Market trade sideways; pharma shares slide

The domestic equity benchmarks traded sideways in the early afternoon trade, despite mixed global cues and ongoing concerns over potential tariff changes and rising geopolitical tensions. The Nifty traded below the 24,350 mark after hitting the day's high of 24,457.65 in early trade. Pharma shares declined after advancing in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, added 12.30 points or 0.01% to 80,233.17. The Nifty 50 index shed 18.95 points or 0.08% to 24,309.55.

In the broader market, the S&P BSE Mid-Cap index rose 0.12% and the S&P BSE Small-Cap index added 0.05%.

The market breadth was negative. On the BSE, 1,760 shares rose and 1,916 shares fell. A total of 188 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.68% to 17.40. The Nifty 29 May 2025 futures were trading at 24,420, at a premium of 110.45 points as compared with the spot at 24,309.55.

The Nifty option chain for the 29 May 2025 expiry showed a maximum call OI of 38.9 lakh contracts at the 24,500 strike price. Maximum put OI of 48.6 lakh contracts was seen at 24,000 strike price.

Buzzing Index:

The Nifty Pharma index declined 0.83% to 21,727. The index jumped 1.98% in the past trading session.

Dr Reddys Laboratories (down 2.05%), Aurobindo Pharma (down 1.83%), Glenmark Pharmaceuticals (down 1.26%), Sun Pharmaceutical Industries (down 1.15%), Lupin (down 1.04%), Biocon (down 0.92%), Granules India (down 0.75%), Cipla (down 0.75%), J B Chemicals & Pharmaceuticals (down 0.65%) and Gland Pharma (down 0.57%) declined.

On the other hand, Abbott India (up 0.29%), Zydus Lifesciences (up 0.21%) and Mankind Pharma (up 0.21%) edged higher.

Stocks in Spotlight:

Hatsun Agro Product slipped 6.18% after the company's consolidated net profit declined 17.52% to Rs 43.01 crore in Q4 FY25 as against Rs 52.15 crore posted in Q4 FY24. However, revenue from operations rose 9.57% YoY to Rs 2,242.85 crore during the quarter ended 31 March 2024.

Central Bank of India rose 0.94%. The bank's standalone net profit jumped 28.02% to Rs 1,033.55 crore, driven by a 7.57% rise in total income to Rs 10,432.56 crore in Q4 FY25 compared to Q4 FY24.

Diamond Power Infrastructure added 1.73% after the company secured two orders worth over Rs 230 crore to supply power cables to Rajesh Power Services and Adani Electricity Mumbai.

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