Stock Market Updates: Pharma, IT Slide; PSU Banks, Oil & Gas Stocks Gain

After trading in the red, the Indian benchmark indices have managed to recover and were trading flat on January 16, 2024. At 12:18 PM, Sensex shed 86 points at 73,241. Nifty slipped 26 points and was trading at the 22,071 mark.

Among the sectors, pharma and IT indices shed a percent each. On the other hand, investors showed interest in PSU banks, oil & gas, and media space, actively making purchases.

Top pharma losers:

• Divis Labs – down 2.2%
• Glenmark Pharma – 2.17%
• Aurobindo Pharma – 1.99%

Top IT losers:

• Wipro – 2.01%
• HCL Tech – 1.97%
• L&T Tech – 1.5%

Around 1,001 shares advanced and 1,430 declined while 101 remained unchanged.

Top Nifty50 Gainers

Top Nifty50 Losers

Stocks in action

NALCO, Hindustan Copper jump 3%:

The share price of National Aluminium Company (NALCO) and Hindustan Copper jumped over 3 percent each. This comes after the two companies along with Mineral Exploration Company, signed an agreement with Argentina-based CAMYEN SE.

Also read: Union Bank, GSPL Top 2 Stocks Which Can Give Up To 14% Return

According to a filing in BSE, The Ministry of Mines, Government of India announced a significant milestone achieved by Khanij Bidesh India Limited (KABIL) by signing an agreement with the state-owned enterprise of Catamarca province of Argentina CATAMARCA MINERA Y ENERGÉTICA SOCIEDAD DEL ESTADO (CAMYEN SE) at Catamarca in Argentina.

Aster DM Healthcare rallies 7%:

After approving the sale of its business in the GCC region to Alpha GCC Holdings for $1.01 billion, Aster DM Healthcare witnessed a rally of over 7 percent in its share price, reaching an all-time high. The board plans to consider distributing 70–80 percent of the upfront consideration of $903 million as a dividend to shareholders, within the range of Rs 110 to Rs 120 per share.

Aster DM explained that the rationale behind the transaction is to separate the India and GCC businesses. Over the past five years, the GCC business and India healthcare businesses have undergone distinct developments. In an exchange filing, the company stated that the GCC business is primarily driven by insurance and operates in a healthcare market with different dynamics compared to the Indian business.

Disclaimer: The information provided in this blog post is for informational purposes only and should not be construed as investment or trading advice. The author is not a financial advisor and does not have any professional qualifications in this area. The author does not guarantee the accuracy or completeness of the information provided. Any action you take based on the information in this blog post is done at your own risk. Please consult with a financial advisor before making any investment decisions.