Sensex Closes 232 Points Higher; Realty & Bank Stocks Outperform

Indian share markets bounced back into the green after briefly slipping in the negative territory in late afternoon deals. At the closing bell, BSE Sensex ended up by 232 points, while, NSE Nifty ended up by 53 points.

Barring metal stocksoil & gas stocks and power stocks, all sectoral indices ended in green with realty stocks and bank stocks witnessing maximum buying interest.

Globally, Asian stock markets finished broadly higher today with shares in Hong Kong leading the region. The Hang Seng is up 2.3% while Japan's Nikkei 225 is up 1.1% and China's Shanghai Composite is up 0.7%. European markets are broadly higher today with shares in Germany leading the region. The DAX is up 1% while France's CAC 40 is up 1% and London's FTSE 100 is up 0.6%.

Pharma stocks ended the day on a mixed note with Strides Pharma Science & Piramal Enterprises leading the pack of gainers. As per an article in a leading financial daily, Lupin is recalling over 23,000 bottles of an antibiotic drug in the US for being sub-potent, US Food and Drug Administration (USFDA) said.

As per the latest Enforcement Report issued by the USFDA, Lupin Somerset is recalling 23,460 bottles of Nitrofurantoin oral suspension which is used to treat or prevent certain bladder infections.

Reportedly, the drug is manufactured by Novel Laboratories Inc for Baltimore-based Lupin Pharmaceuticals, Inc.

The ongoing, voluntary recall is a class II recall, the reports noted.

As per USFDA, a class II recall is initiated in a situation in which use of, or exposure to, a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote.

To know more about the company, you can access to Lupin's Q2FY19 result analysis and Lupin's 2017-18 Annual Report Analysis on our website.

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Disclosure: Equitymaster Agora Research Private Limited (hereinafter referred as 'Equitymaster') is an independent equity research Company. Equitymaster is not an Investment Adviser. ...

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