Ways2Capital Reviews : Nifty Above 10,850 Mark; Pharma, IT Stocks Gain

Equity benchmark indices opened higher on Wednesday after retail inflation in May rose to a four-month high and ahead of US Federal Reserve’s policy meet outcome. Pharma stocks continued to gain for the third consecutive day while, Bank Nifty was trading higher by 0.22% on the NSE.

At 10:05 AM, BSE Sensex traded higher by 30 points to 35,723, while Nifty50 was higher by 11 points to 10,853.

On the economy front, India's retail inflation (CPI) jumped to 4.87% in May, a four-month high, from 4.58% in April due to rising food and oil prices. India's industrial production rose to 4.9% in April, as compared to 4.4% in the previous month.

Sun Pharma stock riose 3% after the company said it has received US drug regulator’s report for its Halol, Gujarat plant that paved the way for fresh approvals for its products in its largest market.

Shares of Page Industries advanced 2% after the company’s license agreement with Jockey International extended till December 31, 2040. Earlier, it had exclusive licenses for India, Sri Lanka, Bangladesh, Nepal and the UAE markets till CY30.

Shares of TCS gained 2% to Rs1,815 after the company said its board will meet on Friday to consider shares buyback.

BSE Midcap Index is trading up 0.40% at 16,215, while BSE Smallcap Index is trading up 0.46% at 17,144.

Sun Pharma (+2.3%), Lupin (+2%), Axis Bank (+1.7%), Dr. Reddy’s (+1.7%) and TCS (+1.6%) were the top gainers on NSE.

Tata Steel (-1.4%), Indiabulls HF (-1.2%), Zee (-1.1%), Bharti Airtel (-0.88%) and Vedanta (-0.69%) were the top losers on NSE.

The India VIX is down 0.43% at 12.6750.

Out of 2,050 stocks traded on the NSE, 546 declined, 1,002 advanced and 546 remained unchanged today.

A total of nine stocks registered a fresh 52-week high in trade today, while 28 stocks touched a new 52-week low on the NSE.

The Indian rupee opened lower by 12 paise at 67.60 per dollar on Wednesday against previous close 67.48.

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About Bhoomi Desai