Nifty below 25,450; Pharma shares decline

The key equity benchmarks traded with minor cuts in the morning trade. The Nifty traded below the 25,450 level. Pharma shares declined after advancing in the past trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 153.05 points or 0.18% to 83,383.03. The Nifty 50 index lost 53.45 points or 0.21% to 25,415.55.

In the broader market, the S&P BSE Mid-Cap index shed 0.05% and the S&P BSE Small-Cap index added 0.21%.

The market breadth was positive. On the BSE, 1,977 shares rose and 1,509 shares fell. A total of 218 shares were unchanged.

Earnings Today:

Tata Consultancy Services (TCS) (up 0.18%), Tata Elxsi (down 0.38%), Anand Rathi (up 0.97%) and Indian Renewable Energy Development Agency (Ireda) (up 1.54%) will announce their quarterly earnings later today.

Buzzing Index:

The Nifty Pharma index fell 0.68% to 22,056.60. The index rose 0.19% in the past trading session.

Gland Pharma (down 1.11%), Dr. Reddy's Laboratories (down 1.1%), Divis Laboratories (down 0.98%), Ajanta Pharma (down 0.87%), Torrent Pharmaceuticals (down 0.83%), Zydus Lifesciences (down 0.81%), J B Chemicals & Pharmaceuticals (down 0.71%), Abbott India (down 0.65%) and Ipca Laboratories (down 0.65%) fell.

On the other hand, Glenmark Pharmaceuticals (up 2.08%) and Biocon (up 0.2%) edged higher.

Stocks in Spotlight:

Emcure Pharmaceuticals advanced 1.05% after the U.S. Food and Drug Administration (USFDA) conducted a pre-approval inspection (PAI) at its manufacturing facility (Oncology) located at G.I.D.C., Sanand, Ahmedabad, Gujarat.

Orient Technologies shed 0.59%. The company announced that it has received a purchase order worth Rs 29.86 crore from Protean eGov Technologies for the procurement, setup, and support of AWS infrastructure.

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