The domestic equity benchmarks further pared gains in mid-morning trade. The Nifty continued to trade below the 17,750 mark. Pharma shares extended their bull run for third consecutive day.
At 11:23 IST, the barometer index, the S&P BSE Sensex, was up 191 points or 0.32% to 59,734.96. The Nifty 50 index gained 64.65 points or 0.37% to 17,721.
In the broader market, the S&P BSE Mid-Cap index rose 0.43% while the S&P BSE Small-Cap index gained 0.46%.
The market breadth was strong. On the BSE, 1,816 shares rose and 1,415 shares fell. A total of 136 shares were unchanged.
Weak future revenue guidance from corporates across the globe fuelled fears of a worldwide economic slowdown. However, the Bank of Canada's lower-than-expected interest rate hike added hopes that the US Fed would go easy on the magnitude of rate hike at its upcoming policy meeting.
Buzzing Index:
The Nifty Pharma index added 0.24% to 13,143.45. The index has gained 1.26% in three sessions.
Granules India (up 2.21%), Lupin (up 1.83%), Sun Pharmaceuticals Industries (up 1.49%) and Dr Reddys Laboratories (up 1.3%) were the top gainers.
Among the other gainers were Natco Pharma (up 1.26%), Biocon (up 1.12%), Glaxosmithkline Pharmaceuticals (up 1.05%), Abbott India (up 0.94%) and Cipla (up 0.84%).
Gland Pharma slumped 13.18% to Rs 1,931 after the pharma company's consolidated net profit tumbled 20.1% to Rs 241.24 crore on 3.3% decline in net sales to Rs 1,044.40 crore in Q2 FY23 over Q2 FY22.
Glenmark Pharmaceuticals declined 1.43% to Rs 395.90 after the US FDA placed the company's Baddi facility under import alert 66-40 following the inspection conducted in June 2022. The pharma company said that it will engage with the United States Food and Drug Administration (US FDA) to resolve the import alert at the earliest.
Zydus Lifesciences rose 1.51%. The pharmaceutical company on Wednesday announced that it has received final approval from the United States Food and Drug Administration (USFDA) to market Micafungin for injection. Micafungin for Injection is indicated to treat variety of fungal infections. It is also used to prevent fungal infections in patients who are having a stem cell transplant. According to IQVIA MAT August 2022 data, Sugammadex injection had annual sales of $99 million in the United States.
Global Markets:
Asian stocks are trading higher on Thursday on growing expectations that major central banks could start slowing the pace of interest rate hikes in coming months.
The Bank of Japan begins its two-day meeting on monetary policy Thursday.
South Korea's third-quarter GDP grew 0.3% from the previous quarter, according to official advance data the slowest growth since the third quarter of 2021. China's industrial profits for January to September fell 2.3% compared to a year ago, the National Bureau of Statistics reported.
U.S. stocks dropped on Wednesday as investors parsed fresh economic data and disappointing earnings while mulling the Federal Reserve's path after the Bank of Canada announced a smaller-than-expected rate hike of 50 basis points.
Meanwhile, the European Central Bank (ECB) is expected to roll out another super-size rate hike Thursday to combat runaway inflation, despite concerns higher borrowing costs could deepen the pain of a looming eurozone recession. The ECB's 25-member governing council is likely to lift its key interest rates by 75 basis points for the second consecutive time, as per reports.
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