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The key equity barometers managed to pare some losses in mid-morning trade. The Nifty hovered near the 19,500 mark. Pharma shares witnessed across the board buying.
The barometer index, the S&P BSE Sensex, was down 142.97 points or 0.22% to 65,639.81. The Nifty 50 index lost 38.15 points or 0.2% to 19,488.40.
In the broader market, the S&P BSE Mid-Cap index gained 0.31% while the S&P BSE Small-Cap index rose 0.42%.
The market breadth was strong. On the BSE, 1920 shares rose and 1398 shares fell. A total of 170 shares were unchanged.
Economy:
India's overall unemployment rate fell to 7.95% in July from 8.45% in June as rural areas saw increased demand for agriculture labour with the onset of monsoon rains.
The Central government has mobilised gross borrowing amount of Rs 5.77 lakh crore, more than 37% of its FY24 target, in the first four months of this fiscal.
The industry body ISMA has reportedly pegged the country's sugar production at 316.80 lakh tonnes (3.41% lower) in the new season that will begin from October 2023, due to more diversion of cane for ethanol production.
Primary Market:
The initial public offer (IPO) of SBFC Finance received bids for 5.40 crore shares as against 13.35 crore shares on offer, according to stock exchange data at 11:21 IST on Thursday (3 August 2023). The issue was subscribed 0.40 times.
The issue opened for bidding on Thursday (03 August 2023) and it will close on Monday (07 August 2023). The price band of the IPO is fixed at Rs 54-57 per share. An investor can bid for a minimum of 260 equity shares and in multiples thereof.
The IPO comprises of fresh issue of equity shares worth up to Rs 600 crore and an offer for sale (OFS) aggregating up to Rs 425 crore by existing shareholders.
Buzzing Index:
The Nifty Pharma index rose 1.57% to 15,178.65. The index had lost 0.39% to end at 14,943.40 yesterday.
Lupin (up 4.26%), Aurobindo Pharma (up 4.04%), Zydus Lifesciences (up 3.23%), Laurus Labs (up 2.51%) and Glenmark Pharmaceuticals (up 2.47%) were the top gainers.
Among the other gainers were Ipca Laboratories (up 2.43%), Gland Pharma (up 2.31%), Alkem Laboratories (up 2.3%), Sun Pharmaceuticals Industries (up 2.12%) and Abbott India (up 1.69%).
Stocks in Spotlight:
Sheela Foam slipped 2.34%. The company reported 42% jump in consolidated net profit to Rs 54.39 crore during the quarter as against Rs 38.30 crore recorded in corresponding quarter last year. Net sales fell 8.2% year on year to Rs 447.83 crore during the quarter.
HPCL fell 1.34%. The state-owned oil retailer reported a standalone net profit of Rs 6,203.90 crore in Q1 FY24 as against a net loss of Rs 10,196.94 crore recorded in Q1 FY23. Net sales (excluding excise duty) stood at Rs 111,567.43 crore in Q1 FY24, down 2.2% from Rs 114,079.76 crore recorded in the same period a year ago.
Narayana Hrudayalaya rose 0.71%. The company reported 66.4% surge in consolidated net profit to Rs 183.95 crore on 19.4% rise in revenue from operations to Rs 1,233.43 crore in Q1 FY24 over Q1 FY23.
Global markets:
Asian stocks are trading lower on Thursday, adding to steep losses in the previous session following a U.S. credit rating downgrade from Fitch and better-than-expected ADP employment data.
U.S. stocks suffered a wave of selling on Wednesday after a surprise downgrade of the country's debt rating by Fitch, citing fiscal deterioration and repeated debt ceiling standoffs. Also, data showed U.S. private sector employment jumped by much more than expected in July, reviving Fed rate hike bets.
U.S. private sector employment increased by 324000 jobs in July, and annual pay was up 6.2% year-over-year, adding to pressure on the Federal Reserve to maintain restrictive policy.
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