaiting the Union Budget 2025, with expectations for growth-supportive initiatives that strike a balance with fiscal discipline. The Nifty traded above the 23,250 mark. Pharma shares extended gains for two consecutive trading sessions. Trading was volatile due to the monthly Nifty 50 F&O series expiry today.

At 12:30 IST, the barometer index, the S&P BSE Sensex, rallied 272.49 points or 0.35% to 76,808.15. The Nifty 50 index added 111.50 points or 0.48% to 23,274.60.

In the broader market, the S&P BSE Mid-Cap index added 0.41% and the S&P BSE Small-Cap index rose 0.4%.

The market breadth was strong. On the BSE, 2,387 shares rose and 1,377 shares fell. A total of 149 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 2.96% to 18.73. The Nifty 30 January 2025 futures were trading at 23,271.95, at a discount of 2.65 points as compared with the spot at 23,274.60.

The Nifty option chain for the 30 January 2025 expiry showed a maximum call OI of 131.16 lakh contracts at the 24,000 strike price. Maximum put OI of 134 lakh contracts was seen at 23,000 strike.

Buzzing Index:

The Nifty Pharma index rose 1.01% to 21,378.45. The index advanced 1.01% in two consecutive trading sessions.

Laurus Labs (up 9.71%), Granules India (up 3.51%), Cipla (up 2.88%), Aurobindo Pharma (up 2.11%), Zydus Lifesciences (up 1.97%), Abbott India (up 1.76%), J B Chemicals & Pharmaceuticals (up 1.62%), Dr Reddys Laboratories (up 1.48%), Divis Laboratories (up 1.1%), and Mankind Pharma (up 1.03%) added.

On the other hand, Glenmark Pharmaceuticals (down 0.6%), Natco Pharma (down 0.55%) and Torrent Pharmaceuticals (down 0.25%) edged lower.

Stocks in Spotlight:

Whirlpool of India hit the lower circuit of 20% after the companys parent, Whirlpool Corporation, announced its intention to sell a 20% stake in the company by mid-to-late 2025 by way of one or more market sales.

Brigade Enterprises added 1.62% after the company reported a consolidated net profit of Rs 236.2 crore in Q3 FY25, which is more than 3 times the PAT of Rs 73.5 crore posted in Q3 FY24. Revenue rose by 27% YoY to Rs 1529.7 crore during the period under review.

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