The domestic equity benchmarks came off the day's low in mid-afternoon trade. The Nifty hovered near the 15,500 mark. Pharma shares advanced for the third session.
At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 348.42 points or 0.67% to 51,586.46. The Nifty 50 index lost 75.05 points or 0.48% at 15,499.80.
The broader market was trading higher. The S&P BSE Mid-Cap index rose 1.27%. The S&P BSE Small-Cap index gained 1.03%.
Buyers outpaced sellers. On the BSE, 2011 shares rose and 1056 shares fell. A total of 151 shares were unchanged.
Numbers to Track:
In the foreign exchange market, the partially convertible rupee rose to 73.1350 compared with its previous closing of 72.9050.
MCX Gold futures for 4 June 2021 settlement rose 0.30% to Rs 49,140.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.34% to 90.13.
The yield on 10-year benchmark federal paper fell to 6.009% from 6.025% recorded at the close of the previous trading session.
In the commodities market, Brent crude for August 2021 settlement rose 51 cents to $70.77 a barrel. The contract had gained $1.53 or 2.23% to settle at $70.25 in the previous trading session.
Buzzing Index:
The Nifty Pharma index rose 0.61% to 14,143.75. The index has added 1.50% in three sessions.
Alkem Laboratories (up 1.88%), Cadila Healthcare (up 1.23%), Cipla (up 0.64%) and Torrent Pharma (up 0.53%) advanced while Aurobindo Pharma (down 0.65%) and Dr. Reddy's Labs (down 0.24%) declined.
Sun Pharmaceutical Industries rose 0.86% to Rs 677. The company said that one of its wholly owned subsidiary has entered into a license agreement with Ferring Pharmaceuticals, a subsidiary of Switzerland-based biopharmaceuticals MNC Ferring Pharmaceuticals, to commercialize a room temperature stable (RTS) formulation of obstetric drug, CARITEC (Carbetocin RTS) in India. CARITEC is indicated for the prevention of excessive bleeding in women after vaginal or caesarean child birth. The condition is commonly known as post-partum haemorrhage (PPH).
Lupin jumped 4.49% to Rs 1262.95. The company said that the US FDA has accepted the biologics license application (BLA) for its proposed biosimilar to Neulasta (pegfilgrastim) through a filing using the 351(k) pathway. Pegfilgrastim has estimated annual sales of $3.66 billion in the U.S. (IQVIA MAT December 2020).
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