Sensex gains 200 points, Nifty stays around 25,000, and Pharma shares increase.

Sensex Rises by 200 Points, Nifty Holds Near 25,000, Pharma Stocks Surge

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: September 10, 2024

Summary: The Nifty Pharma index saw a 1.41 percent gain, driving upward trading on ten of the 13 sector indicators maintained by the National Stock Exchange.

The increases in index giants like Infosys, Axis Bank, HDFC Bank, Bharti Airtel, HCL Technologies, and Power Grid led to a rise in the Indian equity benchmarks on Tuesday. Amid conflicting global indications, the Sensex increased by as much as 242 points, while the Nifty momentarily regained its significant psychological threshold of 25,000.

The Sensex was up 90 points at 81,649 and the Nifty 50 index was up 35 points at 24,971 as of 9:19 am.

Except for Chinese market indices, most Asian markets were trading higher. China's Shanghai Composite dropped 0.2%, Hong Kong's Hang Seng fell 0.1%, Japan's Nikkei gained 0.16 percent and Australia's S&P ASX 200 gained 0.63 percent.

After plunging 1.1% in the previous session to reach a one-month low, MSCI's broadest index of Asia-Pacific shares outside of Japan opens a new tab, which was up 0.2% last time.

After the previous week's sell-off, investors were looking for deals and inflation reports in the coming days and the Federal Reserve's next policy decision the following week. Wall Street's three major indexes closed higher overnight on Monday.

In India, following the government's decision to lower the Goods and Services Tax (GST) on cancer drugs from 12% to 5%, ten of the thirteen sector indices reported by the National Stock Exchange were trading higher, topped by the 1.41 percent gain in the Nifty Pharma index. The Nifty indices for consumer durables, metal, PSU bank, real estate, and IT all increased by 0.4% to 1%.

The Nifty Midcap 100 index increased by 1%, while the Nifty Smallcap 100 index gained 0.9%, indicating that mid- and small-cap stocks were outperforming their larger peers.

The highest Nifty gainer was Power Grid, whose stock increased 1.63 percent to Rs 333. A further 0.8–1.5 percent saw increases at Divi's Labs, Bharti Airtel, Apollo Hospitals, Hero MotoCorp, LTI Mindtree, Tata Consumer Products, and Bharat Petroleum.

On the other hand, some of the losing companies included SBI Life, HDFC Life, Bajaj Finserv, Mahindra & Mahindra, Bajaj Finance, Hindustan Unilever, Bajaj Auto, and IndusInd Bank.

On the BSE, 2,378 equities were rising while 552 were falling, indicating a favorable overall market breadth.

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