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Nifty near 10,550 mark; Pharma stocks outperform

Domestic share indices opened mixed on caution over cross-border tensions and weighed down by weakness in shares of state-owned oil marketing companies.

At 10:07 AM, the BSE Sensex was trading at 34,108, up 108 points while the Nifty50 index was ruling at 10,544, up 13 points

Shares of Bharat Petroleum Corp, Indian Oil Corp and Hindustan Petroleum Corp fell nearly 1% each in early trade due to a surge in global crude prices on Tuesday. However, the rise benefitted ONGC stock, which gained 1%.

Shares of Sun Pharmaceutical were the top gainers on the Nifty50, up 5%, after the USFDA accepted a new drug application from the company’s arm for OTX-101.

Shares of Reliance Communications extended their gains for the second straight session and rose 21.5% to their six-month high after the company exited the strategic debt restructuring scheme.

Banking and financial services stocks were the worst hit today, while those in pharmaceutical, realty and metal were among top gainers.

The broader markets were in-line with the benchmark indices with BSE Midcap up 0.25% and BSE Smallcap index gaining 0.39%.

Sun Pharma (+5%), Cipla (+3%), Bharti Airtel (+2.2%), Yes Bank (+2%) and Tata Steel (+1.9%) were the top gainers on the Nifty50.

Coal India (-1.3%),  HDFC Bank (-0.66%), M&M (-0.61%), IOC (-0.56%) and SBI (-0.48%) were the top losers in today’s trade.

India VIX rises 0.82%.

Out of 1,987 stocks traded on the NSE, 977 advanced, 595 declined and 415 remained unchanged today.

A total of 98 stocks registered a fresh 52-week high in trade today, while two stocks touched a new 52-week low on the NSE.