After opening the day flat, the benchmark indices continued their downward momentum and ended the session in the red.

Indian equity market indices Sensex and Nifty stayed under selling pressure for a fifth consecutive day ending Thursday's session on a negative note.

At the closing bell, the BSE Sensex closed lower by 556 points (down 0.6%).

Meanwhile, the NSE Nifty closed 166 points lower (down 0.6%).

Bharat Elec, Bharti Airtel, and Axis Bank are among the top gainers today.

Trent, Power Grid Corp, and Tata Motors, on the other hand, were among the top losers today.

The GIFT Nifty was trading at  24,95,9, lower by 160 points at the time of writing.

The BSE MidCap index ended 0.7% lower, and the BSE SmallCap index ended 0.7% lower.

Sectoral indices are trading negatively today, with stocks in the realty sector and the auto sector witnessing selling pressure.

The rupee is trading at Rs 88.1 against the US$.

Gold prices for the latest contract on MCX are trading 0.5% higher at Rs 113,144 per 10 grams.

Meanwhile, silver prices were trading 2.5% higher at Rs 137,457 per 1 kg.
 

Maharashtra Seamless Gains on Domestic Order

In the news from the steel industry, shares of Maharashtra Seamless came in focus after securing a domestic order for the supply of seamless pipes to the oil and gas industry valued at around Rs 2.5 billion (bn).

The domestic entity's award of the order represents a major victory for the company in the energy infrastructure market.

The contract covers the supply of seamless pipes, and deliveries will be made progressively over the following two quarters in accordance with the customer's schedule.

Maharashtra Seamless manufactures steel pipes and tubes, operating in two main areas: steel pipes & tubes and power generation. They produce a range of pipes, including ERW pipes, seamless pipes, coated pipes, and pipe fittings.
 

KPI Green Energy surges on SBI deal

Moving on to the news from energy sector, shares of KPI Green Energy came in focus following the company's Rs 32 bn sanction from State Bank of India, which included both fund-based and non-fund-based facilities.

The approval will help finance the construction of two projects in Gujarat that together account for more than 1 GWp of the company's portfolio of Independent Power Producers (IPPs).

Two renewable energy projects are being developed: a 250 MW solar power project and a 370 MW hybrid project combining solar and wind power. Both have 25-year power purchase agreements with Gujarat Urja Vikas Nigam Limited (GUVNL) and are in Bharuch and Surendranagar districts.

A 75:25 debt-to-equity ratio will be used to finance the projects, with the money raised going towards project cost financing, reimbursement of incurred costs, and associated development costs.

Upon commissioning, these projects will generate consistent revenue through long-term Power Purchase Agreements, significantly contribute to KPI Group's 10 GW target by 2030, and reduce over 1.5 million tonnes of carbon dioxide emissions annually, an impact equivalent to planting more than 65 million trees, all of which will further solidify KPI Green Energy's dedication to sustainability.
 

HIV Drug Approval Boosts Lupin's Prospects

Moving on to the news from pharma sector, Global pharmaceutical giant Lupin Ltd. announced that the US Food and Drug Administration (FDA) has tentatively approved its generic HIV medication.

Lupin's Nagpur facility will produce the product, which consists of 50 mg, 200 mg, and 25 mg tablets of bictegravir, emtricitabine, and tenofovir alafenamide.

It is the generic version of Gilead Sciences Inc.'s Biktarvy tablets, which are prescribed to treat HIV infection in adults and children who weigh at least 25 kg.
 

Glenmark Secures Rights to Cancer Therapy

Moving on to the news form pharma sector, shares of Glenmark Pharma came in focus after it announced that its wholly owned subsidiary, Glenmark Specialty SA, inked an exclusive licence and collaboration pact with China's Hengrui Pharma.

The agreement was made to develop and market Trastuzumab Rezetecan, a medication used to treat various types of cancer. According to a regulatory filing from Glenmark Pharma, it is a next-generation antibody drug conjugate (ADC).

Glenmark will contribute Rs 1.5 bn up front. Additionally, it stated that Hengrui will be eligible to receive up to Rs 0.9 bn in regulatory and commercial milestone payments.

Additionally, the company will pay Hengrui royalties based on the net sales of Trastuzumab Rezetecan within the licensed territory.

This collaboration marks a significant step forward in Glenmark's focused oncology strategy, particularly in complex biologics, the company said.

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