The key equity benchmarks traded flat in early afternoon trade. The Nifty traded below the 18,150 mark. Pharma shares witnessed some bit of selling for second consecutive session.
At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 12.49 or 0.02% points to 60,962.85. The Nifty 50 index gained 25.65 points or 0.14% to 18,142.80.
The broader market outperforms the headline indices. The S&P BSE Mid-Cap index rose 0.49% while the S&P BSE Small-Cap index gained 0.54%.
The market breadth was strong. On the BSE, 2021 shares rose, and 1426 shares fell. A total of 191 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.75% to 15.93. The Nifty 24 November 2022 futures were trading at 18,208.85, at a premium of 66.05 points as compared with the spot at 18,142.80.
The Nifty option chain for the 24 November 2022 expiry showed maximum Call OI of 23.8 lakh contracts at the 19,500 strike price. Maximum Put OI of 36.9 lakh contracts were seen at 17,000 strike price.
Buzzing Index:
The Nifty Pharma index shed 0.66% to 13,334.20. The index has declined 1.66% in two sessions.
Cipla (down 1.83%), Sun Pharmaceuticals Industries (down 1.11%), Divis Laboratories (down 1.09%), Dr Reddys Laboratories (down 1.03%) and Abbott India (down 0.91%) were the top losers.
Among the other losers were Gland Pharma (down 0.57%), Pfizer (down 0.45%), Alkem Laboratories (down 0.43%), Ipca Laboratories (down 0.4%) and Natco Pharma (down 0.29%).
On the other hand, Zydus Lifesciences (up 2.47%), Torrent Pharmaceuticals (up 1.23%) and Lupin (up 1.05%) moved up.
Stocks in Spotlight:
Tarsons Products slumped 5.11%. The company reported 13.8% fall in net profit to Rs 21.5 crore on a 6.3% decline in revenue from operations to Rs 71.2 crore in Q2 FY23 over Q2 FY22.
Paradeep Phosphates tumbled 4.10%. The fertilizer maker reported 70.8% decline in consolidated net profit to Rs 51.10 crore in Q2 FY23 from Rs 175.19 crore posted in Q2 FY22. Net sales increased by 48% year on year to Rs 2,863.69 crore in the quarter ended 30 September 2022.
Godrej Agrovet declined 1.14%. The company reported 34.3% YoY fall in consolidated net profit to Rs 71.76 crore in Q2 FY23. It had recorded a net profit of Rs 109.26 crore in the corresponding period last year. Revenue from sale of products increased by 13.5% to Rs 2,442.17 crore in Q2 FY23 from Rs 2,151.70 crore in Q2 FY22 in same period last year.
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