Midday Trends: Sensex and Nifty stable, pharma stocks up

Sensex and Nifty were relatively flat on Wednesday amid weak trading conditions, mainly due to risk aversion fueled by concerns about global economic growth amid rising oil prices. At midday, the Nifty 50 index was up 0.09% to hit 19,593.05, while the S&P BSE Sensex was down 0.16% to 65,672.16.

In contrast, the Nifty Pharma Index showed significant strength, rising more than 1%. Torrent Pharma led the field with a remarkable 2% gain, joined by notable companies such as Lupin, Divis Labs, Cipla, Natco Pharma and Sun Pharma.

At midday, the BSE had 1,814 shares rising versus 1,666 falling shares for a total of 3,643 shares traded. Additionally, 254 stocks made 52-week highs, while 8 made 52-week lows.

Notable gainers on the NSE at midday included Divi’s Laboratories (0.96%), Sun Pharma (0.82%), HDFC Bank (0.81%), Bharti Airtel (0.73%) and HDFC Life (0 .69%). On the other hand were NTPC (-2.09%), Tata Steel (-0.09%), Hindalco (-2.03%), Jio Financial (-1.76%) and Tech Mahindra (-1.36 %) the biggest losers.

Several specific companies have attracted significant trading interest due to significant increases in their stock prices:

HLV Ltd., the operator of The Leela Mumbai, saw its share price surge 14% on the back of significant trading volumes

Sasken Technologies saw an impressive 13.23% increase in NSE share price to ₹1,127 following the appointment of Girish BVS as Chief Technology Officer.

Nila Infrastructures saw NSE’s share price rise by 18.75% and is currently trading at ₹6.65 after the company secured a 1694 residential unit construction project in Ahmedabad.

3i Infotech saw its NSE share price rise 7% to ₹42.80 after announcing a partnership with InsureMO, an insurance middleware platform.

Indian Card Clothing Company saw its NSE share price rise significantly by 14.71% and now stands at ₹312.25.