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

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Pharma Stocks Lead Gains in Weak Market, Smallcap Indices Trump Benchmarks
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market witnessed a weak trading session on Thursday following hawkish projections 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 Nifty50 dipped 0.16% to 18,725.75 levels and Sensex lost 154.27 points or 0.24%. The market fear barometer India VIX advanced up to 1% to 11.25 levels while writing.

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

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

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

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

Key US contracts Dow Futures slipped 0.11% and Nasdaq 100 Futures dropped 0.21%.

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