Benchmarks trade with minor losses; pharma shares decline
The domestic equity benchmarks traded with limited losses in the mid- afternoon trade, despite positive global cues, as fund outflows triggered by large block deals and heightened primary market activity weighed on investor sentiment. The Nifty traded below the 24,800 level. Pharma shares slipped after advancing for the past two consecutive trading sessions.
At 14:29 IST, the barometer index, the S&P BSE Sensex, slipped 150.18 points or 0.18% to 81,398.36. The Nifty 50 index shed 52.85 points or 0.21% to 24,776.35.
In the broader market, the S&P BSE Mid-Cap index shed 0.04% and the S&P BSE Small-Cap index added 0.54%.
The market breadth was positive. On the BSE, 1,993 shares rose and 1,897 shares fell. A total of 164 shares were unchanged.
Economy:
Foreign direct investment in India fell 24.5% year-on-year to $9.34 billion in the January-March quarter of 2024-25 but grew 13% at $50 billion during the entire previous financial year, according to the government data released on Tuesday. FDI inflows during January-March 2023-24 stood at $12.38 billion. These were $44.42 billion in the full 2023-24 fiscal. During the October-December quarter of 2024-25 also, the inflows were contracted by 5.6% year-on-year to $10.9 billion due to global economic uncertainties.
IMD Forecasts:
The India Meteorological Department (IMD), under the Ministry of Earth Sciences, has issued its updated Long-Range Forecast for the 2025 Southwest Monsoon season (JuneSeptember) along with the Monthly Rainfall and Temperature Outlook for June 2025. According to the forecast, the seasonal rainfall across the country as a whole is likely to be 106% of the Long Period Average (LPA), with a model error of 4%, indicating a high probability of above-normal rainfall during the monsoon season.
Regionally, the rainfall is most likely to be above normal over Central India and the South Peninsular region, while Northwest India is expected to experience normal rainfall levels (ranging between 92-108% of LPA). In contrast, Northeast India is likely to receive below-normal rainfall (<94% of LPA).
Buzzing Index:
The Nifty Pharma index shed 0.50% to 21,418. The index rose 0.07% in the previous trading session.
Aurobindo Pharma (down 3.07%), Natco Pharma (down 1.71%), J B Chemicals & Pharmaceuticals (down 1.28%), Lupin (down 1.12%), Alkem Laboratories (down 0.88%), Divis Laboratories (down 0.87%), Granules India (down 0.85%), Sun Pharmaceutical Industries (down 0.83%), Cipla (down 0.71%) and Abbott India (down 0.33%).
On the other hand, Ipca Laboratories (up 1.74%), Laurus Labs (up 1.63%) and Mankind Pharma (up 1.13%) turned up.
Numbers to Track:
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.3650, compared with its close of 85.4025 during the previous trading session.
MCX Gold futures for 5 June 2025 settlement rose 0.53% to Rs 95,640.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 99.59.
The United States 10-year bond yield added 0.88% to 4.473.
In the commodities market, Brent crude for July 2025 settlement rose 5 cents or 0.08% to $64.14 a barrel.
Stocks in Spotlight:
Zydus Lifesciences added 1.06% after the company announced that the U.S. Food and Drug Administration (USFDA) has granted Fast Track Designation to Usnoflast (ZYIL1), a novel oral NLRP3 inhibitor, for the treatment of Amyotrophic Lateral Sclerosis (ALS).
Rashtriya Chemicals & Fertilizers fell 2.37% after the companys consolidated net profit slipped 23.91% to Rs 72.46 crore in Q4 FY25, compared with Rs 95.24 crore posted in same period last year. Revenue from operations declined 3.86% year on year (YoY) to Rs 3,729.67 crore during the quarter ended March 2025.
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