Nifty trades below 24,900 level; pharma shares under pressure

The key equity benchmarks traded with modest losses in morning trade, amid rising geopolitical tensions between Israel and Iran. Market sentiment remains cautious, with geopolitical factors likely to shape further movement. Investors will closely track crude oil prices, the G7 summit, upcoming Bank of Japan?s policy decision and the outcome of the upcoming U.S. Federal Reserve meeting later this week. The Nifty hovered below the 24,900 level.

Pharma shares declined after advancing in the past trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex declined 216.53 points or 0.26% to 81,580.70. The Nifty 50 index fell 67.55 points or 0.27% to 24,878.30.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.28% and the S&P BSE Small-Cap index added 0.44%.

The market breadth was strong. On the BSE, 2,129 shares rose and 1,355 shares fell. A total of 235 shares were unchanged.

Buzzing Index:

The Nifty pharma index declined 0.96% to 21,828.05. The index rose 0.25% in the past trading session.

Sun Pharmaceutical Industries (down 1.98%), Lupin (down 1.69%), Natco Pharma (down 1.07%), Zydus Lifesciences (down 0.96%), Granules India (down 0.9%), Cipla (down 0.8%), Mankind Pharma (down 0.77%), Aurobindo Pharma (down 0.75%), Dr Reddys Laboratories (down 0.74%) and Laurus Labs (down 0.65%) declined.

Stocks in Spotlight:

Prostarm Info Systems advanced 3.36% after the firm has received a letter of intent (LoI) from Bihar State Power Generation Company (BSPGCL) for setting up a 30 MW/120 MWh standalone battery energy storage system (BESS).

AXISCADES Technologies hit upper circuit of 5% after the company announced a strategic alliance with Indra, a European defense and aerospace major, to jointly manufacture and develop cutting-edge systems in India.

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