Nifty above 23,500 level; pharma shares in demand

The key equity benchmarks traded with modest gains in morning trade, supported by positive cues from Asian markets. However, persistent foreign portfolio investor (FPI) outflows and ongoing geopolitical uncertainties continued to weigh on investor sentiment. Nifty traded above the 23,500 level. Pharma shares extended gains for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, advanced 228.50 points or 0.31% to 74,837.48. The Nifty 50 index rose 98.85 points or 0.42% to 23,511.40.

In the broader market, the BSE 150 MidCap Index jumped 0.13% and the BSE 250 SmallCap Index fell 0.33%.

The market breadth was negative. On the BSE, 1,700 shares rose and 1,976 shares fell. A total of 174 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 3.66% to 18.71.

Buzzing Index:

The Nifty Pharma index rose 1.51% to 24,257.40. The index jumped 1.75% in the two consecutive trading sessions.

Cipla (up 6.88%), Zydus Lifesciences (up 4.56%), Ipca Laboratories (up 2.36%), Glenmark Pharmaceuticals (up 2.34%), Laurus Labs (up 1.63%), Ajanta Pharma (up 1.57%), Lupin (up 1.51%), Sun Pharmaceutical Industries (up 1.11%), Mankind Pharma (up 1.09%) and Alkem Laboratories (up 1.08%) jumped.

Stocks in Spotlight:

Metropolis Healthcare jumped 1.73% after the company?s consolidated net profit rose 74.67% to Rs 50.90 crore on a 22.99% increase in revenue from operations to Rs 424.68 crore in Q4 FY26 over Q4 FY25.

Glaxosmithkline Pharmaceuticals rose 0.44%. The company?s standalone net profit jumped 5.68% to Rs 274.94 crore on a 2.38% increase in revenue from operations to Rs 989.15 crore in Q4 FY26 over Q4 FY25.

MTAR Technologies surged 7.23% after the company announced purchase orders worth $238.76 million, equivalent to around Rs 2,278.96 crore.

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