Market Midday, 23 June 2026: Pharma Stocks Gain While IT And Metals Drag The Market

Indian equity benchmarks traded in a narrow range on Tuesday afternoon as gains in pharmaceutical shares helped offset weakness in information technology counters. Investors largely stayed on the sidelines after the sharp rebound seen in the previous session, keeping benchmark indices close to unchanged levels.

At 12:38 pm:

• The Sensex was down 0.69%

• The Nifty 50 was down 0.67%

Pharma Stocks Offer Support

Drugmakers were among the strongest performers in trade, providing support to benchmark indices at a time when technology stocks continued to face selling pressure. Market players watched developments relating to new queries raised by US officials to Indian pharma firms on cancer drugs, an event that helped improve sentiments among market players.

On the other hand, Nifty IT index declined by 0.65% at 12:39 pm amid concerns on the growth prospects of IT firms due to exports. Metal stocks were also booked for profits owing to their gains in the previous session.

Top Stocks On Nifty 50

At 12:41 pm, the top five stocks on the Nifty 50 index were:

• Cipla

• Sun Pharmaceutical Industries

• Dr Reddy's Laboratories

• Shriram Finance

• Asian Paints

Stock-Specific Action

• Vedanta shares fell around 6% after its largest promoter shareholder, Twin Star Holdings, reportedly divested shares in a large block deal.

• Blue Cloud Softech Solution shares jumped nearly 18% on reports of potential business opportunities with SpaceX. Yesterday, it hit the upper circuit of 20%.

• Meesho shares rose over 4.5% at 12:42 pm, buoyed by an international brokerage report implying a significant upside from current levels.

• Info Edge shares were also in the green, surging around 4%, following positive news about the scale and return on its startup investment portfolio.

Technology majors such as TCS, Infosys, HCLTech, Wipro and Tech Mahindra remained under pressure as concerns over global technology spending persisted.

Also Read - Vedanta Shares Slip After Block Deal Buzz As Twin Star Reportedly Cuts Stake

Afternoon Trade Outlook

The market's direction through the rest of the session is likely to depend on whether buying interest returns to large-cap technology stocks. A recovery in the sector could help benchmarks move higher, while continued weakness may keep indices confined to a narrow trading range.

Sources:

Moneycontrol

The Economic Times

Dalal Street Investment Journal

Business Standard

Mint