10:07 a.m.: The BSE Sensex rose over 100 points on Wednesday, while the broader Nifty traded above the key 8,550 levels. Indian stock markets outperformed Asian equities that traded with a mixed bias today.
Gains were led by drugmakers, with Aurobindo Pharma rising over 3 per cent. It was the top Nifty gainer. Aurobindo Pharma has launched the generic version of Rosuvastatin calcium tablets in the US. The company is eligible for 180 days of generic drug exclusivity. The product has an estimated annual market size of $6.7 billion.
In another positive development for Aurobindo Pharma, JP Morgan initiated the stock with “overweight” rating.
Dr Reddy’s Lab and Cipla were other pharma stocks that saw buying interest in morning trade.
IT stocks however continued to be under pressure, with Wipro leading the laggards’ list. The Bengaluru-based company missed Q1 profit estimates and put out a muted revenue guidance for Q2, leading to selloff in its shares. Wipro traded 4 per cent lower.
HCL Tech, which is yet to report numbers, was down 1.3 per cent. Infosys and Tech Mahindra were other big IT companies that traded in the red.
Meanwhile, Asian stocks were mixed on Wednesday after a record run on Wall Street showed signs of petering out. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.1 per cent, putting some distance between a nine-month high struck late last week.
South Korea’s Kospi lost 0.3 per cent and Japan’s Nikkei fell 0.7 per cent, on track to snap a six-day winning streak. Australian shares bucked the trend and rose 0.4 per cent.
As of 09.50 a.m., the Sensex traded 95 points higher at 27,882, while the Nifty was up 24 points at 8,553.