Key barometers were trading with modest gains in mid-afternoon trade. At 14:23 IST, the barometer index, the S&P BSE Sensex, added 202.25 points or 0.56% at 36,254.06. The Nifty 50 index added 44.20 points or 0.42% at 10,662.40.
The broader market was mixed. The S&P BSE Mid-Cap index was up 0.24% while the S&P BSE Small-Cap index slipped 0.54%.
There were more sellers than buyers. On the BSE, 856 shares rose and 1663 shares fell. A total of 149 shares were unchanged. In Nifty 50 index, 22 stocks advanced while 28 stocks declined.
Foreign portfolio investors (FPIs) sold shares worth Rs 221.70 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 899.37 crore in the Indian equity market on 15 July, provisional data showed.
The Nifty Pharma index rose 1.58% to 10,372.10. The index has added 5% in seven sessions.
Among the index constituents, Cipla (up 4.41%), Dr. Reddy's Labs (up 2.90%), Lupin (up 2.32%), Sun Pharma (up 1.60%), Cadila Healthcare (up 1.30%), Alkem Laboratories (up 0.39%) and Torrent Pharma (up 0.20%) advanced.
Divi's Labs (down 0.91%), Aurobindo Pharma (down 0.42%) and Biocon (down 0.07%) declined.
Meanwhile, Microsoft co-founder and philanthropist, Bill Gates, was quoted by the media saying that the Indian pharmaceutical industry would be able to produce COVID-19 vaccines not just for the country but also for the entire world.
Stocks in Spotlight:
SBI Cards & Payment Services rose 1.39% to Rs 701.55 after State Bank of India's card business appointed Ashwini Kumar Tewari as the managing director (MD) and chief executive officer (CEO) of the company from 1 August 2020 for a period of 2 years. Ashwini Kumar will replace Hardayal Prasad, who is retiring from State Bank of India.
Tata Power fell 1.27% to Rs 46.50. The company said that its wholly-owned subsidiary, Tata Power Green Energy (TPGEL), has received a letter of award from Tata Power Mumbai Distribution on 13 July 2020 to develop a 225 MW hybrid renewable project.
The energy will be supplied to Tata Power Mumbai Distribution under a Power Purchase Agreement (PPA) valid for 25 years from scheduled commercial operation date. The project is required to be commissioned within 18 months from the date of execution of the PPA.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 5.814% compared with previous closing of 5.815% in the previous trading session.
In the foreign exchange market, the partially convertible rupee edged lower to 75.18 compared with its previous closing 75.15.
In the commodities market, Brent crude for September 2020 settlement slipped 39 cents to $43.40 a barrel. The contract gained 2.07% or 89 cents to end at $43.79 in the previous trading session .
MCX Gold futures for 5 August 2020 settlement fell 0.19% to Rs 49,065.