New Delhi: Indian shares extended gains on Wednesday as robust industrial output data boosted sentiment amid mixed cues from Asian markets. The Sensex rallied as much as 185 points in early trade while the Nifty50 index touched a high of 10,889.
Industrial output expanded by 4.9 per cent in April this year, spurred by higher growth in manufacturing and mining sectors, as per official data released after market hours yesterday. Retail inflation, however, inched up to 4.87 per cent in May on increase in food prices.
The 30-share barometer spurted by 184.89 points, or 0.51 per cent, to 35,877.41. The gauge had gained 248.85 points in the previous two sessions. Sectoral indices such as healthcare, IT, consumer durables, tech, auto, metal, PSU and banking advanced. The NSE Nifty index was trading higher by 46.05 points, or 0.42 per cent, at 10,888.90.
Sun Pharma was the top gainer in the Nifty50 pack of stocks, up over 3 per cent. Including today’s gains, the stock has now rallied for the fourth straight day giving over 15 per cent gains to investors. Sun Pharma yesterday received an establishment inspection report (EIR) for its Halol plant from US drug relator, which says that the inspection is now closed and issues raised in the December 2015 warning letter have been addressed. This paves the way for fresh approvals for its products in US, its largest market.
Dr Reddy’s Lab, Lupin, Axis Bank, Cipla, TCS, Titan Company, SBI were the other prominent gainer in the Nifty rising up to 2.50 per cent.
Meanwhile, domestic institutional investors (DIIs) bought shares worth a net Rs 1,327.45 crore, while foreign portfolio investors (FPIs) sold shares to the tune of Rs 1,168.88 crore yesterday, as per provisional data released by the stock exchanges.
In Asia, most markets were trading lower as investors turned their focus to the major central bank meetings this week. Japan’s Nikkei rose 0.34 per cent, while Hong Kong’s Hang Seng was down 0.60 per cent in early deals today. China’s Shanghai Composite also shed 0.75 per cent. The US Dow Jones Industrial Average had ended a shade lower yesterday.