Sensex jumps 1,570 pts, Nifty above 22,900; pharma shares rally

The frontline indices traded with major gains in early afternoon trade after the U.S. announced a 90-day suspension of an additional 26% tariff on India, lifting investor sentiment despite global trade uncertainties. The Nifty traded a tad above the 22,900 level. Pharma shares advanced after declining in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, soared 1,570.20 points or 2.13% to 75,416.51. The Nifty 50 index surged 508.20 points or 2.28% to 22,909.50.

In the broader market, the S&P BSE Mid-Cap index rallied 2.07% and the S&P BSE Small-Cap index surged 2.77%.

The market breadth was strong. On the BSE, 3,031 shares rose and 735 shares fell. A total of 156 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 11.09% to 19.05. The Nifty 24 April 2025 futures were trading at 22,958.10, at a premium of 48.6 points as compared with the spot at 22,909.50.

The Nifty option chain for the 24 April 2025 expiry showed a maximum call OI of 48.4 lakh contracts at the 23,500 strike price. A maximum put OI of 42.8 lakh contracts was seen at a 22,500 strike price.

Buzzing Index:

The Nifty Pharma index rallied 2.67% to 20,510.50. The index tumbled 1.97% in the past trading session.

Laurus Labs (up 6.18%), Granules India (up 5.07%), Divis Laboratories (up 3.75%), Biocon (up 3.38%), Aurobindo Pharma (up 3.07%), Natco Pharma (up 2.99%), J B Chemicals & Pharmaceuticals (up 2.67%), Ajanta Pharma (up 2.67%), Cipla (up 2.61%) and Ipca Laboratories (up 2.55%) advanced.

On the other hand, Glenmark Pharmaceuticals (down 0.97%) edged lower.

Stocks in Spotlight:

Cipla rallied 2.91% after the firm received final approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Paclitaxel, a generic version of Bristol Myers Squibb?s Abraxane.

Bharat Heavy Electricals (BHEL) rose 2.03% after the company signed a strategic memorandum of understanding (MoU) with Nuovo Pignone International S.r.l. to jointly address compressor revamp opportunities in India?s fertilizer sector.

Anand Rathi Wealth added 0.09%. The company?s consolidated net profit jumped 30% to Rs 73.7 crore in Q4 FY25 as compared with Rs 56.9 crore in Q4 FY24.

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