Nifty trades above 25,950 mark; pharma shares rally

The key equity benchmarks traded with modest gains in morning trade, snapping a four-day losing streak. The Nifty traded above the 25,950 mark, supported by a strengthening rupee against the US dollar and the signing of the IndiaOman Free Trade Agreement, which provided additional support to market sentiment.

Meanwhile, pharma stocks advanced after declining in the past trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, jumped 494.72 points or 0.59% to 84,971.12. The Nifty 50 index advanced 148.56 points or 0.58% to 25,964.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.36% and the S&P BSE Small-Cap index rallied 0.65%.

The market breadth was strong. On the BSE, 2,381 shares rose and 1,173 shares fell. A total of 260 shares were unchanged.

New Listing:

Shares of ICICI Prudential Asset Management Company were currently trading at Rs 2,615.90 at 10:09 IST on the BSE, representing a premium of 20.83% as compared with the issue price of Rs 2,165.

The stock debuted at Rs 2,606.20 on the BSE, exhibiting a premium of 20.38% over the issue price.

So far, the stock has hit a high of 2,662 and a low of 2,602. On the BSE, over 21.49 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Pharma index jumped 1.02% to 22,787.30. The index slipped 0.24% in the past trading session.

Wockhardt (up 7.32%), Divis Laboratories (up 3.01%), Laurus Labs (up 2.86%), Ajanta Pharma (up 2.71%), Piramal Pharma (up 1.96%), Biocon (up 1.92%), Gland Pharma (up 1.24%), Ipca Laboratories (up 1.22%), Aurobindo Pharma (up 1.21%) and Glenmark Pharmaceuticals (up 1.1%) advanced.

Stocks in Spotlight:

Apollo Micro Systems added 1.10% to Rs 229.05 after the company said that its subsidiary IDL Explosives has received industrial license for manufacturing of widely used explosives HMX and TNT.

Aeroflex Industries surged 10.11% after the companys board has approved raising funds through a preferential issue of 30.10 lakh equity shares at an issue price of Rs 182.70 per share (including premium) to non-promoters.

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