The headline equity indices traded with substantial gains in mid-afternoon trade. The Nifty traded above the 23,100 level after hitting the day's low of 22,981.30 in mid-morning trade. Pharma shares rallied after declining in the past trading session.
The market is experiencing volatility as investors await the Q3 results from major Nifty stocks, including HDFC Bank, Hindustan Unilever, and Bharat Petroleum Corporation, which are set to be declared today.
At 13:30 IST, the barometer index, the S&P BSE Sensex, rose 431.81 points or 0.57% to 76,270.26. The Nifty 50 index added 88.25 points or 0.38% to 23,112.90.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index dropped 1.82% and the S&P BSE Small-Cap index fell 2.28%.
The market breadth was weak. On the BSE, 826 shares rose and 3,073 shares fell. A total of 117 shares were unchanged.
Buzzing Index:
The Nifty Pharma index gained 0.36% to 21,962.10. The index dropped 1.33% in the past trading session.
Sun Pharmaceuticals Industries (up 2%), Ajanta Pharma (up 0.90%), Cipla (up 0.70%), Dr Reddys Laboratories (up 0.58%), Lupin (up 0.31%) and Abbott India (up 0.19%) advanced.
On the other hand, Laurus Labs (down 3.28%), Mankind Pharma (down 2.80%) and Biocon (down 2.20%) edged lower.
Numbers to Track:
The yield on India's 10-year benchmark federal paper shed 0.06% to 6.840 as compared with the previous close of 6.844.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 85.4350, compared with its close of 85.5850 during the previous trading session.
MCX Gold futures for the 5 February 2025 settlement added 0.34% to Rs 79,490.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.10% to 108.06.
The United States 10-year bond yield rose 0.15% to 4.581.
In the commodities market, Brent crude for March 2025 settlement lost 26 cents, or 0.33% to $79.03 a barrel.
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