The key equity barometers hit fresh intraday low as they extended their downfall in mid-morning trade. The Nifty continued to below the 18,550 mark. Pharma shares witnessed decent buying demand.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was down 357.18 points or 0.57% to 62,611.95. The Nifty 50 index lost 88.75 points or 0.48% to 18,545.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.10% while the S&P BSE Small-Cap index gained 0.23%.

The market breadth was almost even. On the BSE, 1,635 shares rose and 1,673 shares fell. A total of 137 shares were unchanged.

Investor sentiment took a hit after disappointing economic data from China brewed more concerns over sluggish demand and weak recovery in the world's second largest economy.

Buzzing Index:

The Nifty Pharma index rose 0.73% to 12,696.70. The index had declined 0.15% to end at 12,604.70 yesterday.

Ipca Laboratories (up 2.23%), Biocon (up 1.68%), Aurobindo Pharma (up 1.67%) and Sun Pharmaceuticals Industries (up 1.45%) were the top gainers.

Among the other gainers were Gland Pharma (up 1.18%), Laurus Labs (up 0.89%), Divis Laboratories (up 0.88%), Glenmark Pharmaceuticals (up 0.75%) and Alkem Laboratories (up 0.7%).

On the other hand, Abbott India (down 0.66%), Dr Reddys Laboratories (down 0.17%) and Zydus Lifesciences (down 0.08%) moved lower.

Mankind Pharma fell 1.70%. The company's consolidated net profit rose 52% to Rs 294 crore in Q4 FY23 as against a net profit of Rs 193 crore in Q4 FY22. Revenue from operations rose 19% to Rs 2053 crore in the quarter ended 31 March 2023 from Rs 1726 crore recorded in Q4 FY22.

Torrent Pharmaceuticals added 3.51%. The company reported consolidated net profit of Rs 287 crore in Q4 FY23 as against a net loss of Rs 118 crore in Q4 FY22. Total income rose to Rs 2500 crore in the quarter ended 31 March 2023 from Rs 2187 crore recorded in Q4 FY22.

Stocks in Spotlight:

Suzlon Energy surged 7.50%. The company reported consolidated net profit of Rs 279.89 crore in Q4 FY23 as against net loss of Rs 204.29 crore posted in Q4 FY22. However, revenue from operations declined 30.8% year on year (YoY) to Rs 1,689.91 crore in the quarter ended 31 March 2023.

KRBL slumped 9.02%. The company's net profit rose 8.11% to Rs 117.81 crore on 29.61% increase in net sales to Rs 1279.73 crore in Q4 March 2023 over Q4 March 2022.

Global markets:

The US Dow Jones Futures were currently trading 120 points lower, indicating a weak start to equities on Wall Street today.

Markets in Asia declined across the board on Wednesday, as weakening factory activity in China dented sentiment that was already damped by the risk of a US debt default.

China's official measure of factory activity for May slid for a second-straight month in May to 48.8, a steeper contraction than March's 49.2.

US stocks ended mixed on Tuesday as Wall Street considered the likelihood of Congress passing a tentative deal on raising the U.S. debt ceiling amid growing opposition within the GOP.

The U.S. debt ceiling remained in focus with markets hoping an agreement President Joe Biden struck with the top congressional Republican to suspend the United States' borrowing limit can pass through Congress in coming days.

The plan cleared a House committee overnight and is set for debate and passage on Wednesday, which would send it to the Senate where debate could stretch to the weekend.

Fed Bank of Richmond President Thomas Barkin said he is looking for signs that demand is cooling to be convinced that US inflation will ease.

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