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The domestic indices traded with tiny gains in mid-afternoon trade. The Nifty traded at the 19,450 mark after hitting the day's low of 19,401.20 in early afternoon trade. Pharma shares extended gains for the second consecutive trading session.
At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 25.21 points or 0.04% to 65,643.05. The Nifty 50 index added 10.85 points or 0.06% to 19,450.25.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.48% while the S&P BSE Small-Cap index gained 0.59%.
The market breadth was positive. On the BSE, 1,795 shares rose and 1,645 shares fell. A total of 126 shares were unchanged.
Buzzing Index:
The Nifty Pharma index gained 0.39%, to 13,949. The index rose 1.43% in the past two trading sessions.
Lupin (up 2.05%), Biocon (up 1.65%), Zydus Lifesciences (up 1.48%), Glenmark Pharmaceuticals (up 1.33%), Glaxosmithkline Pharmaceuticals (up 1.13%), Pfizer (up 0.73%), Sun Pharmaceuticals Industries (up 0.72%), Dr Reddys Laboratories (up 0.55%), Sanofi India (up 0.21%) and Aurobindo Pharma (up 0.17%) advanced.
On the other hand, Gland Pharma (down 1.24%), Laurus Labs (down 0.94%) and Torrent Pharmaceuticals (down 0.55%) declined.
Numbers to Watch:
The yield on India's 10-year benchmark federal paper rose 0.18% to 7.108 from its previous close of 7.095.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.32, compared with its close of 82.4150 during the previous trading session.
MCX Gold futures for 4 August 2023 settlement advanced 0.01% to Rs 58,777
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.25% to 101.47.
The United States 10-year bond yield fell 0.98% to 3.941.
In the commodities market, Brent crude for September 2023 settlement gained 20 cents or 0.25% to $79.60 a barrel.
Stocks in Spotlight:
Kaya declined 2.16%. The company informed that its step down subsidiary, Kaya Middle East FZE has acquired 99% equity stake in Kaya Skin Care clinic LLC (KSC LLC), a company operating clinics in Ras AL Khaimah, UAE.
United Drilling Tools (UTDL) jumped 6% after the company received an international order worth Rs 25 crore for one of its product line, Wireline Winch from American Completion Tools (ACT) for onward supply to Petroleos Mexicanos.
Chembond Chemicals rose 1.51% after the company's wholly owned subsidiary Phiroze Sethna has entered into deed of assignment with Engineers Enterprises for transfer and assignment of plant located at Thane, Maharashtra.
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