Markets Dip at Midday: Nifty and Sensex in Red, Glenmark Pharma Shines
By ScanX News Team
Indian markets are in negative territory at midday, with Nifty 50 down 0.78% and Sensex down 0.83%. Diamond, Gems and Jewellery sector leads losses at -5.42%, while an unnamed sector tops gainers at 5.48%. Glenmark Pharmaceuticals surges 15.18% on a $700 million licensing deal with AbbVie. Enviro Infra Engineers rises 12.21% after securing a Rs 400-crore ZLD project order.
*this image is generated using AI for illustrative purposes only.
Market Overview
As the clock strikes noon on July 11, Indian markets are witnessing a downturn, with both benchmark indices trading in negative territory. The Nifty 50 is currently at 25,157.85, down 197.40 points or 0.78% from its previous close. Similarly, the BSE Sensex stands at 82,503.09, registering a decline of 687.19 points or 0.83%.
Sectoral Performance
The market's sectoral performance presents a mixed picture:
Top Losing Sectors
| Sector | Change |
|---|---|
| Diamond, Gems and Jewellery | -5.42% |
| Capital Goods - Electrical Equipment | -1.80% |
| Education | -1.73% |
| Aerospace & Defense | -1.31% |
| Capital Markets | -1.06% |
Top Performing Sectors
| Sector | Change |
|---|---|
| Unnamed Sector | 5.48% |
| Cables | 1.46% |
| Trading | 1.03% |
| Utilities | 0.85% |
| Beverages | 0.49% |
Buzzing Stocks
Glenmark Pharmaceuticals Ltd
Glenmark Pharmaceuticals is making waves today with two significant developments:
- A block trade of approximately 513,585 shares occurred on the NSE at Rs. 2272.80 per share, totaling Rs. 116.73 crores.
- The company's subsidiary, Ichnos Glenmark Innovation, signed a global licensing agreement with AbbVie for cancer drug ISB 2001. The deal includes a $700 million upfront payment and potential $1.225 billion in milestones.
Glenmark's stock is currently trading at Rs. 2193.00, up 15.18% from its previous close.
Enviro Infra Engineers Ltd
Enviro Infra Engineers is seeing strong momentum:
- Shares surged 11% to a five-month high after securing a Rs 400-crore order for a Zero Liquid Discharge (ZLD) project.
- This follows a recent Rs 395-crore order win from Maharashtra Industrial Development Corporation.
- The company has been awarded a ₹400 crore contract for a Common Effluent Treatment Plant (CETP) Engineering, Procurement, and Construction (EPC) project.
Enviro Infra's stock is currently trading at Rs. 275.13, up 12.21% from its previous close.
Conclusion
As the trading session reaches its midpoint, the overall market sentiment appears bearish with major indices in the red. However, specific sectors and stocks, particularly in the pharmaceutical and environmental infrastructure spaces, are showing significant gains, indicating pockets of investor interest amidst the broader market decline.
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