Sensex, Nifty edge up; Ranbaxy leads

The BSE Sensex traded over 100 points higher, while the broader Nifty traded above the key 5,550 mark on Thursday. The rupee also traded higher at 61.08 against the dollar as of 1.30 p.m.

The Sensex and Nifty have seen sharp selloff over the last two weeks. Markets tracked the rupee, which has been hitting new lows virtually every week. The Sensex has fallen over 1,500 points, while the Nifty is down over 400 points in the last 12 sessions.

These sharp losses have made markets attractive from a short term view, market analyst Sarvendra Srivastava told NDTV. The Nifty is likely to rebound to 5,800 levels, he said, adding that a fall below 5,444 will change the bullish stance.

Thursday's gains were led by recent laggards such as realty, banking and auto stocks. These rate sensitives have fallen sharply on concerns that the Reserve Bank will hike long term rates to defend the rupee.

Realty major DLF traded 5.5 per cent higher. Auto majors Maruti Suzuki and M&M were among the top Nifty gainers today.

Drug maker Ranbaxy was the top Nifty gainer, up 14 per cent, after Q2 margins and U.S. sales surprised positively.

10 stocks traded lower on the Nifty, led by drug maker Lupin, which has come under selling pressure post earnings announcement yesterday.
Sun Pharma and Dr Reddy's were the other big losers on the Nifty.

PSU lender SBI fell 1.7 per cent ahead of Q1 earnings announcement next week.

The Sensex traded 110 points higher at 18,775, while the Nifty was up 39 points at 5,558 in afternoon trade.