Pharma Stocks Lead Gains in Weak Market, Smallcap Indices Trump Benchmarks

By Malvika Gurung

Investing.com — India’s stock market had a weak trading session on Thursday following made by the Federal Reserve, as it hinted at possibilities of two more hikes going ahead, likely by 0.5% as inflation continued to run above target. 

At 12:12 pm, headlines dipped 0.16% to 18,725.75 levels and lost 154.27 points or 0.24%. The market fear barometer advanced up to 1% to 11.25 levels while writing.

Broader market indices outperformed the benchmark peers as 100 rose 0.4% and 100 climbed 0.33%. 

Pharmaceutical and healthcare stocks drive gains on Dalal Street with Dr. Reddy’s Laboratories (NS:), Divi’s Laboratories (NS:) and Apollo Hospitals (NS:) trading as top performers on the Nifty50 pack.

Sectoral indices listed under the Nifty umbrella traded mixed in Thursday’s session, with and Index zooming 1.2% each. declined 0.51%.

Market heavyweights M&M (NS:), Bharat Petroleum (NS:), Adani Enterprises (NS:), Maruti (NS:) and Cipla (NS:) added to the Street’s gains during the session, while IT and banking sectors’ mega-caps like Wipro (NS:), Infosys (NYSE:) (NS:), IndusInd Bank (NS:), Kotak Mahindra Bank (NS:) and HDFC Life (NS:) exerted pressure, pulling the market lower.

Key US contracts slipped 0.11% and dropped 0.21%.