Nifty hovers around 10,800 mark; Pharma stocks extend rally
At 10:17 AM, BSE Sensex was at 35,627, up 27 points, while NSE Nifty was at 10,823, up 16 points.
Shares of Vakrangee slipped 5% after rising for six days in a row after the company informed exchanges about changes in its share buyback offer.
BSE Midcap Index is trading up 0.06%, while BSE Smallcap Index is trading up 0.24%.
Shares of Prestige Estates zoomed 4% after CLSA maintained Buy call to the stock.
ICICI Bank has filed an insolvency petition under the Insolvency and Bankruptcy Code, 2016 against Punj Lloyd before the NCLT Principal Bench, New Delhi on May 28. Shrares of Punj Lloyd rose 3%.
Shares of Dr.Reddy’s Lab gained 3% after it has announced that it is launching generic of Buprenorphine and Naloxone Sublingual Film (Suboxone) following a final USFDA approval in the US market.
Dr.Reddy’s (+2.7%), Cipla (+1.6%), Sun Pharma (+1.5%), Lupin (+1.4%) and UPL (+1.3%) were the top gainers on NSE.
HPCL (-1.3%), Grasim (-1.3%), IOC (-1.2%), BPCL (-0.96%) and Power Grid (-0.93%) were the top losers on NSE.
Some buying activity is seen in pharma, IT and banking, while, FMCG, auto and Bank Nifty are showing weakness on NSE.
The India VIX rose 1.73% at 12.3050.
Out of 2,034 stocks traded on the NSE, 629 declined, 874 advanced and 531 remained unchanged today.
A total of 10 stocks registered a fresh 52-week high in trade today, while 17 stocks touched a new 52-week low on the NSE.
Asian indices saw a cautious start as markets adjust to the higher cost of money, as globally strong growth prompted most Central Banks to increase rates.
US indices close unchanged as markets digest rate hike & further guidance, even as ECB extends period of bond purchases to December 2018. Euro hits 3-month low against US$, while bond yields fall to 2.93%. Most European indices close at fresh 3 month highs.
The Indian rupee plunged by 32 paise against the US dollar following strong demand for the greenback amid sustained foreign capital outflows.
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