India's NSE index rose for a second consecutive session to close at its highest in nearly a year as Glenmark Pharmaceuticals and Aurobindo Pharma gained after getting approvals for generic versions of a blockbuster cholesterol drug in the US. The approvals came after a US judge on Tuesday refused to issue a temporary restraining order blocking the approval of generic versions of AstraZeneca's Crestor in the United States - a ruling that was seen favouring the rights of generics drug makers.
The broader NSE index gained 0.44 percent to 8,565.85, its highest close since August 6. The BSE index rose 0.46 percent to 27,915.89. Both the indexes extended gains from the previous session. Broader sentiment however remained weak as investors kept an eye out for the passage of a revamped goods and services tax (GST) bill and on corporate earnings.
"It's a wait-and-watch scenario, more stock-specific as the broad market is very cautious," said Vinod Nair, head of research, Geojit BNP Paribas Financial Services. "The focus is on results and GST." The Nifty Pharma Index gained as much as 1.62 percent, with Glenmark Pharmaceuticals rising 2.18 percent and Aurobindo Pharma climbing 3.52 percent on the US ruling. The Nifty Midcap 100 Index, which hit a record high last week, was up 0.75 pct, with Piramal Enterprises and Cadila Healthcare among the top percentage gainers. Wipro fell as much as 5.69 percent after the country's third-biggest software services exporter on Tuesday posted results that missed estimates and forecast muted guidance.