After a firm start and a subsequent retreat that resulted in spell in negative territory, the Indian stock market is trading higher this afternoon amid cautious moves by investors.
Though global cues are positive, persisting worries about near term liquidity in the market and the likelihood of outflow of funds in the event of hikes in U.S. interest rates, appear to be limiting market's upside. A few counters are witnessing volatility ahead of tomorrow's derivatives expiry.
The Sensex is now up 69.33 points or 0.26% at 26,028.70. The Nifty50 of the National Stock Exchange is up 17.90 points or 0.22% at 8020.20.
Lupin is trading nearly 4.5% up. The pharma major announced that it has received tentative approval from the United States Food and Drug Administration to market a generic version of ViiV Healthcare Company's Epzicom Tablets, 600 mg/300 mg. Lupin's Abacavir Sulfate and Lamivudine Tablets are the AB rated generic equivalent of ViiV Healthcare Company's Epzicom Tablets. Abacavir Sulfate and Lamivudine Tablets, in combination with other antiretroviral agents is indicated for the treatment of human immunodeficiency virus type 1 infection. Epzicom Tablets had US sales of $426 million as per IMS MAT September 2016 data.
Eicher Motors is up nearly 4%, Hindalco is up 3.75%, Asian Paints is gaining 3.5% and Larsen & Toubro is up 3.1%. Tata Steel (2.85%), NTPC (2.7%), Sun Pharmaceutical Industries (2%), Axis Bank (1.8%) and Bosch (1.7%) are also up sharply.
HDFC is declining 2%. Mahindra & Mahindra is down 1.6%, Wipro is lower by 1.3% and BPCL is down 1.1%. Maruti Suzuki, ITC, Bharti Airtel, Bajaj Auto and Yes Bank are down 0.4% - 1%.
Vedanta is up 4.7% on strong volumes. On the National Stock Exchange, the Vedanta counter has clocked a volume of more than 12.5 million shares so far in the session. Vedanta has announced that it is planning to raise Rs 300 crore through issue of non-convertible debentures (NCDs) on private placement basis. The debenture with a tenure of 3.5 years and face value of Rs 10 lakh each will be listed on the BSE, said the company in a statement.