Sensex Up Over 500 Points, Nifty Above 17,600; Divi's Labs, NTPC Top Gainers

Merck and company's partner Ridgeback Biotherapeutics said its experimental antiviral drug molnupiravir could halve chances of dying or being hospitalised; Divi's Laboratories makes the main ingredient of the drug

Sensex Up Over 500 Points, Nifty Above 17,600; Divi's Labs, NTPC Top Gainers

NTPC has surged 3.7 per cent on reports that it is planning to raise Rs 15,000 crore

The domestic markets are trading strong on Monday afternoon, albeit off the highs of the day, thanks to all-round buying interest. As of 1:10 pm, the BSE Sensex is trading at 59,289.50, higher by 544.55 points or 0.92 per cent and the NSE Nifty is at 17,688.23, up 156.90 points or 0.91 per cent. All the BSE sectoral indices are trading in the green, with the sole exception of the consumer durables sector.

The broader markets are outperforming their largecap peers, with the BSE Midcap index gaining 0.3 per cent and BSE Smallcap index adding 1.3 per cent to touch a record high.

On the global front, the European markets have opened marginally in the red and the Asian markets are trading on a mixed note.

In the currency market, the rupee has declined 5 paise to 74.17 against the US dollar, in line with its Asian peers amid the strengthening of the dollar in the overseas market. At the interbank foreign exchange, the rupee opened at 74.16 against the dollar and subsequently fell to 74.17.

Among the individual shares, Divi's Labs shares have zoomed as much as 10 per cent to hit an intraday high of Rs 5,313.80 after Merck and company's partner Ridgeback Biotherapeutics said on Friday that its experimental antiviral drug molnupiravir could halve the chances of dying or being hospitalised for those most at risk of contracting severe COVID-19. Divi's Laboratories makes the main ingredient of the drug.

NTPC has surged 3.7 per cent to Rs 145.10 after Bloomberg reported that the power major is planning to raise Rs 15,000 crore through initial public offerings in three units and paring of a joint venture stake.

Bajaj Finserv, Bajaj Finance and Tata Motors are the other significant gainers in the BSE pack.

On the flipside, Bajaj Auto, Titan, Hindustan Unilever and Nestle India have shed around half a per cent each on the BSE.

The overall market breadth is extremely positive; there are 2,348 advancing shares as against 898 declines.

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