Barometers turns rangebound; pharma shares advance

The headline equity benchmarks traded with moderate gains in volatile mid-afternoon trade after slipping into negative territory earlier in the session due to weekly BSE F&O expiry-related pressure. Investor sentiment remained cautious amid escalating geopolitical tensions in the Middle East and continued foreign institutional investor (FII) selling.

Market participants also remained on the sidelines ahead of the Reserve Bank of India's (RBI) monetary policy announcement scheduled for 5 June 2026. Investors are closely monitoring the central bank's policy stance and commentary on economic growth and inflation.

The Nifty traded below 23,400 level. Pharma shares extended gains for the second consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex rose 99.19 points or 0.13% to 74,444.36. The Nifty 50 index added 27.75 points or 0.11% to 23,433.35.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index rose 0.57% and the BSE 250 SmallCap Index added 0.66%.

The market breadth was positive. On the BSE, 2,210 shares rose and 1,873 shares fell. A total of 206 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 1.84% to 15.98.

Buzzing Index:

The Nifty Pharma index rose 0.53% to 24,213.45. The index rallied 0.86% in two consecutive trading sessions.

Ipca Laboratories (up 2.62%), Aurobindo Pharma (up 2.36%), Laurus Labs (up 2.14%), Piramal Pharma (up 1.6%), Zydus Lifesciences (up 1.36%), Cipla (up 1.19%), Biocon (up 1.12%), Alkem Laboratories (up 0.57%), Divis Laboratories (up 0.56%) and Dr Reddys Laboratories (up 0.39%) advanced.

On the other hand, Abbott India (down 1.48%), Mankind Pharma (down 0.63%) and Torrent Pharmaceuticals (down 0.56%) edged lower.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.37% to 7.000 compared with previous session close of 7.026.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.7625 compared with its close of 95.7600 during the previous trading session.

MCX Gold futures for 5 June 2026 settlement rose 0.38% to Rs 159,124.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.07% to 99.43.

The United States 10-year bond yield declined 0.09% to 4.490.

In the commodities market, Brent crude for July 2026 settlement lost $1.06 or 1.08% to $96.75 a barrel.

Stocks in Spotlight:

Tata Consultancy Services (TCS) shed 0.35%. The company announced a strategic partnership with Finland-based premium tyre manufacturer Nokian Tyres Plc.

Hero MotoCorp rose 1.47% after the company unveiled its first flex-fuel motorcycles, the Splendor+ Flex Fuel and HF Deluxe Flex Fuel.

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