Key equity indices sharply pared gains and traded near the flat line in early afternoon trade. Pharma shares advanced for the third day. The Nifty slipped below the 14,650 mark.

At 12:20 IST, the barometer index, the S&P BSE Sensex, was up 74.86 points or 0.15% to 48,878.54. The Nifty 50 index added 55.90 points or 0.38% to 14,637.35.

In the broader market, the S&P BSE Mid-Cap index rose 1.25% while the S&P BSE Small-Cap index advanced 1.23%.

The market breadth was strong. On the BSE, 1744 shares rose and 948 shares fell. A total of 143 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, shed 0.99% to 20.68. The Nifty 29 April 2021 futures were trading at 14,660.05, at a premium of 22.7 points as compared with the spot at 14,637.35.

The Nifty option chain for 29 April 2021 expiry showed maximum Call OI of 24.8 lakh contracts at the 15,000 strike price. Maximum Put OI of 38.6 lakh contracts was seen at 14,000 strike price.

Buzzing Index:

The Nifty Pharma index rose 0.67% to 13,074.30, extending gains for second day. The index has added 2.08% in two sessions.

Aurobindo Pharma (up 2.58%), Cadila Healthcare (up 2%), Cipla (up 0.78%), Dr. Reddy's Labs (up 0.76%), Biocon (up 0.54%), Lupin (up 0.39%), Sun Pharma (up 0.28%) and Alkem Laboratories (up 0.28%) advanced.

Economy:

India's merchandise exports rose 60.3% at $34.5 billion in March as compared to the same month last year, while country's imports jumped 54% to $48.4 billion, Ministry of Commerce & Industry data showed.

During the 2020-21 financial year, India's overall Merchandise and Services exports dipped 6.6% to $493.2 billion over the same period last year. Overall imports in April-March 2020-21 declined 16.5% to $505.9 billion.

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