Markets get pharma booster dose
Market advanced for a second day as pharmaceutical stocks zoomed after three Indian firms received nod to sell their generic versions of blockbuster Crestor drug in the American market.
Sensex adds 128 points while Nifty closes at 8,566
Mumbai: Market advanced for a second day as pharmaceutical stocks zoomed after three Indian firms received nod to sell their generic versions of blockbuster Crestor drug in the American market. Sentiment also remained buoyant as a good monsoon season so far lifted hopes of a revival in farm output as well as income and on optimism over the GST bill's passage.
Shares of Sun Pharma, Glenmark and Aurobindo were the star performers, rising by 1.89 per cent, 2.39 per cent and 5.09 per cent, respectively. IPR Pharmaceuticals Inc's Crestor had posted annual sales of around $6.78 billion in the 12 months ended May 2016. IT firm Wipro, however, fell 1.97 per cent to Rs 538.60 after the company missed street expectations with over six per cent fall in net profit for the first quarter ended June.
The benchmark BSE Sensex opened slightly lower at 27,775.70 and moved between 27,935.18 and 27,759.71, before ending at 27,915.89, showing a rise of 128.27 points or 0.46 per cent. The NSE Nifty moved up by 37.30 points or 0.44 per cent to close at 8,565.85.
As many as 19 scrips out of the 30-share Sensex pack finished higher. Major gainers included Coal India (3.23 pc), Dr Reddy's (2.74 pc), GAIL (2.48 pc), Cipla (2.39 pc), Hero MotoCorp (1.58 pc), Lupin (1.37 pc), HUL (1.31 pc), TCS (1.29 pc), ONGC (1.20 pc), HDFC Bank (1.15 pc) and ITC (0.93 pc).
However, Wipro fell 1.97 per cent followed by Axis Bank 0.98 per cent and Tata Motors 0.87 per cent. In broader markets, BSE Mid-Cap index and Small-Cap rose 0.90 per cent and 0.99 per cent, respectively. The market breadth turned green as 1,671 stocks rose while 1,026 declined and 177 ruled steady of the total 2,874 stocks.
Overseas, Asian shares ended mixed, while European stock opened higher as investors struck cautiously optimistic tone ahead of European Central Banks (ECB) meeting today. Asian stocks ended on a mixed note. Singapore, Japan, Kopsi and Taiwan were down 0.29 per cent, 0.25 per cent, 0.07 per cent and 0.30 per cent, respectively, while, Hong Kong and China gained 0.97 per cent and 0.90 per cent.
