The domestic equity barometers slipped below the flat line and traded with minor losses in mid-afternoon trade. The Nifty traded below the 18,550 mark. Pharma shares extended gains for second consecutive session. Trading was volatile due to expiry of weekly index options on the NSE.
At 14:27 IST, the barometer index, the S&P BSE Sensex, was down 54.43 points or 0.09% to 62,567.81. The Nifty 50 index lost 9.75 points or 0.05% to 18,524.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.27% while the S&P BSE Small-Cap index advanced 0.64%.
The market breadth was strong. On the BSE, 2,100 shares rose and 1,380 shares fell. A total of 139 shares were unchanged.
Numbers to Track:
The yield on India's 10-year benchmark federal paper declined 0.20% to 6.975 from previous close of 6.989.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.4425, compared with its close of 82.7500 during the previous trading session.
MCX Gold futures for 5 June 2023 settlement lost 0.77% to Rs 59,700.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was currently trading flat at 104.33.
The United States 10-year bond yield rose 1.20% to 3.679.
In the commodities market, Brent crude for July 2023 settlement added 9 cents or 0.12% to $72.69 a barrel.
Buzzing Index:
The Nifty Pharma added 0.99% to 12,803.75. The index has risen 1.58% in two sessions.
Laurus Labs (up 3.21%), Divis Laboratories (up 2.41%), Granules India (up 1.88%), Glenmark Pharmaceuticals (up 1.74%) and Glaxosmithkline Pharmaceuticals (up 1.42%) were the top gainers.
Among the other gainers were Zydus Lifesciences (up 1.26%), Sun Pharmaceuticals Industries (up 1.1%), Gland Pharma (up 1.04%), Natco Pharma (up 0.98%) and Cipla (up 0.97%).
Venus Remedies advance 1.78%. The company announced the receipt of a marketing authorisation from the largest market in the Gulf Cooperation Council (GCE) region for Docetaxel, a widely used chemotherapy drug.
Stocks in Spotlight:
Tata Motors rose 1.48%. The company has commenced a tender offer inviting the holders of the ECB bonds to offer to sell for cash to the company the ECB bonds held by such bond holders, subject to the terms and conditions set out in the tender offer memorandum dated 31 May 2023, issued by the company.
The auto maker said that it had issued external commercial borrowing bonds of $250,000,000 5.75% senior notes 2024 (ECB bonds) on 30 October 2014, which are listed on the Singapore Exchange Securities Trading Limited.
Steel Strips Wheels gained 1.96%. The company said that it had achieved a net turnover of Rs 357.27 crore in May 2023 as against Rs 325.26 crore in May 2022, recording a growth of 9.84% on YoY basis.
VST Tillers Tractors shed 0.12%. The total sales increased 3.53% to 3,756 units in May 2023 from 3,628 units sold in May 2022.
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