Benchmarks decline; healthcare stocks buck trend
BSE Healthcare index rose 0.93% to 20,736.37, advancing for second day in a row. The index has added 2.08% in two sessions while the benchmark Sensex has added 1.14% during the same period.
Key equity indices edged lower in morning trade, dragged by Reliance Industries, private banks and financial shares. Healthcare stocks advanced for the second consecutive session. The Nifty was currently trading below the 14,700 mark. Meanwhile, Asian stocks were mixed on Monday as US bond yields continue to rise.
At 11:04 IST, the barometer index, the S&P BSE Sensex, was down 381 points or 0.76% to 49,479. The Nifty 50 index lost 88 points or 0.60% to 14,656.
In the broader market, the S&P BSE Mid-Cap index rose 0.46% while the S&P BSE Small-Cap index gained 0.70%.
The market breadth was positive. On the BSE, 1520 shares rose and 995 shares fell. A total of 177 shares were unchanged.
On Saturday, Fed Chairman Jerome Powell has reportedly said that the economic situation in the US is much improved since the Covid-19 pandemic hit, but the recovery is far from complete. The US central banker reiterated that the Fed will continue to provide aid to the US economy ‘for as long as it takes.’
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 123,160,171 with 2,715,080 deaths. India reported 334,646 active cases of COVID-19 infection and 159,967 deaths while 11,151,468 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The S&P BSE Healthcare index rose 0.93% to 20,736.37, advancing for second day in a row. The index has added 2.08% in two sessions while the benchmark Sensex has added 1.14% during the same period.
Among the index constituents, Wockhardt (up 7%), Morepen Laboratories Ltd (up 4.42%), Narayana Hrudayalaya (up 3.22%), Indraprastha Medical Corporation (up 3.38%) and Vimta Labs (up 2.72%), Panacea Biotec (up 2.53%), Strides Pharma Science (up 2.16%), Alembic Pharmaceuticals (up 2.47%), Shalby (up 1.80%), and Cipla (up 2.18%) edged higher.
Meanwhile, Gland Pharma (down 2.16%), Abbott India (down 1.49%), and Ajanta Pharma (down 1.01%) edged lower.
Stocks in Spotlight:
Index heavyweight Reliance Industries was down 1.81% to Rs 2044.15.
JSW Energy rose 1% to Rs 85.55. The company said its subsidiary JSW Future Energy received letters of award for 450 MW of Wind capacity from Solar Energy Corporation of India.
Adani Green Energy (AGEL) hit an upper circuit of 5% at Rs 1251.05. The company on Monday announced that it has received Letter of Award (LOA) for 300 MW Wind Power Project from Solar Energy Corporation of India (SECI).
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