Indian shares edge higher in global rally; Pharma stocks gain

Indian shares advanced on Wednesday, tracking gains in Asian equities amidst hopes of global growth recovery.

india trader
Reuters

Indian shares advanced on Wednesday, tracking gains in Asian equities amidst hopes of global growth recovery.

Stocks in Asia recovered some of their recent losses as investors took heart from further evidence of strength in the global economy.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.6 percent to Wednesday's 1.3 percent rise - the biggest gain in eight months, supported by energy and technology sectors.

The gains offer some relief after global equities fell from record highs for five straight days to last Thursday as investors became wary of stretched valuations and scant progress on U.S. tax cuts that would boost the world's largest economy.

At 0610 GMT, the S&P BSE Sensex rose 0.17 percent at 33,534 while the broader NSE Nifty edged up 0.04 percent to 10,330.

Among the top Sensex gainers, Adani Ports rose 2.3 percent, HDFC advanced 1.5 percent, Bajaj Auto added 1.5 percent while Tata Motors rose 1.3 percent.

The S&P BSE Healthcare index gained 0.5 percent and was among the top sectoral gainers.

NCC shares rose 4 percent after the company said its consortium with BGR Mining received mine development contract at Talaipalli Coal Block.

Strides Shasun added about 1 percent after its unit Strides Pharma Global Pte. Ltd received approval from the US FDA for Acetazolamide tablets.

But Dr. Reddy's Laboratories fell 2 percent after previous session's gains. The company on Tuesday got establishment inspection report from the U.S. FDA for its Duvvada site in the southern state of Andhra Pradesh.

Market breadth was in the favour of gainers, with about 2 stocks advancing to every 1 stock that declined.

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