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Sensex Rises Over 100 Points, Nifty Above 10,850; IT, Pharma Stocks Lead Gains

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Written by Taasir

The domestic equity markets traded firmly in the green on Wednesday. At 9:40 am, the S&P BSE Sensex was at 35,802.15 level, up 109.63 points or 0.31 per cent, and the broader Nifty50 was at 10,871.80, with a gain of 28.95 points or 0.27 per cent. IT and pharma stocks led the gains. The top gainers in the 30-share Sensex pack were Sun Pharma (up 2.43 per cent), Dr Reddy’s Laboratories (up 1.94 per cent), Tata Consultancy Services (up 1.52 per cent), Axis Bank (up 1.84 per cent) and State Bank of India (up 1.10 per cent). On the NSE’s sectoral indices, nine out of 10 IT stocks and eight out of 10 pharma advanced in trade.

In terms of stock-specific action, Sun Pharma gained after the company said that it has received approval for its Halol facility from the USFDA (Food and Drug Administration).

On Tuesday, retail inflation rose to a four-month high of 4.87 per cent in May as compared to 4.58 per cent last month. Industrial growth registered a rise of 4.9 per cent in April from a year earlier.

Meanwhile, global investors looked for cues on future interest rate hikes from the US Federal Reserve meet, which will be over on June 13. The Fed is widely expected to raise interest rates for the second time this year after a move in March, but the bigger question for investors is the outlook for future monetary tightening amid an ongoing economic expansion.

MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.15 per cent in early trade and Japan’s Nikkei eked out gains of 0.25 per cent, following the 0.17 per cent gains in the US S&P 500 the previous day.

On Tuesday, foreign portfolio investors net sold equities worth Rs. 1,168.88 crore while domestic institutional investors net purchased shares worth Rs. 1,327.45 crore, according to provisional data from the National Stock Exchange (NSE).

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Taasir