Indian Indices Extend Gains; ONGC, Bajaj Finance & IndusInd Bank Surge Over 5%

Share markets in India are presently trading on a strong note, tracking gains in Asian peers and higher closing of US stocks on Friday led by tech shares.

Benchmark indices extended early gains as the Supreme Court said the loan moratorium and interest waiver case will be heard and decided on October 5. The SC's direction came after the government sought 2-3 days to make a decision.

The BSE Sensex is trading up by 467 points, up 1.3%, at 37,850 levels.

Meanwhile, the NSE Nifty is trading up by 138 points.

Top gainers in NSE today include ONGC and IndusInd Bank.

The BSE Mid Cap index is trading up by 2%.

The BSE Small Cap index is trading up by 2.1%.

On the sectoral front, gains are largely seen in the power sector and banking sector.

US stock futures are trading higher today. Nasdaq Futures are trading up by 66 points (up 0.6%), while Dow Futures are trading up by 195 points (up 0.7%).

The rupee is trading at 73.63 against the US$.

Gold prices are trading down by 0.5% at Rs 49,408 per 10 grams.

In news from the pharma space...

Indoco Remedies is among the top buzzing stocks today.

Shares of the company surged 9% after it announced the launch of Fevindo (Favipiravir) 400 mg tablets in India.

Fevindo-400 (Favipiravir) is an antiviral drug, effective against the RNA-based influenza virus. The drug has been approved by DCGI in the treatment of Covid-19.

Fevindo-400 will be made available at all government approved Covid-19 care centers and selected medical practitioners across the country. Indoco has set up dedicated helplines to ensure accelerated access to Fevindo 400.

In addition to Fevindo, the company has two more new products for launch in the COVID Care range, i.e., Povidone Iodine Gargle and Immunity booster chewable tablets with Zinc, Vitamin C and Vitamin D.

Indoco Remedies share price is presently trading up by 4.7%.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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