Benchmark Indices continued to rise in the after-noon trade led by IT stocks on hopes U.S. President-elect Donald Trump may not proceed with stringent visa rules.
Gains were capped by pharma stocks after Trump said pharmaceutical companies are "getting away with murder" in what they charge the government for medicines, and promised that would change in his first presser.
In a choppy trade, Nifty continued to hover around it’s 8,400 mark which it hit earlier in the day led by gains in NTPC, PowerGrid, Tata Power and L&T while Sensex continued to stay 100 points higher.
At 1:20 pm, the Sensex was trading at 27,257, up 117 points, while the broader Nifty50 was ruling at 8,409, up 29 points.
The broader market underperformed the headline indices with BSE Midcap gaining 0.09% and BSE Smallcap losing 0.01%.
The overall market breadth remained negative, about 1132 shares have advanced, 1423 shares declined, and 152 shares are unchanged.
NTPC, Power Grid, L&T, Infosys and ONGC are top gainers while Dr Reddy’s, Coal India, Lupin, and Sun Pharma are top laggards in the Sensex.
IT Index rose over 1% on BSE with Infosys gaining more than 2% in today’s trade ahead of it’s Q3 earnings tomorrow..
Nifty Pharma index fell as much as 2.24 pct, contributing to more than half the losses on the NSE index after Trump’s presser. Top losers include Cadila Healthcare, down 2.9%, Sun Pharma down, 2.96%, and Aurobindo Pharma down 3.76%.
Biocon shares rallied 5% to Rs 1052 after the biotech firm and pharma firm Mylan said that the US health regulator has accepted Mylan's biologics license application (BLA) for MYL- 1401O, a proposed biosimilar trastuzumab indicated for treatment of breast cancer.
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