Sensex Ends 157 Points Higher; Energy & IT Stocks Witness Buying

Indian share markets traded on a positive note throughout the day and ended higher. Gains were seen in the IT sectorenergy sector, and FMCG sector, while auto stocks and metal stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 157 points (up 0.4%) and the NSE Nifty closed higher by 50 points (up 0.5%). The BSE Mid Cap index and the BSE Small Cap index ended the day up by 0.3%.

Asian stock markets finished on a mixed note. As of the most recent closing prices, the Hang Seng was down by 0.7% and the Shanghai Composite was down by 0.6%. The Nikkei 225 was up 3.9%.

The rupee was trading at 70.29 against the US$.

Reportedly, the rupee weakened marginally in early trade today due to fresh buying of the American currency by importers and banks.

On Wednesday, the rupee trimmed its early gains to settle 8 paise higher at 70.06 against the US$.

In the last few sessions, the rupee has been strengthening against the US$. Last week, dollar came under pressure after the Federal Reserve in its policy statement mentioned that rate hike in the coming year could be restricted to two compared to earlier estimates of three rate hikes next year.

In the news from the pharma spaceDr. Reddy's share price was in focus today as the pharma major launched Sevelamer Carbonate for oral suspension, in 0.8 g and 2.4 g packets, a therapeutic equivalent generic version of Renvela (sevelamer carbonate).

The Renvela brand and generic had US sales of approximately $101 million, according to IMS Health's MAT data for the most recent twelve months ending in October 2018.

In another news, Sun Pharma share price was also in focus today. As per an article in a leading financial daily, Sun Pharma's arm, DUSA Pharmaceuticals received relief from a US court in a patent infringement case.

Reportedly, Massachusetts-based DUSA has been granted preliminary injunctive relief by a federal district court prohibiting defendants Biofrontera Inc, Biofrontera Bioscience GmbH, Biofrontera Pharma GmbH, and Biofrontera AGf from using its confidential and proprietary trade secret information.

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