Sensex ends 75 points up in lacklustre trade, Nifty at 8,589

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Updated: August 7, 2015 8:22:20 AM

The key benchmark index BSE Sensex opened 68.8 points higher at 28,291. The NSE Nifty opened 17.85 points higher at 8,585.80.

bse sensexThe Sensex closed up 0.27 per cent at 28,298.13 points, its highest close since July 23, while the broader Nifty index rose 0.24 per cent to 8,588.65 points. (Express photo)

In a lacklustre trade, the key benchmark indices BSE Sensex and NSE Nifty rose for a second session on Thursday, closing at their highest level in two weeks, led by a rise in pharmaceutical stocks after positive comments from broker CLSA boosted investor sentiments.

The Sensex closed up 0.27 per cent at 28,298.13 points, its highest close since July 23, while the broader Nifty index rose 0.24 per cent to 8,588.65 points.

CLSA said Indian drugmakers’ transition to making complex generics should drive significant growth in the sector. Drugs worth $100 billion, especially biologics, are losing patent protection over the next five years in the United States, the broker added.

Among the sectoral indices on the Bombay Stock Exchange (BSE), the BSE Consumer Durables index gained the most 1.91 per cent to 11,360.94. It was followed by the BSE Capital Goods index (up 1.68 per cent), BSE Healthcare index (up 1.14 per cent), BSE Auto index (up 0.56 per cent) and BSE Bankex (up 0.55 per cent).

On the other hand, the BSE FMCG index and BSE Metal index slid 1.13 per cent and 0.55 per cent to 8,147.41 and 8,753.68, respectively.

Gaurav Jain, director, Hem Securities, said, “Benchmark indices inched to two-week high on Thursday. Continued buying interest by foreign portfolio investors boosted investors confidence at D-Street.”

Vinod Nair, head, fundamental research, Geojit BNP Paribas Financial Services, said, “India is continuing to outperform other emerging markets led by additional support coming from the fall in crude prices and Chinese market. The overall trend in blue-chips continues to be good but interest is shifting more towards mid and small caps. Renewed interest by DIIs and better-than- expected results for Q1FY16 led by reduction in cost matrix is providing support to the midcap rally.”

The BSE Midcap index ended 0.36 per cent higher at 11,585.58 while the BSE Smallcap index declined marginally 0.12 per cent at 12,121.68.

Larsen & Toubro (up 2.74 per cent), Dr Reddy’s Laboratories (up 1.79 per cent), Tata Motors (up 1.63 per cent), Lupin (1.37 per cent) and TCS (1.28 per cent) remained top gainers in the Sensex.

However, ITC, Coa India, Reliance Industries and Vedanta dipped 1.70 per cent, 1.59 per cent, 0.84 per cent and 0.78 per cent, respectively, and stood at the bottom of the performance chart of the index.

The overall market breadth remained negative as there were seen 1,372 stocks advancing against 1,544 stocks declining on the BSE.

Bajaj Electricals shares gained 4.77 per cent on Thursday after the company reported more than 250 per cent rise in net profit figures for the quarter ended June 30, 2015. Net profit of the company jumped 261 per cent year-on-year to Rs 20.34 crore. The company earned Rs 5.63 crore in the corresponding quarter a year ago.

Citi upgraded Indraprastha Gas shares to “buy” from “sell”. The global financial services firm upgraded the target price of IGL to Rs 571 per share from Rs 422 per share earlier. Cheering the news, the share price of the company gained 5.04 per cent to Rs 504.05 on Thursday.

Asian peers remained mixed, Hang Seng and Shanghai declined 0.57 per cent and 0.89 per cent, respectively, while Nikkei gained 0.24 per cent on Thursday.

Avanti Feeds, BHEL, Finolex Industries, Sobha, Grasim, Gujarat State Petronet, Apar Industries, Take Solutions, Neyveli Lignite, SML ISUZU, Mahindra &Mahindra, MT Educare, Kalpataru Power and Kirloskar Engines are some of the companies that may announce their earnings on Friday.

(With inputs from Reuters)

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