Nifty below 17,900 level, pharma stocks decline

The benchmark indices traded with minor cuts in mid-afternoon trade. The Nifty traded below the 17,900 level after hitting the day's high of 17,976.35 in morning trade. Metal, PSU bank and financial services shares advanced while healthcare , pharma and FMCG stocks edged lower.

At 14:28 IST, the barometer index, the S&P BSE Sensex, was down 31.14 points or 0.05% to 60,084.34. The Nifty 50 index shed 22.20 points or 0.12% to 17,891.95.

In the broader market, the S&P BSE Mid-Cap index fell 0.33% while the S&P BSE Small-Cap index rose 0.06%.

The market breadth was positive. On the BSE, 1,805 shares rose and 1,649 shares fell. A total of 131 shares were unchanged.

Investors looked ahead to the U.S. consumer price index report due on Thursday for more clues on the rate-hike trajectory. Meanwhile, the World Bank slashed its growth forecasts for most countries and regions and warned that new adverse shocks could tip the global economy into a recession.

US Federal Reserve Chairman Jerome Powell on Tuesday emphasized the need for the central bank to be free of political influence while it tackles high inflation. Powell noted that stabilizing prices requires making tough decisions that can be unpopular politically.

Numbers to Track:

The yield on India's 10-year benchmark federal paper declined to 7.304 from its close of 7.313 recorded in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.5750, compared with its close of 82.7475 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement added 0.17% to Rs 55,805.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.12% to 103.36.

The United States 10-year bond yield fell 1.14% to 3.578.

In the commodities market, Brent crude for March 2023 settlement rose 3 cents or 0.4% to $80.13 a barrel.

Buzzing Index:

The Nifty Pharma index fell 0.88% to 12,721.45. The index shed 0.38% in two trading sessions.

Laurus Labs (down 3.34%), Cipla (down 3.22%), Biocon (down 2.5%), Divis Laboratories (down 2.1%) and Ipca Laboratories (down 1.66%), Glenmark Pharmaceuticals (down 1.59%), Zydus Lifesciences (down 1.26%), Alkem Laboratories (down 1.14%), Torrent Pharmaceuticals (down 0.87%) and Dr Reddys Laboratories (down 0.85%) slipped.

On the other hand, Gland Pharma (up 2.89%) ,Sun Pharmaceuticals Industries (up 1.28%) and Abbott India (up 0.26%) edged higher.

Sun Pharmaceutical Industries advanced 1.28% after the drug maker announced that one of its wholly-owned subsidiaries has launched a novel anti-cancer drug, Palbociclib in India for patients who have advanced breast cancer. The pharma major said that the drug will be available under the brand name of Palenotm (Palbociclib).

Piramal Pharma declined 1.72%. The pharma company said that the United States Food and Drug Administration (USFDA) issued a Form 483, with six observations after the inspection of its Lexington facility. The USFDA conducted a pre-approval inspection (PAI) and good manufacturing practices (GMP) inspection of Piramal Pharma's Lexington facility, Kentucky, USA from 27 December 2022 to 10 January 2023.

Zydus Lifesciences fell 1.26%. The drug maker said that CRISIL Ratings has reaffirmed its 'CRISIL AA+/Positive/CRISIL A1+' ratings on the bank facilities and debt programme of the company.

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