Nifty above 25,050 mark; pharma shares advance

The domestic equity benchmarks traded with minor gains in early afternoon trade. The Nifty scaled above the 25,050 mark after hitting the days low of 24,981.30 in early trade. Pharma shares advanced for the two consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, rose 142.15 points or 0.17% to 82,063.52. The Nifty 50 index added 48.55 points or 0.19% to 25,089.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.25% and the S&P BSE Small-Cap index added 0.19%.

The market breadth was positive. On the BSE, 2,064 shares rose and 1,724 shares fell. A total of 127 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 1.12% to 13.21. The Nifty 26 September 2024 futures were trading at 25,118.65, at a premium of 28.95 points as compared with the spot at 25,089.70.

The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 57.9 lakh contracts at the 25,000 strike price. Maximum Put OI of 103.4 lakh contracts were seen at 25,000 strike price.

Buzzing Index:

The Nifty Pharma index rose 0.69% to 23,416.50. The index added 1.76% in the two consecutive trading sessions.

Natco Pharma (up 3.77%), Biocon (up 1.36%), Torrent Pharmaceuticals (up 1.23%), Laurus Labs (up 1.18%) and Lupin (up 1.16%), Zydus Lifesciences (up 1%), Sun Pharmaceuticals Industries (up 0.96%), Aurobindo Pharma (up 0.58%), Alkem Laboratories (up 0.54%) and Divis Laboratories (up 0.52%) edged higher.

On the other hand, Sanofi India (down 1.57%), Granules India (down 0.67%) and Gland Pharma (down 0.18%) edged lower.

Aurobindo Pharma rose 0.58%. The pharma major announced that its stepdown subsidiary, Eugia Steriles received its first product approval from the United States Food and Drug Administration (USFDA) for Lidocaine Hydrochloride injection.

Stocks in Spotlight :

Jubilant Pharmova rose 0.67%. The companys subsidiary, Jubilant HollisterStier LLC's (JHS) manufacturing facility located at Spokane, Washington (USA) received classification of Voluntary Action Indicated from USFDA.

The United States Food & Drug Administration (USFDA) conducted an audit of the facility from 28 May to 6 June 2024. The US drug regulator has now determined the inspection classification of the facility as Voluntary Action Indicated.

Ramco Systems added 2.41% after the company said it has launched 'Aviation Software 6.0' to drive transformation in M&E and MRO operations.

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