Broader markets outperform; pharma shares in demand

The domestic equity barometers traded with minor gains in early afternoon trade. The Nifty traded below the 16,100 mark. Pharma shares were in demand.

At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 59.69 points or 0.11% to 53,946.30. The Nifty 50 index gained 31.10 points or 0.19% to 16,089.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.76% while the S&P BSE Small-Cap index added 0.46%.

The market breadth was positive. On the BSE, 1,865 shares rose and 1,287 shares fell. A total of 152 shares were unchanged.

Economy:

India's factory output, measured in terms of Index of Industrial Production (IIP), witnessed a growth of 19.6% in May 2022. IIP grew 7.1% in April 2022. The manufacturing sector recorded a growth of 20.6% in May. The mining sector rose by 10.9% and the electricity sector climbed 23.5%.

India's headline retail inflation rate, as measured by the Consumer Price Index (CPI), stood at 7.01% in June 2022 from 7.04% in May 2022, data released on 12 July 2022 by the Ministry of Statistics and Programme Implementation showed.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.60% to 18.25. The Nifty 28 July 2022 futures were trading at 16,102.05, at a premium of 12.65 points compared with the spot at 16,089.40.

The Nifty option chain for the 28 July 2022 expiry showed maximum Call OI of 24.2 lakh contracts at the 16,500 strike prices. Maximum Put OI of 29.1 lakh contracts was seen at 15,500 strike price.

Buzzing Index:

The Nifty Pharma index rose 0.78% to 12,547.65. The index declined 0.91% in the previous session.

Aurobindo Pharma (up 2.83%), Laurus Labs (up 2.02%), Alkem Laboratories (up 1.93%), Divis Laboratories (up 1.01%) and Glenmark Pharmaceuticals (up 0.99%) were the top index gainers.

Among the other gainers were Lupin (up 0.96%), Dr Reddys Laboratories (up 0.9%), Cipla (up 0.87%), Zydus Lifesciences (up 0.77%) and Ipca Laboratories (up 0.62%).

Bajaj Healthcare advanced 3.09%. The drug maker has been awarded two tenders for manufacture of concentrated poppy straw (CPS) and alkaloids/active pharmaceutical ingredients (APIs) from unlanced poppy capsules along with straw through CPS-reg and opium gum from the Government of India (GOI), Department of Revenue, Office of Chief Controller, Govt. Opium & Alkaloid Factories.

Shilpa Medicare jumped 4.96%. The company said that its newly commissioned facility for manufacture and testing of Orodispersible films and Transdermal systems situated at Dabaspet, Bengaluru in Karnataka, has been issued GMP Certificate by UK Medicines and Healthcare products Regulatory Agency (MHRA).

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