The BSE Sensex ended 88.76 points or 0.43% higher at 20,722.97 points on Wednesday, while the NSE Nifty ended 25.65 points or 0.42% higher at 6,152.75 points. The long-term outlook on markets remains positive.
?Investors remain bullish in medim- to long-term. Markets are likely to see regular correction and recovery. Apart from this, the fact that rupee has remained stable is a source of great comfort for emerging markets,? said Nirmal Jain, chairman, IIFL
Among individual stocks Ranbaxy Laboratories Ltd (3.35%), Sun Pharma Advanced Research Company (4.33%), Balrampur Chini Mills (9.28%), Dhampur Sugar Mills (4.84%) and Shree Renuka Sugars (6.11%) were among the major gainers.
Shares of Ranbaxy were up after New York’s attorney general said it plans to announce a settlement with US units of Ranbaxy and Teva. Shares of Sun Pharma Advanced Research Company gained on the news that Sun Pharma had received USFSA approval to sell a drug to treat Osteoporosis, a bone-weakening disease. Sugar stocks rallied on reports that sugar output in India, the largest producer after Brazil, may tumble to the lowest in four years after excessive rains in the biggest growing region cut yields and some farmers diverted the crop to make a local sweetener.
Among sectoral indices, the BSE Capital Goods (1.04%), BSE IT (1.48%) and BSE Consumer Durables (1.11%) ended in the green. Among key Asian indices, the Shanghai Composite (1.11%), Jakarta Composite (0.80%) and Straits Times (0.59%) were the major gainers.
