Sensex jumps nearly 400 pts; pharma shares in demand

The domestic equity barometers traded with moderate gains in the morning trade. The Nifty traded above the 24,000 level. Pharma shares advanced after declining for the past three consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex, rallied 398.81 points or 0.51% to 79,458.90. The Nifty 50 index added 114.40 points or 0.48% to 24,035.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.03% and the S&P BSE Small-Cap index shed 0.10%.

The market breadth was positive. On the BSE, 1,940 shares rose and 1,630 shares fell. A total of 176 shares were unchanged.

New Listing:

Shares of Enviro Infra Engineers were currently trading at Rs 216.90 at 10:15 IST on the BSE, representing a premium of 46.55% as compared with the issue price of Rs 148.

The scrip was listed at Rs 218, exhibiting a premium of 47.3% to the issue price.

So far, the stock has hit a high of 233.50 and a low of 215.30. On the BSE, over 26.28 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Pharma index rose 1.27% to 22,005.30. The index declined 0.74% in the past three consecutive trading sessions.

Divis Laboratories (up 2.72%), Laurus Labs (up 2.57%), Cipla (up 1.91%), Alkem Laboratories (up 1.74%), Sun Pharmaceuticals Industries (up 1.69%), Zydus Lifesciences (up 1.62%), Lupin (up 1.57%), Torrent Pharmaceuticals (up 1.51%), Natco Pharma (up 1.36%), Dr Reddys Laboratories (up 1.23%) added.

Stocks in Spotlight:

KEI Industries fell 0.87%. The company raised Rs 2,000 crore through the allocation of 52,163,157 equity shares to 104 qualified institutional buyers at an issue price of Rs 3,800 per share, which is at a discount of 2.07% to the floor price of Rs 3880.54 per share.

Zomato declined 1.47%. The company has closed its qualified institutional placement (QIP) issue and raised Rs 8,500 crore through the allocation of 33.64 crore equity shares at a price of Rs 252.62 per share, which is at a 5% discount to the floor price of Rs 265.91 per share.

NCC rose 2.06% after the company announced that it has received a letter of acceptance (LoA) worth Rs 3,389.49 from Ken-Betwa Link Project Authority for the EPC execution of Daudhan Dam.

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