Market Commentary     30-May-24
Mid-Session
Indices trade with significant cuts; pharma shares under pressure
The headline equity indices continued to trade with modest losses in mid-morning trade. The Nifty traded around the 22,550 mark. Pharma shares declined after advancing in the previous two consecutive trading sessions. Trading could be volatile due to May F&O series expiry today.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 477.09 points or 0.64% to 74,026.16. The Nifty 50 index lost 154.15 points or 0.68% to 22,550.55

In the broader market, the S&P BSE Mid-Cap index slipped 0.65% and the S&P BSE Small-Cap index declined 0.72%.

The market breadth was weak. On the BSE, 1,300 shares rose and 2,319 shares fell. A total of 124 shares were unchanged.

Buzzing Index:

The Nifty Pharma index declined 1.26% to 19,078.65. The index gained 1.1% in the past two trading sessions.

Alkem Laboratories (down 4.99%), Ipca Laboratories (down 3.08%), Biocon (down 2.33%), Dr Reddys Laboratories (down 1.51%), J B Chemicals & Pharmaceuticals (down 1.44%), Torrent Pharmaceuticals (down 1.44%), Glenmark Pharmaceuticals (down 1.27%), Natco Pharma (down 1.19%), Sun Pharmaceuticals Industries (down 1.12%) and Cipla (down 0.92%) slipped.

On the other hand, Mankind Pharma (up 1.65%) ,Aurobindo Pharma (up 0.43%) and Granules India (up 0.09%) edged higher.

Stocks in Spotlight:

KNR Constructions rallied 8.16% after the EPC company's consolidated net profit surged to Rs 340.61 crore in Q4 FY24 as against Rs 141.73 crore in Q4 FY23. Revenue from operations rose 13.54% year on year (YoY) to Rs 1,414 crore in the quarter ended 31 March 2024.

Lemon Tree Hotels added 1.34% after the company reported a 42.33% jump in consolidated net profit to Rs 83.99 crore on 29.53% increase in revenue from operations to Rs 327.31 crore in Q4 FY24 over Q4 FY23.

Global Markets:

Asian stocks tumbled on Thursday, mirroring declines in the US after another weak Treasury sale renewed concerns about higher yields. This halt in the global risk rally comes amid data suggesting lingering inflationary pressures.

Tepid demand in the $44 billion sale of seven-year US Treasuries initially caused them to fall across the curve. This raised concerns that funding the US deficit will drive up yields, especially with the Federal Reserve unlikely to cut rates soon.

Adding to these concerns, key US inflation data is due on Friday, including the PCE price index, the Federal Reserve's preferred inflation gauge. A revised reading on first-quarter US gross domestic product data is also due on Thursday. US indices fell on Wednesday, reflecting these anxieties. The S&P 500 fell 0.7%, the NASDAQ Composite fell 0.6%, and the Dow Jones Industrial Average fell 1.1%.

Other Stories
  Indices trade with modest losses; PSU bank shares decline
  21-Jun-24   14:41
  Nifty below 23,500; European market declines
  21-Jun-24   13:34
  Barometers trade with minor losses; Consumer durables rally
  21-Jun-24   12:33
  Market reverses gains; Sensex slides 272 pts; media shares advance
  21-Jun-24   11:43
  Broader mkt rallies; IT shares in demand
  21-Jun-24   10:32
  Nifty hits new life high; Sensex adds 96 pts; breadth strong
  21-Jun-24   09:40
  Sensex climbs 146 pts; private bank shares advance
  20-Jun-24   14:40
  Market at day's high; European market opens higher
  20-Jun-24   13:31
  Barometer trade with minor gains; oil & gas shares rises
  20-Jun-24   12:32
  Nifty climbs above 23,500; metal shares shine
  20-Jun-24   11:39
Back Top