Nifty near 24,550 mark, pharma shares advance

The headline equity indices continued to trade with minor gains in morning trade. The Nifty traded near the 24,550 mark. Pharma shares extended gains for the second consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 101.72 points or 0.13 to 80,621.06. The Nifty 50 index rose 46.95 points or 0.19% to 24,549.10.

The Nifty 50 index index hit a fresh all-time high of Rs 24,598 in early trade.

In the broader market, the S&P BSE Mid-Cap index gained 0.34% and the S&P BSE Small-Cap index added 0.06%.

The market breadth was positive. On the BSE, 1,835 shares rose and 1,884 shares fell. A total of 170 shares were unchanged.

Result today:

Angel One (up 0.34%), Hatsun Agro Product (up 3.32%), HDFC Asset Management Company (down 0.60%), HDFC Life Insurance Company (down 0.05%), Jio Financial Services (up 0.76%), Bank of Maharashtra (up 0.85%) and SpiceJet (up 8.36%) will announce their quarterly earning later today.

Buzzing Index:

The Nifty Pharma index gained 1% to 20,818.85. The index added 1.05% in two trading sessions.

Aurobindo Pharma (up 2.74%), Alkem Laboratories (up 2%), Abbott India (up 1.83%), Granules India (up 1.51%) and Glenmark Pharmaceuticals (up 1.21%) were the top gainers. Among the other gainers were Cipla (up 1.08%), Biocon (up 0.96%), Dr Reddys Laboratories (up 0.74%), Zydus Lifesciences (up 0.66%) and Torrent Pharmaceuticals (up 0.65%), advanced.

On the other hand, Gland Pharma (down 1.07%), Mankind Pharma (down 0.44%) and J B Chemicals & Pharmaceuticals (down 0.03%) edged lower.

Stocks in Spotlight:

Avenue Supermarts (Dmart) added 0.59%. The company reported a 17.46% increase in consolidated net profit to Rs 773.82 crore in Q1 FY25 as compared with Rs 658.75 crore in Q1 FY24. Revenue from operations increased 18.57% to Rs 14,069.14 crore in Q1 FY25 as compared to Rs 11,865.44 crore posted in Q1 FY24.

5paisa Capital jumped 6.07% after the company reported a 38.19% increase in consolidated net profit to Rs 20.08 crore in Q1 FY25 as compared with Rs 14.53 crore posted in Q1 FY24. However, total revenue from operations jumped 20.92% year on year (YoY) to Rs 102.23 crore in the quarter ended 30 June 2024.

Rail Vikas Nigam (RVNL) gained 1.21%. The company received letter of acceptance (LoA) from Central Railway for overhead modification work up-gradation of existing 1 x 25 kV electric traction system.

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