Stock market update: Sensex, Nifty pare some losses; pharma shares rally

The key equity indices pared losses and were trading with minor cuts in mid afternoon trade. The Nifty regained the 15,600 mark. Pharma shares witnessed value buying.

At 14:21 IST, the barometer index, the S&P BSE Sensex, was down 193.8 points or 0.37% to 52,129.53. The Nifty 50 index lost 55.20 points or 0.35% to 15,636.20.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index fell 1.96%. The S&P BSE Small-Cap index declined 1.16%.

Sellers outnumbered buyers. On the BSE, 964 shares rose and 2191 shares fell. A total of 141 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Dodla Dairy received bids for 16.89 crore shares as against 85.07 lakh shares on offer, according to the stock exchange data at 14:10 IST on Friday (18 June 2021). The issue was subscribed 19.86 times.

The IPO of Krishna Institute of Medical Sciences received bids for 2.63 crore shares as against 1.44 crore shares on offer, according to the stock exchange data at 14:10 IST on Friday (18 June 2021). The issue was subscribed 1.83 times.

The IPOs of Krishna Institute and Dodla Dairy opened for subscription on Wednesday (June 16) and will close today (June 18).

Buzzing Index:

The Nifty Pharma index rose 0.22% to 14,112.40. The index declined 2.64% in the past four sessions.

Cipla (up 1.08%), Sun Pharma (up 0.78%), Dr. Reddy’s Labs (up 0.60%) and Cadila Healthcare (up 0.12%) advanced.

Torrent Pharma (down 1.73%), Aurobindo Pharma (down 1.04%), Biocon (down 0.66%), Lupin (down 0.41%) and Alkem Laboratories (down 0.46%) declined.

Numbers to Watch:

In the foreign exchange market, the partially convertible rupee fell to 73.94 compared with its previous closing of 74.08.

MCX Gold futures for 5 August 2021 settlement rose 0.40% to Rs 47,147.

The US Dollar index (DXY), which tracks the greenback’s value against a basket of currencies, was down 0.02% to 91.87.

The yield on 10-year benchmark federal paper rose to 6.025% from its previous close of 6.019%.

In the commodities market, Brent crude for August 2021 settlement shed 43 cents to $72.65 a barrel. The contract fell 1.76% or $1.31 to settle at $73.08 in the previous trading session.

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