Nifty trades below 24,800 level; pharma shares tumble
The Nifty traded below the 24,800 level. Pharma shares extended losses for the fifth consecutive trading sessions.
At 10:30 IST, the barometer index, the S&P BSE Sensex, declined 288.20 points or 0.36% to 80,871.48. The Nifty 50 index lost 93.53 points or 0.39% to 24,797.35.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index slipped 0.72% and the S&P BSE Small-Cap index tumbled 0.99%.
The market breadth was weak. On the BSE, 1,123 shares rose and 2,545 shares fell. A total of 196 shares were unchanged.
New Listing:
Shares of GK Energy were currently trading at Rs 174.25 at 10:19 IST on the BSE, representing a premium of 13.89% compared with the issue price of Rs 153.
The scrip was listed at Rs 165, exhibiting a premium of 7.84% to the issue price.
So far, the stock has hit a high of Rs 175.95 and a low of Rs 165. On the BSE, over 18.95 lakh shares of the company were traded in the counter so far.
Shares of Saatvik Green Energy were currently trading at Rs 449.80 at 10:23 IST on the BSE, representing a discount of 3.27% compared with the issue price of Rs 465.
The scrip was listed at Rs 460, at a 1.08% discount to the issue price.
So far, the stock has hit a high of Rs 464.35 and a low of Rs 446.70. On the BSE, over 2.44 lakh shares of the company were traded in the counter so far.
Buzzing Index:
The Nifty Pharma index dropped 1.47% to 21,653.55 . The index slumped 4.55% in the five consecutive trading sessions.
Natco Pharma (down 3.98%), Biocon (down 2.8%), Zydus Lifesciences (down 2.72%), Ajanta Pharma (down 2.57%), Gland Pharma (down 2.53%), Laurus Labs (down 2.52%), Glenmark Pharmaceuticals (down 1.95%), Abbott India (down 1.8%), Divis Laboratories (down 1.68%) and Mankind Pharma (down 1.63%) declined.
Pharma stocks crash after U.S. President Donald Trump announced a 100% tariff on imports of branded or patented drugs from October 1 unless manufacturers begin setting up plants in the U.S. While branded and patented drugs face steep levies, generic formulations have been spared. This exemption comes as a relief for Indian pharma generic majors, which rely heavily on U.S. exports of low-cost generics.
Stocks in Spotlight:
ITCONS E-Solutions declined 1.59% after the company has secured a significant domestic contract from Hindustan Aeronautics (HAL), operating under the Department of Defence Production, Ministry of Defence, for the supply of skilled manpower services.
Solarium Green Energy shed 0.15%. The company announced that it has won a domestic contract worth approximately Rs 4.34 crore from NTPC Vidyut Vyapar Nigam (NVVN) for the development of a 1320 kW rooftop solar project at AIIMS-Rishikesh, Uttarakhand.
Capital India Finance added 0.33%. The company has reappointed Keshav Porwal as managing director for three years, effective 27 November, and approved raising of funds through debt securities.
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