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Sensex Rises for Third Day, Pharma Stocks Lead Gains

Sensex Rises for Third Day, Pharma Stocks Lead Gains

BSE Sensex edged higher on Thursday, extending its gains to the third day. The benchmark index ended 0.25 per cent, or 66 points higher at 26,220, giving up most of its intra-day gains of 1.1 per cent on profit-taking. The Nifty closed 2 points higher at 7,950, much lower that its day's high of 8,008.

Here Are Top 10 Developments:

1) Exported-oriented pharma stocks were in limelight with Lupin rising 3.7 per cent, Sun Pharma 2.6 per cent and Dr Reddy's 1.7 per cent.

2) Select IT stocks were also in demand, with TCS rising 2.2 per cent, and Infosys and Tech Mahindra nearly 1 per cent each.

3) However, shares of HCL Tech tumbled over 12 per cent on revenue warning.

4) Auto stocks were dragged down by losses in Maruti Suzuki and M&M. Maruti Suzuki shares fell over 2 per cent after the carmaker reported disappointing sales growth for the month of September. M&M fell over 1 per cent.

5) Banking stocks also came under pressure with ICICI Bank, Kotak Mahindra Bank and and Bank of Baroda declining over 1 per cent as the rally spurred by RBI's rate cut lost steam.

6) Also putting pressure on domestic markets, manufacturing activity slowed more than expected to a seven-month low in September due to softening demand and output, a business survey showed today.

7) Analysts remain positive on the near-term prospects of Indian markets after the bigger-than-expected rate cut from the RBI on Tuesday.

8) Rohit Srivastava, fund manager at Sharekhan, said 8,050 remains an initial hurdle for Nifty and once it goes past this level, the benchmark index could rise to 8,250 levels.

9) Analysts would also be closely tracking foreign investors who sold Indian shares worth nearly Rs 6,000 crore (net) last month.

9) The rupee rose to 65.50/dollar at its day's high against its previous close of 65.96.

10) Asian stocks rose on Thursday, with Japan's Nikkei surging nearly 2 per cent. European markets were also higher in early trade.