Nifty trades near 22,700 level; pharma shares jump

The key equity benchmarks rebounded in mid-afternoon trade. The recovery was supported by value buying in beaten-down stocks, and fresh buying interest in select heavyweight shares. The Nifty trade near the 22,700 mark.

At 14:25 IST, the S&P BSE Sensex advanced 306.56 points or 0.27% to 73,320.10. The Nifty 50 index rose 95.10 points or 0.42% to 22,695.10.

The broader market outperformed the frontline indices. The Nifty MidCap 150 Index rose 0.70% and the Nifty SmallCap 250 Index jumped 0.81%.

The market breadth was negative. On the NSE, 1978 shares rose and 1513 shares fell. A total of 92 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, shed 3.45% to 17.44.

Buzzing index:

The Nifty Pharma index advanced 1.69% to 25,756.35. The index declined 1.04% in the past trading session.

Dr Reddys Laboratories (up 6.67%), Laurus Labs (up 3.96%), Ajanta Pharma (up 2.92%), Sai Life Sciences (up 2.48%), Mankind Pharma (up 2.36%), Glenmark Pharmaceuticals (up 2.35%), Zydus Lifesciences (up 2.16%), Piramal Pharma (up 1.8%), Biocon (up 1.68%) and Divis Laboratories (up 1.21%) advanced.

Numbers to Track:

The yield on India's 10-year benchmark federal paper advanced 0.13% to 7.483 compared with previous session close of 7.473.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.2550 compared with its close of 94.9300 during the previous trading session.

MCX Gold futures for the 4 December 2026 settlement added 0.67% to Rs 1,42,980.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.02% to 101.79.

The United States 10-year bond yield flat at 4.986.

In the commodities market, Brent crude for the December 2026 settlement tumbled $2.14 or 1.83% to $114.58 a barrel

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