Sensex rises as drugmakers, consumer stocks gain
Indian shares rose on Wednesday, with drugmaker Aurobindo Pharma Ltd up on hopes of higher U.S. sales and consumer staple Hindustan Unilever hitting a record high after its June-quarter profit beat expectations.
The benchmark BSE Sensex rose 0.53 percent at 31,879.09 by 0627 GMT, rebounding after a 1.1 percent fall on Tuesday, its biggest daily percentage fall this year.
The broader NSE Nifty was up 0.51 percent to 9,877.26 after falling 0.9 percent on Tuesday.
Aurobindo Pharma Ltd, up as much as 8.2 percent at more than an 8-month high, was the top gainer on the index after obtaining U.S. regulatory approval for a chronic kidney disease drug. Cadila Healthcare Ltd gained as much as 3.1 percent after launching an ulcerative colitis drug in the United States.
The Nifty Pharma index was up for the sixth straight session, rising as much as 1.8 percent to its highest since May 19.
"Pharma stocks will now slowly get into action on the back of strong product approvals for stocks like Aurobindo Pharma and Biocon," said Krish Subramanyam, co-head - Equity Advisor at Altamount Capital Management.
Biocon Ltd rose as much as 6.25 percent to a life high.
Hindustan Unilever Ltd gained as much as 3.2 pct to a record high of 1,195.05 rupees after the consumer goods company reported a 9 percent increase in June-quarter profit.
ITC Ltd gained 2.6 percent after a government increase in cigarette taxes hammered the stock on Tuesday.
Reliance Capital Ltd dropped as much as 2.9 percent after Japan`s Sumitomo Mitsui Trust Bank sold its remaining 2.8 percent stake in company in a block trade.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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