Sensex, Nifty End Higher; IT, Pharma Stocks Support Gains
BSE Sensex and Nifty ended marginally higher today with gains in IT and pharma stocks offsetting losses in banking, auto and metal stocks.
An easing of global oil prices and gains in healthcare and IT stocks had helped Sensex, Nifty rebound nearly 0.6 per cent at day's high. But selling pressure was seen at higher levels.
In oil, Brent crude was down 0.6 percent at $113.28 a barrel amid some easing of concerns of a supply disruption from the conflict in Iraq. Rupee was marginally higher at 60.12 per dollar vs yesterday's close of 60.14.
Among gainers, Ranbaxy Laboratories rose as much as 8 per cent after the US Food and Drug Administration said on Thursday it had approved the company's generic version of Novartis AG's blood pressure drug Diovan. Analysts say the current market size of Diovan in the United States is $1.7 billion and Ranbaxy can generate revenue of over $200 million from generic Diovan sales as it enjoys 180 days exclusivity for the same. Ranbaxy ended nearly 4 per cent higher.
Also, Sun Pharmaceutical Industries, which in April agreed to buy Ranbaxy, rose 4 per cent to a year high of 674.95 on hopes that drugs such as Diovan would reduce its effective cost of acquiring Ranbaxy.
IT stocks were also in the limelight after Accenture reported a better-than-expected 7.5 per cent rise in quarterly net revenue. TCS rose nearly 4 per cent to a new year high of 2,406.90 before ending slightly lower at 2,399. Tech Mahindra advanced nearly 4 per cent while Wipro rose 2 per cent and Infosys advanced 1.2 per cent.
GAIL shares fell nearly 1.5 per cent following a blast at a gas pipeline of the state-owned energy company in Andhra Pradesh. It ended nearly 0.8 per cent lower.
Selling pressure was seen in metal stocks with Hindalco ending down 2.6 per cent lower while Sesa Sterlite and Tata Steel lost over 1 per cent. Banking stocks also fell, with ICICI Bank, SBI, Axis Bank and PNB losing between 0.5-1.3 per cent.
The Sensex ended 37 points higher at 25,099 while Nifty added 15 points to 7,508.(With Agency Inputs)
