The Indian equity benchmark continues to trade in the region of losses, although losses are limited. The Nifty is trading above the level of 20,850 mark after hitting the day’s low of 20769.50 in the early afternoon trade.
European markets edged higher while their Asian counterparts traded in a mixed manner today. Pharma shares advanced after declining for a third consecutive trading session.
At 2:45 IST, the barometer index, the S&P BSE Sensex, is close to the opening level at 69434.14. The Nifty 50 index lost 21.55 points or 0.11% to 20,864
The same story prevails when it comes to the broader market. It outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.68% and the S&P BSE Small-Cap index added 0.54%.
The market breadth was positive. On the BSE, 2,097 shares rose and 1,634 shares fell. A total of 126 shares were unchanged.
The sentiment of the underlying investors remains bullish due to the growth momentum in the economy. There is also sustained buying by DIIs and the retail investors. The FIIs changed their strategy from selling to buying and favourable global cues keeps the market resilient.
From the global perspective, the message from the US Federal Reserve, which is slated for release late on Wednesday, remains important in setting the global market trend. Investors will look out for the Fed chief’s message before deciding on a future course of action.
The Nifty Pharma index advanced 0.82% to 16,094.70. The index slipped 2.03% in the past three trading sessions.
Nazara Technologies (up 5.72%), Dish TV India (up 3.82%), D B Corp (up 2.57%), Sun TV Network (up 1.25%) and Network 18 Media & Investments (up 0.4%), TV18 Broadcast (up 0.3%) advanced.
On the other hand, Zee Entertainment Enterprises (down 0.43%), Hathway Cable & Datacom (down 0.24%) and Saregama India (down 0.17%) declined.
Written by Nalin Suriya S
