Sensex Ends 350 Points Higher; FMCG And IT Stocks Witness Buying

Indian share markets traded on a positive note throughout the day and ended higher, tracking strong cues from global equities.

Benchmark indices edged higher, tracking gains in Asian peers amid hopes that the worst of the coronavirus outbreak in China may have passed.

Gains were largely seen in the FMCG sector and IT sector, while power stocks witnessed selling pressure.

At the closing bell, the BSE Sensex stood higher by 350 points (up 0.9%) and the NSE Nifty closed higher by 93 points (up 0.8%).

The BSE Mid Cap index ended the day down by 0.3%, while the BSE Small Cap index ended down by 0.1%.

Asian stock markets ended on a positive note amid hopes that the worst of the coronavirus in China may have passed. As of the most recent closing prices, the Hang Seng was up 0.9% and the Nikkei was up 0.7%.

The rupee was trading at 71.34 to the US$ at the time of writing.

Market participants were tracking Bodal Chemicals share price, Hindalco share price, and IRCTC share price as these companies announced their December quarter results today.

In news from the pharma sector, shares of Sun Pharma Advanced Research slipped in early trade today after the US health regulator rejected the company's cancer drug application.

The company on Tuesday said it has received a Complete Response Letter (CRL) from the United States Food & Drug Administration (USFDA) for the new drug application (NDA) for Taclantis (Paclitaxel Injection Concentrate for Suspension).

As per the USFDA, a CRL is sent to an applicant if the agency determines that it will not approve the application or abbreviated application in its present form.

Meanwhile, Dr Reddy's Laboratories has announced an agreement with Wockhardt  to acquire select divisions of its branded generics business in India, Nepal, Sri Lanka, Bhutan and Maldives for a consideration of Rs 18.5 billion.

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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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