Nifty 50 Surpasses 24,000 Amid Pharma Sector Rally
Nifty trades above 24,000; pharma shares advance
Business Standard
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The Nifty 50 index has risen above the 24,000 mark, trading at 24,026.35, a 0.54% increase. The pharma sector saw significant gains, with the Nifty Pharma index up 2.71%. Market breadth was strong, with 2,905 shares advancing against 952 shares declining.
- 01Nifty 50 index trades at 24,026.35, up 0.54%.
- 02Pharma shares rallied, with Nifty Pharma index increasing 2.71%.
- 03S&P BSE Sensex rose 423.13 points to 77,087.69.
- 04Market breadth favored gainers, with 2,905 shares rising.
- 05UTI Asset Management Company reported a net loss of ₹67 crore.
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In morning trading, the Nifty 50 index surpassed the 24,000 threshold, reaching 24,026.35 after a 0.54% increase. The S&P BSE Sensex also gained, climbing 423.13 points to 77,087.69. The pharma sector experienced a notable rebound, with the Nifty Pharma index rising 2.71% after a previous decline. Major contributors included Sun Pharmaceutical Industries, which surged 7.65%, and Alkem Laboratories, up 3.11%. The broader market showed strong performance, with 2,905 shares advancing compared to 952 shares that fell. Notably, UTI Asset Management Company saw a significant drop of 5.21% following a reported net loss of ₹67 crore for Q4 FY26, contrasting with a profit of ₹87 crore in the same quarter the previous year. Cyient also faced challenges, reporting a 32.61% decline in net profit despite a rise in total income.
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The rise in the Nifty 50 index and pharma shares may boost investor confidence and market sentiment, potentially leading to increased investment in these sectors.
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