Nifty Pharma scales record highs, rises in 14 out of 17 straight sessions
In the second quarter of FY24, the Pharma stocks saw strong revenue growth of 14.3% year-over-year and 1.7% quarter-over-quarter
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In the second quarter of FY24, the Pharma stocks saw strong revenue growth of 14.3% year-over-year and 1.7% quarter-over-quarter
Divi's Lab, HCL Tech, Wipro, LTIMindtree and Hindalco were the top Nifty gainers, while the laggards included M&M, SBI Life Insurance, Adani Enterprises, Bajaj Finance and Ultratech Cement.
Get latest articles and stories on Business at LatestLY. At the closing bell, the BSE Sensex reported a dip of 139.58 points, settling at 65,655.15, while the NSE Nifty declined by 37.80 points, closing at 19,694.00. Business News | Market Rollercoaster: Sensex and Nifty Navigate Fluctuations, Conclude in the Red Amid Global Market Uncertainties.
Rise in input costs, inventory write-off, and pricing pressures led to a drop in gross margins. Higher competitive pressures led to cuts in operating profit margins and earnings estimates for FY24 and FY25. Most brokerages have a 'neutral' or a 'reduce' rating on the stock on account of valuations.
Equity benchmark indices opened with cuts on Monday as investor focus shifted to the October CPI inflation data