Indices pare losses; pharma shares advance

The equity benchmarks pared early losses and traded with minor gains in morning trade. The Nifty traded above the 24,550 mark. Pharma shares advanced after declining in the past trading session.

At 10:30 ST, the barometer index, the S&P BSE Sensex, was up 118.43 points or 0.14% to 80,715.34. The Nifty 50 index rose 37.30 points or 0.15% to 24,564.80.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 1.03% and the S&P BSE Small-Cap index gained 0.80%.

The market breadth was positive. On the BSE, 2,299 shares rose and 1,377 shares fell. A total of 193 shares were unchanged.

 

Result today:

Coforge (up 0.52%), Cyient DLM (up 2.08%), Dodla Dairy (up 2.84% ), Greenlam Industries (down 0.84% ), IDBI Bank (up 1.38%), Indian Overseas Bank (up 0.64% ), Mahindra Logistics (up 1.45%), Maharashtra Scooters (up 0.34%), Mangalore Refinery & Petrochemicals (up 1.60%), Poly Medicure (up 2.13%), Supreme Industries (up 0.60%), Suzlon Energy (up 0.73%), UCO Bank (up 0.29%), Zensar Technologies (up 0.67% ) and ZF Commercial Vehicle Control System India (down 0.44%) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Pharma index rose 0.96% to 20,319.70. The index shed 1.65% in the past trading sessions.

Torrent Pharmaceuticals (up 2.21%), Granules India (up 1.84%), Natco Pharma (up 1.49%), J B Chemicals & Pharmaceuticals (up 1.31%), Lupin (up 1.31%), Alkem Laboratories (up 1.25%), Zydus Lifesciences (up 1.19%), Dr Reddys Laboratories (up 1.06%), Ipca Laboratories (up 1.06%) and Sanofi India (up 0.79%) edged higher.

On the other hand, Mankind Pharma (down 0.57%), Abbott India (down 0.45%) and Glenmark Pharmaceuticals (down 0.21%) declined.

Stocks in Spotlight:

Nippon Life India Asset Management rallied 4.24% after the companys consolidated net profit jumped 40.99% to Rs 332.33 crore in Q1 FY25 as compared with Rs 235.72 crore posted in Q1 FY24. Total income climbed 34.98% year on year (YoY) to Rs 635.76 crore in the quarter ended June 2024.

Oberoi Realty advanced 4.05% after the real estate developers consolidated net profit surged 81.73% to Rs 584.51 crore in Q1 FY25 as against Rs 321.64 crore posted in Q1 FY24. Revenue from operations climbed 54.42% to Rs 1405.16 crore in Q1 FY25 as compared to Rs 909.97 crore recorded in the corresponding quarter last year.

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