Benchmarks near the high of the day; pharmaceutical stocks witnessed beneficial buying

Major equity benchmarks were currently trading near the mid-morning high for the day. The Nifty hovered near the 16,500 mark. Pharmaceutical stocks saw some value buying after falling for the past four sessions.

In the broader market, the S&P BSE Mid-Cap Index and the S&P BSE Small-Cap Index both gained 0.19%.

Market breadth was positive. On BSE, 1,635 shares rose and 1,463 shares fell. A total of 156 shares remained unchanged.

Zoom Index:

The Nifty Pharma index rose 1.30% to 12,502. The index had fallen 2.91% in the past four sessions.

Laurus Labs (+2.56%), Zydus Lifesciences (+2.29%), Divis Laboratories (+1.83%), Glenmark Pharmaceuticals (+1.78%) and Sun Pharmaceuticals Industries (+1.67%) were the main gainers in the index.

Other winners include Torrent Pharmaceuticals (+1.49%), Aurobindo Pharma (+1.47%), Cipla (+1.34%), Abbott India (+1.31%) and Alkem Laboratories (+1, 22%).

On the other hand, Alembic Pharmaceuticals (-0.71%), Gland Pharma (-0.42%) and Strides Pharma Science (-0.36%) fell.

Actions in the spotlight:

Aditya Birla Sun Life AMC fell 1.80%. The company’s consolidated net profit fell by 33.6% to Rs 102.84 crore on an 18.6% decline in total revenue to Rs 273.70 crore in Q1 FY23 compared to Q1 FY22. Total QAAUM including alternative assets stood at Rs 2,92,600 crore for the quarter ending June 30, 2022.

Shoppers Stop rebounded 7.73%. The company reported a consolidated net profit of Rs 22.83 crore in Q1 FY23 compared to a net loss of Rs 104.89 crore in Q1 FY22. Consolidated net sales jumped to Rs 948.44 crore in the quarter ended June 30, 2022 from Rs 205.23 crore recorded in the first quarter of FY22.

Global Markets:

Asian shares are trading lower on Wednesday as Australian inflation rose and investors eagerly awaited the Fed’s policy decision. Prices in Australia rose 6.1% in the second quarter from the same period a year ago, compared to 5.1% in the first quarter of the year.

U.S. stocks ended sharply lower on Tuesday as a Walmart profit warning dragged retail stocks lower and unusually weak consumer confidence data also stoked spending fears.

After its two-day monetary policy meeting on Wednesday, the Fed is expected to raise its main interest rate by 0.75 percentage points.

The International Monetary Fund (IMF) cut its forecast for India’s gross domestic product (GDP) growth for the current fiscal year by 80 basis points to 7.4%. A similar downward revision has been made to the growth forecast for FY24, which now stands at 6.1% from 6.9% previously.

“For India, the revision mainly reflects less favorable external conditions and more rapid policy tightening,” the IMF said July 26 in an update to its World Economic Outlook report.

The IMF on Tuesday revised down its global GDP forecasts for 2022 and 2023. It now expects growth to stand at 3.2% this year, 0.4 percentage points below its April screening.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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