Market trade sideways; pharma shares slide for 3rd day

The frontline indices traded sideways in early afternoon trade, amid FII outflows and global uncertainty. The Nifty traded above the 23,500 level after hitting the day's low of 23,344.35 in the morning trade. Pharma shares extended losses for the three consecutive trading sessions.

At 12:30 IST, the barometer index, the S&P BSE Sensex, rose 36.21 points or 0.05% to 77,657.05. The Nifty 50 index fell 12.35 points or 0.05% to 23,514.85.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 1.41% and the S&P BSE Small-Cap index slipped 1.67%.

The market breadth was weak. On the BSE, 880 shares rose and 2,954 shares fell. A total of 121 shares were unchanged.

 

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 1.17% to 14.83. The Nifty 30 January 2025 futures were trading at 23,630.90, at a premium of 116.05 points as compared with the spot at 23,514.85.

The Nifty option chain for the 30 January 2025 expiry showed maximum Call OI of 48.9 lakh contracts at the 24,000 strike price. Maximum Put OI of 48.9 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty Pharma index fell 1.78% to 22,461.25. The index declined 3.30% in three consecutive trading sessions.

Aurobindo Pharma (down 4.11%), J B Chemicals & Pharmaceuticals (down 3.68%), Laurus Labs (down 3.21%), Sun Pharmaceuticals Industries (down 2.31%), and Natco Pharma (down 2.2%) were the top losers. Among the other losers were Gland Pharma (down 2.16%), Biocon (down 2.09%), Granules India (down 2.08%), Glenmark Pharmaceuticals (down 2.05%) and Abbott India (down 2.02%) edged lower.

Stocks in Spotlight:

Jash Engineering added 1.10% after the company reported a 7.07% increase in its consolidated order book position to Rs 924 crore as on 01 January 2025 from Rs 863 crore as on 01 January 2024.

The Phoenix Mills rose 1.13% after the company said that its total consumption stood at approximately Rs 3,998 crore in Q3 FY25, registering a growth of 21% year on year (YoY).

Indegene declined 2.19%. The company announced a strategic partnership with CliniOps, a leading provider of advanced digital clinical trial solutions to drive innovative digital transformation in clinical trial processes and achieve better patient outcomes.

Powered by Capital Market - Live News