Indian shares recovered on Wednesday as cigarette maker ITC rebounded and drugmakers gained on hopes of US regulatory approvals and the launches of new drugs. The broader NSE index closed 0.74 percent higher at 9,899.60, while the benchmark BSE index rose 0.77 percent to 31,955.35.
Shares in ITC rose 2.4 percent, while Aurobindo Pharma Ltd closed 4.3 percent higher. Aurobindo Pharma Ltd, up as much as 8.2 percent at more than an 8-month high, was the top gainer on the index after obtaining US regulatory approval for a chronic kidney disease drug. Cadila Healthcare Ltd gained as much as 3.1 percent after launching an ulcerative colitis drug in the United States.
The Nifty Pharma index was up for the sixth straight session, rising as much as 1.8 percent to its highest since May 19. "Pharma stocks will now slowly get into action on the back of strong product approvals for stocks like Aurobindo Pharma and Biocon," said Krish Subramanyam, co-head - Equity Advisor at Altamount Capital Management.
Biocon Ltd rose as much as 6.25 percent to a life high. Hindustan Unilever Ltd gained as much as 3.2 pct to a record high of 1,195.05 rupees after the consumer goods company reported a 9 percent increase in June-quarter profit. ITC Ltd gained 2.6 percent after a government increase in cigarette taxes hammered the stock on Tuesday. Reliance Capital Ltd dropped as much as 2.9 percent after Japan's Sumitomo Mitsui Trust Bank sold its remaining 2.8 percent stake in company in a block trade.
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