Nifty Surpasses 23,500 Mark Amid Pharma Stock Surge
Nifty above 23,500 level; pharma shares in demand
Business Standard
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The Nifty 50 index rose by 0.42% to 23,511.40, buoyed by positive Asian market cues despite ongoing geopolitical concerns and foreign portfolio investor outflows. Pharma stocks, particularly Cipla and Zydus Lifesciences, saw significant gains, with the Nifty Pharma index increasing by 1.51%.
- 01Nifty 50 index increased by 98.85 points to 23,511.40.
- 02Pharma stocks led the market, with Cipla rising by 6.88%.
- 03The S&P BSE Sensex gained 228.50 points, reaching 74,837.48.
- 04Market breadth was negative, with more shares declining than advancing.
- 05MTAR Technologies surged 7.23% after announcing substantial purchase orders.
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In morning trading, the Nifty 50 index climbed by 98.85 points, reaching 23,511.40, supported by positive trends from Asian markets. However, foreign portfolio investor (FPI) outflows and geopolitical uncertainties continue to impact investor sentiment. The S&P BSE Sensex also increased by 228.50 points, closing at 74,837.48. The Nifty Pharma index saw a notable rise of 1.51% to 24,257.40, with Cipla leading the gains at 6.88%. Other pharmaceutical companies like Zydus Lifesciences and Ipca Laboratories also reported gains. Despite these advancements, the overall market breadth was negative, with 1,700 shares rising against 1,976 that fell. Additionally, MTAR Technologies surged by 7.23% after securing purchase orders worth approximately ₹2,278.96 crore (roughly $238.76 million USD).
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The rise in the Nifty index and pharmaceutical stocks may increase investor confidence and could lead to improved market conditions for traders and investors in India.
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