Nifty above 16,000; pharma shares advance

The key equity indices maintained their upward momemtum and further scaled fresh intraday highs in mid-morning trade. The Nifty traded above the 16,00 level. Pharma shares witnessed across the board buying. Positive cues from other Asian shares supported buying.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was up 594.17 points or 1.12% to 53,693.80. The Nifty 50 index added 176.15 points or 1.11% to 16,011.50.

In the broader market, the S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index gained 1.16%.

The market breadth remained strong. On the BSE, 2212 shares rose and 868 shares fell. A total of 139 shares were unchanged.

Buzzing Index:

The Nifty Pharma index rose 1.14% to 12,357. The index had lost 0.35% to end at 12,218.20 yesterday.

Aurobindo Pharma (up 2.14%), Dr Reddys Laboratories (up 2.06%), Sun Pharmaceuticals Industries (up 1.84%) and Zydus Lifesciences (up 1.4%) were the top index gainers.

Concurrently, Biocon (up 1.03%), Lupin (up 0.95%), Ipca Laboratories (up 0.76%), Alkem Laboratories (up 0.72%) and Pfizer (up 0.45%) advanced.

Cipla added 1.43%. The United States Food and Drug Administration conducted a pre-approval inspection at the company's Indore plant from June 27 to July 1. It has received two observations on FDA Form 483 with respect to ANDA filed for the product to be manufactured at the said plant.

Marksans Pharma surged 16.20%. A meeting of the board of directors of the company is scheduled to be held on 8th July 2022 to consider the proposal for buyback of fully paid up equity shares of the company.

Global markets:

Asian stocks traded higher on Tuesday as investors look ahead to the Reserve Bank of Australia's rate decision. The Reserve Bank of Australia is expected to raise interest rates by 50 basis points later today, as per reports.

China's service sector activity also grew, according to the Caixin services purchasing managers' index. The index rose to 54.5 in June compared to 41.4 in May as Covid measures were eased.

Japan's services activity expanded at the fastest pace since October 2013, according to the final au Jibun Bank Japan Services Purchasing Managers' Index. The print rose to 54, compared to 52.6 in May.

South Korea's June inflation accelerated to the fastest pace since the Asian financial crisis. The consumer price index (CPI) rose 6.0% in June from a year earlier, government data showed on Tuesday, the fastest since November 1998 and exceeding the central bank's 2% target for the 15th consecutive month.

The U.S. market was closed for the July Fourth public holiday on Monday.

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