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Nifty trades above 14,650; pharma stocks correct

Capital Market 

Barometers traded sideways with small gains in mid morning trade. PSU Bank, metal and media stocks were in demand while pharma shares witnessed selling. The Nifty hovered above the 14,650 level.

At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 116.92 points or 0.24% at 48,835.49. The Nifty 50 index was up 37.55 points or 0.26% at 14,671.90.

In broader market, the S&P BSE Mid-Cap index surged 1.01% while the S&P BSE Small-Cap index was rallied 1.07%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1813 shares rose and 862 shares fell. A total of 156 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,289.46 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 552.92 crore in the Indian equity market on 3 May, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 153,193,587 with 3,209,919 global deaths.

India reported 34,47,133 active cases of COVID-19 infection and 222,408 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

India on Monday reported 357,229 fresh Covid-19 cases. With this, the cumulative caseload nears 20.3 million, according to MoHFW. In the past seven days alone, India has added 26,13,415 infections to its tally. As many as 3,438 deaths were reported.

The country now has 3.44 million active cases.

The six most affected states by total cases are Maharashtra (4,771,022), Kerala (1,664,789), Karnataka (1,601,865), Uttar Pradesh (1,313,487), Tamil Nadu (1,207,112), and Delhi (1,194,552).

Buzzing Index:

The Nifty Pharma index slipped 0.61% to 13,425.70, snapping its two day winning run. The index rose 1.64% in the past two days.

Cipla (down 2.33%), Dr. Reddy's (down 0.82%), Sun Pharmaceutical (down 0.71%), Divi's Laboratories (down 0.41%) and Lupin (down 0.23%) were top losers in pharmaceutical space.

Stocks in Spotlight:

Delta Corp fell 1.43% to Rs 152.05 as all the casinos operated by the company and its subsidiaries in Goa will remain closed until 7.00 a.m. on 10 May 2021. Due to a surge in COVID-19 cases being witnessed in Goa, the office of the District Magistrate, North Goa has directed that casinos in North Goa shall remain closed until 7.00 a.m. on 10 May 2021.

Motherson Sumi Systems rallied 3.48% after the company said it successfully completed the acquisition of Bombardier's Electrical Wiring Interconnection Systems (EWIS) business in Huehuetoca, Mexico. In October last year, the company had announced the acquisition of Bombardier's Mexico-based EWIS business for around $10 million through MRS. MRS is part of the Motherson Rolling Stock Division which designs and manufactures electrical cabinets, power packs and electrical distribution systems for leading rolling stock manufacturers.

Global Markets:

Asian stocks were mixed on Tuesday with major markets in Japan and China still closed for holidays.

In US, the S&P 500 and the Dow indexes ended higher on Monday amid a largely upbeat earnings season, while the Nasdaq came under pressure from declines in some high-flying growth stocks, as the rotation into cyclical and "economy reopening" stocks continued.

New York Governor Andrew Cuomo announced that most capacity restrictions will be lifted across New York, New Jersey and Connecticut, while 24-hour subway service will resume in New York City later this month.

The U. S. economy is doing better but is "not out of the woods yet," Federal Reserve Chair Jerome Powell reportedly said on Monday in remarks that flagged an upcoming central bank study documenting the disproportionate blow suffered by the less educated and working parents during the coronavirus downturn.

U. S. manufacturing activity grew at a slower pace in April. The ISM's index of national factory activity fell to a reading of 60.7 last month after surging to 64.7 in March, which was the highest level since December 1983.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, May 04 2021. 11:28 IST