Sensex gains 285 pts, pharma stocks advance

The benchmark indices traded with modest gains in early afternoon trade. The Nifty traded above the 18,100 level. Auto, healthcare and pharma stocks were in demand while metal and realty stocks declined.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 285.42 points or 0.47% to 60,907.19. The Nifty 50 index added 77.70 points or 0.43% to 18,105.35.

In the broader market, the S&P BSE Mid-Cap index rose 0.29% while the S&P BSE Small-Cap index shed 0.19%.

The market breadth was positive. On the BSE, 1,777 shares rose, and 1,734 shares fell. A total of 191 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.06% to 13.64. The Nifty 25 January 2022 futures were trading at 18,144, at a premium of 38.65 points as compared with the spot at 18,105.35.

The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 127.8 lakh contracts at the 18,100 strike price. Maximum Put OI of 143.1 lakh contracts were seen at 18,100 strike price.

Buzzing Index:

The Nifty Pharma index rose 0.82% to 12,710.45. The index declined 1.01% in the past two trading sessions.

Sun Pharmaceuticals Industries (up 1.88%), Divis Laboratories (up 1.46%), Ipca Laboratories Ltd (up 1.44%), Biocon (up 1.39%), Lupin (up 1.32%) , Laurus Labs (up 1.08%), Cipla (up 0.79%), Torrent Pharmaceuticals (up 0.7%), Zydus Lifesciences (up 0.59%) and Glenmark Pharmaceuticals (up 0.47%) edged higher.

On the other hand, Glaxosmithkline Pharmaceuticals (down 0.78%), Sanofi India (down 0.74%) and Gland Pharma (down 0.7%) slipped.

Glenmark Pharmaceuticals rose 0.47%. The drug maker has launched I.V. injection formulation, AKYNZEO I.V., under an exclusive licensing agreement with Helsinn, a Swiss biopharma group company. AKYNZEO I.V is used for the prevention of chemotherapy-induced nausea and vomiting (CINV).

Earnings Impact:

Yes Bank tumbled 7.07% after the private lender's standalone net profit slumped 80.7% to Rs 51.52 crore on 24.6% rise in total income to Rs 7015.18 crore in Q3 FY23 over Q3 FY22. The bank said that net profit was largely impacted due to ageing related provisions. NIM for Q3FY23 at 2.5% up nearly 10 bps Y-o-Y and down 10 bps Q-o-Q. Gross slippages were at Rs 1,607 crore. Recoveries & upgrades from fresh slippages have been about Rs 500 crore during Q3, leading to net slippage of about Rs 1,100 crore.

Tanla Platforms slipped 3.51% after the company's consolidated net profit dropped 26.3% to Rs 116.51 crore on 1.7% decline in revenue from operations to Rs 869.63 crore in Q3 FY23 over Q3 FY22.

Punjab & Sind Bank shed 1.72%. The bank reported 24.07% jump in net profit to Rs 373.24 crore on 9.94% increase in total income to Rs 2,245.07 crore in Q3 FY23 over Q3 FY22. Net Interest Income grew 6.2% YoY to Rs 805 crore during the period under review. Net Interest Margin improved by 28 basis points to 3.04%.

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