Energy, pharma power Indian shares higher; small-, mid-caps outperform

Alkem Laboratories

08/11/2023 07:54

** India's Nifty 50  .NSEI  and Sensex  .BSESN  were up
0.23% and 0.10%, respectively, as of 1:17 p.m. IST
    ** Oil & gas  .NIFOILGAS  up over 1%, supported by slide in
crude oil prices to a more than three-month low
    ** Bharat Petroleum Corp  BPCL.NS > up 3.5%, top Nifty 50
gainer; Hindustan Petroleum Corp  HPCL.NS  up 8%, after strong
quarterly results 
    ** High-weightage financials  .NIFTYFIN  down 0.25%;
financials added over 2% in the previous four sessions     
    ** "Moderation in inflation and expectations that global
interest rates may have peaked have supported domestic equities
over the last few sessions," according to analysts at Motilal
Oswal Financial Services
    ** Pharma index  .NIPHARM  up 1.5%, led by post-earnings
rally in Alkem Laboratories  ALKE.NS  and jump in Lupin
 LUPN.NS  following U.S. FDA approval for key drugs
    ** Small-  .NIFSMCP100  and mid-caps  .NIFMDCP100  up nearly
1% each; small-caps surge to new record high, supported by
earnings-led rise in key constituents and steady retail inflows
    
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))