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Market Commentary - Mid-Session

Sensex, Nifty trade with minor losses; pharma shares decline

04-Mar-2025, 02:31
The key equity benchmarks trade with limited cuts in mid-afternoon trade, as market sentiment was weighed down by US President Donald Trump's decision to implement tariffs on Canada and Mexico starting today, along with Canada's retaliatory tariffs on US goods. Pharma shares declined after advancing for the previous trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, fell 110.49 points or 0.15% to 72,971.04. The Nifty 50 index shed 30.75 points or 0.14% to 22,087.30.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.27%, and the S&P BSE Small-Cap index added 1.46%.

The market breadth was positive. On the BSE, 2,086 shares rose and 1,777 shares fell. A total of 149 shares were unchanged.

Buzzing Index:

The Nifty Pharma index shed 0.36% to 19,808.25. The index rose 0.33% in the previous trading sessions.

Mankind Pharma (down 2.14%), Sun Pharmaceuticals Industries (down 1.47%), Aurobindo Pharma (down 1.19%), Torrent Pharmaceuticals (down 1.11%), Cipla (down 1.08%), Ipca Laboratories (down 0.89%), Gland Pharma (down 0.77%), Granules India (down 0.61%), Divis Laboratories (down 0.37%), and Lupin (down 0.33%) declined.

On the other hand, Biocon (up 2.43%), Laurus Labs (up 2.34%), and Glenmark Pharmaceuticals (up 1.2%) added.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was up 1.71% to 6.852 as compared with previous close 6.847.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 87.3650, compared with its close of 87.3200 during the previous trading session.

MCX Gold futures for 4 April 2025 settlement rose 0.92% to Rs 86,173.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was rose 0.23% to 106.31.

The United States 10-year bond yield fell 0.19% to 4.172.

In the commodities market, Brent crude for May 2025 settlement shed 94 cents, or 1.31%, to $70.68 a barrel.

Stocks in Spotlight:

Cyient fell 1.19%. The company announced a strategic partnership with American Data Solutions (ADS) to revolutionize content management.

Wendt (India) tumbled 4.52%. The company announced that its board has approved a proposal to incorporate a wholly owned subsidiary (WOS) in Germany, aiming to enhance its business prospects in Europe.