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India: pharmaceutical names lead benchmarks higher

The Indian stock market showed positive performance on Wednesday, July 19, with investors focused on the corporate news flow.

The session’s outperformers included pharmaceutical stocks, which rose on news about US FDA approval for Aurobindo Pharma’s new drug, as well as cigarette makers, which corrected higher.

Recapping the benchmarks, the Nifty 50 firmed 0.74% to 9,899.60, and the BSE Sensex closed up 0.77% at 31,955.35.

By 10:46 GMT, the USD/INR currency pair was unchanged at 64.324, and EUR/INR slipped 0.20% to 74.31621. The 10-year Indian government bond yield narrowed to 6.448%.

In sectoral terms, only IT names underperformed the broader market, while durable goods suppliers, telecom, financial, healthcare, banking and automotive stocks logged gains.

In the pharmaceutical sector, Aurobindo Pharma surged 4.3%, propelling the Nifty 50 into the green, as the company received US FDA approvals for its chronic kidney disease drug. Cadila Healthcare surged 3.9% after launching US sales of its ulcerative colitis drug.

Cigarette makers ended higher after a decline in the previous session, with ITC and Godfrey Phillips India picking up 2.4% and 0.85%, respectively.

Among financial names, Reliance Capital shed 1.5% after Japanese Sumitomo Mitsui Trust Bank sold its remaining 2.8% equity stake in the firm.

The daily chart shows that, given the direction in which the Slow Stochastic Oscillator is pointing, the BSE Sensex holds limited upside potential.