Key barometers traded in a narrow range with modest gains in mid-afternoon trade. The Nifty traded below the 11,950 level. Pharmaceutical stocks extended their rally for third day. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 170.08 points or 0.42% at 40,454.27. The Nifty 50 index was up 47.25 points or 0.4% at 11,931.75.
The S&P BSE Mid-Cap index traded 0.05% lower. The S&P BSE Small-Cap index traded 0.39% higher.
The market breadth was negative. On the BSE, 1127 shares rose and 1322 shares fell. A total of 182 shares were unchanged. In Nifty 50 index, 23 stocks advanced while 27 stocks declined.
Buzzing Index:
The Nifty Pharma index was up 0.76% at 7,876.05, extending its winning streak to third consecutive session.
Cipla (up 3.43%), Aurobindo Pharma (up 1.69%), Piramal Enterprises (up 1.26%), Sun Pharmaceuticals Industries (up 1.01%), GlaxoSmithKline Pharmaceuticals (up 0.92%), Alkem Laboratories (up 0.8%), Cadila Healthcare (up 0.54%), Lupin (up 0.47%) and Divi's Laboratories (up 0.3%) were top gainers in pharmaceutical segment.
Glenmark Pharmaceuticals tumbled 3.52% to Rs 352.65 after surging 33% in previous three trading sessions. Glenmark Pharmaceuticals advanced after a foreign brokerage reportedly upgraded the stock to 'buy' from 'sell' and hiked price target to Rs 410 from Rs 350. The brokerage cited attractive valuations, strong quarter-on-quarter (QoQ) growth in the US market and higher than industry growth in the India business as reasons for the upgrade.
Stocks in Spotlight:
Shares of Avanti Feeds were down 0.9% at Rs 504.20. Avanti Feeds announced an incorporated of a wholly owned subsidiary (WOS) company, Avanti Frozen Foods INC in the State of Delaware, USA. Avanti Frozen Foods INC will be focused in trading of frozen shrimps and other sea foods.
Realty firm, Peninsula Land was down 0.77% after credit rating agency ICRA downgraded its ratings on company Non Convertible Debentures worth Rs 530.53 crore to ICRA C. ICRA stated that the downward revision in the rating is on account of delays in collections of sizeable sold inventory as well as weak sales velocity in ongoing and completed projects which has severally impacted the cash flow position of the company.
TCS was down 1.88% at Rs 2,110.7. TCS in an exchange filing reported that it has expanded its partnership with Virgin Atlantic for creating and innovating new customer experience. The partnership will help Virgin Atlantic in identifying the next digital innovation, including real-time analysis of data, automated re-fuelling and various proofs of concepts in areas such as voice-enabled bookings.
Numbers to track:
The yield on 10-year benchmark federal paper rose to 6.479% at 14:21 IST compared with 6.477% in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.8775, compared with its close of 71.845 during the previous trading session.
In the commodities market, Brent crude for January 2020 settlement was down 9 cents at $62.35 a barrel. The contract fell 1.36% to settle at $62.44 a barrel during the previous trading session.
MCX Gold futures for 5 December 2019 settlement fell 0.29% to Rs 38,119.
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