Indices range-bound, Nifty tests 10,800 mark; Pharma cos gain

Markets are moving in a narrow range with negative bias taking cues from their Asian peers, that wobbled on Friday as investors braced for US tariffs against China.

Among sectoral indices, the Nifty Pharma index is nearly 2% up led by rise in the shares of Dr. Reddy's Laboratories, Cipla and Sun Pharmaceutical Industries.

US President Donald Trump has made up his mind to impose “pretty significant” tariffs and will unveil a list targeting $50 billion of Chinese goods on Friday, an administration official said. Beijing has warned that it was ready to respond.

The US Fed, on Thursday, raised interest rates and took a more hawkish tone in forecasting a slightly faster pace of tightening for the rest of the year. 

Back home, a rebound in food inflation and a jump in fuel prices in May led to wholesale inflation in the country rising to 4.43 per cent, from 3.18 per cent in April, its fastest uptick in 14 months.

Figures released by the commerce ministry on Thursday showed that rising inflation in the wholesale price index (WPI) was mainly led by double-digit inflation in petrol prices, while food prices rose by 1.6 per cent after low growth or deflation for the last three months.

Globally, The Asia Pacific MSCI index edged down 0.2 per cent, with most regional markets shrugging off a strong close on Wall Street. But Japan’s Nikkei average added 0.5 per cent.

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