Market Commentary - Mid-Session
17-Mar-2025 10:34
Nifty trades near 22,500 level; pharma shares in demand
At 10:30 IST, the barometer index, the S&P BSE Sensex, advanced 291.97 points or 0.43% to 74,143.70. The Nifty 50 index added 95.30 points or 0.43% to 22,492.50.
In the broader market, the S&P BSE Mid-Cap index advanced 0.63% and the S&P BSE Small-Cap index rose 0.42%.
The market breadth was positive. On the BSE, 2,014 shares rose and 1,690 shares fell. A total of 210 shares were unchanged.
Economy:
India's forex reserves increased to $653.97 billion in the week ending March 7, 2025, up by $15.26 billion, said the Reserve Bank of India on Friday.
According to the Weekly Statistical Supplement released by the RBI, foreign currency assets (FCAs) were up by $13.93 billion to $557.28 billion.
Gold reserves saw a surge of $1 billion to $74.32 billion. Meanwhile, SDRs for the above-mentioned week increased by $212 million to stand at $18.21 billion. Reserve position in the IMF was up by $69 million to $4.1 billion.
Buzzing Index:
The Nifty Pharma index advanced 1.52% to 20,697.35. The index shed 0.18% in the past trading session.
Dr Reddy's Laboratories (up 3.18%), Granules India (up 2.71%), Ajanta Pharma (up 2.7%), Natco Pharma (up 2.54%), Glenmark Pharmaceuticals (up 2.14%), Cipla (up 2.02%), Alkem Laboratories (up 1.77%), Lupin (up 1.73%), Sun Pharmaceuticals Industries (up 1.67%) and Laurus Labs (up 1.65%) advanced.
On the other hand Mankind Pharma (down 0.89%), J B Chemicals & Pharmaceuticals (down 0.01%) edged lower.
Stocks in Spotlight:
Alkem Laboratories added 1.33% after the company announced that the United States Food and Drug Administration (USFDA) conducted a Bioresearch Monitoring (BIMO) inspection at its Bioequivalence Center in Taloja, Maharashtra.
Zydus Lifesciences rose 1.52% after the firm said that the US Food and Drug Administration (USFDA) conducted a surveillance inspection at the company's Active Pharmaceutical Ingredient (API) Unit 1, located in Ankleshwar, Gujarat.
G R Infraprojects rose 0.52%. The company announced that it has been selected as the preferred bidder for the Agra-Gwalior Greenfield Road Project, tendered by the National Highways Authority of India (NHAI) under the Ministry of Road Transport and Highways.
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