Nifty climbs above 24,700 level; pharma shares rally for 2nd day
The key benchmark indices traded with moderate gains in morning trade, supported by buying interest amid positive global sentiment. While investors await the outcome of the RBI policy meeting later this week, they are also closely monitoring bond markets, Brent crude trends, and global trade developments. The Nifty traded above the 24,700 level.
Pharma shares rallied for the second consecutive trading sessions.
At 10:25 IST, the barometer index, the S&P BSE Sensex advanced 357.15 points or 0.44% to 81,355.40. The Nifty 50 index added 117 points or 0.48% to 24,730.65.
In the broader market, the S&P BSE Mid-Cap index rose 0.41% and the S&P BSE Small-Cap index added 0.68%.
The market breadth was strong. On the BSE, 2,420 shares rose and 1,108 shares fell. A total of 210 shares were unchanged.
Buzzing Index:
The Nifty Pharma index jumped 1% to 21,585.35. The index increased 1.08% for the two consecutive trading sessions.
Dr Reddys Laboratories (up 2.88%), Glenmark Pharmaceuticals (up 2.46%), Zydus Lifesciences (up 1.98%), Laurus Labs (up 1.76%), Lupin (up 1.74%), Aurobindo Pharma (up 1.48%), Cipla (up 1.23%), Natco Pharma (up 0.94%), Mankind Pharma (up 0.65%) and Alkem Laboratories (up 0.61%) advanced.
Dr. Reddy's Laboratories rose 2.88% after the company announced a collaboration with Iceland-based Alvotech to co-develop and commercialize a biosimilar to Keytruda (pembrolizumab) for global markets.
Stock in Spotlight:
CESC shed 0.09%. The company said that its subsidiary, Purvah Green Power, has signed a framework agreement with Envision Energy India for the supply and commissioning of 1 GW wind turbine generators (WTGs)
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