Indices pares some losses; pharma shares decline

The key domestic indices pared some losses but traded in negative zone in mid-morning trade. The Nifty traded above the 24,100 level. Pharma shares witnessed profit booking after advancing in past six consecutive trading sessions.

At 11:28 IST, the barometer index, the S&P BSE Sensex declined 308.46 points or 0.39% to 79,634.70. The Nifty 50 index slipped 82.10 points or 0.34% to 24,106.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% and the S&P BSE Small-Cap index gained 0.65%.

The market breadth was strong. On the BSE, 2,304 shares rose and 1,443 shares fell. A total of 164 shares were unchanged.

 

Buzzing Index:

The Nifty Pharma index fell 0.89% to 23,343.85. The index gained 4.26% in past six consecutive trading sessions.

Ajanta Pharma (down 2.39%), Aurobindo Pharma (down 1.75%), Lupin (down 1.67%), Dr Reddys Laboratories (down 1.15%), Cipla (down 1.14%), Abbott India (down 1.07%), Granules India (down 1.07%), Torrent Pharmaceuticals (down 1.01%), Alkem Laboratories (down 0.97%) and Sun Pharmaceuticals Industries (down 0.93%) edged lower.

On the other hand, Gland Pharma (up 3.25%), J B Chemicals & Pharmaceuticals (up 0.75%) and Glenmark Pharmaceuticals (up 0.03%) edged higher.

Stocks in Spotlight:

Avenue Supermarts (DMart) spurted 13.03% after the company reported good Q3 business update. The company's standalone revenue from operations for the quarter ended (QE) 31 December 2024 stood at Rs 15,565.23 crore, up 17.50% year-on-year.

Indian Railway Finance (IRFC) rose 0.52%. The company has signed a memorandum of understanding (MoU) with REMCL to collaborate on financing renewable energy projects awarded by REMCL for supply to Indian Railways.

Hindustan Zinc advanced 2.46% after its mined metal production stood at 265,000 tonnes in Q3 FY25, up 3% QoQ driven by higher mined metal grades and increase in production at Agucha and Zawar mines.

Global Markets:

Asian stocks traded mixed on Friday, defying the gloomy sentiment on Wall Street, where US stocks extended their losing streak to a fifth consecutive day. Equity trading in Japan was closed for a holiday. Chinese stocks are under scrutiny after their worst start to the year since 2016.

US stocks declined on Thursday, erasing early gains following a series of security incidents across the United States in recent days. The Dow Jones Industrial Average shed 156 points, or 0.4%, while the S&P 500 index lost 10 points, or 0.2%, and the NASDAQ Composite dipped by 30 points, or 0.2%.

Investors are closely monitoring the US House Speaker vote on Friday to determine if Mike Johnson will retain his position. Internal disagreements within the Republican party regarding his reelection could potentially hinder the agenda of the President-elect.

Tesla shares plummeted over 6% after the EV manufacturer reported a record number of vehicle deliveries in the fourth quarter, as announced on Thursday. However, these deliveries fell short of consensus expectations.

Apple is offering discounts on its latest iPhone models in China, an unusual move that signifies escalating competition from domestic rivals in the world's largest smartphone market. As a result, the company's shares declined by nearly 3% on Thursday.

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