Sensex off day’s high, Nifty below 8,900; focus on pharma, FMCG

Domestic benchmark indices erased some early gains on Wednesday but were trading higher with Nifty below the 8900-level as pharma and FMCG helped.

The S&P BSE Sensex was up 267.47 points or 0.89% to 30,345.57 in opening session while the NSE Nifty 50 index was at 8,889.15 up 0.11%.

On the 30-share Sensex, M&M, LT, Tata Steel and ITC led gains as Maruti, TCS and Asian Paints were among the losers.

All sectoral indices on the broader Nifty 50 were trading up with Nifty Pharma leading.

Domestic markets opened higher on despite declines among Asian peers. The S&P BSE Sensex rose 149.40 points to 30,345.57 in opening session while the NSE Nifty 50 index inched 36.45 points higher to 8,915.55.

Mukesh Ambani-led oil-to-telecom conglomerate Reliance Industries’ (RIL) Rs 53,125 crore rights issue will open for subscription on Wednesday.

The rights issue which is part of the company’s steps to pare debt will be the largest share sale India has seen.

Dr Reddy, Bajaj Auto, Ajanta Pharma, JSW Energy, Birlasoft, Mahindra Logistics, Strides Pharma Science, GHCL, JK Lakshmi Cement, Ultratech Cement are among companies set to announce their earnings.

Sensex closed 167 points higher at 30,196 and Nifty ended 55 points higher at 8,879 on Tuesday.

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