Nifty closes higher, but Sensex ends negative

Nifty closes higher, but Sensex ends negative

At 10.30 a.m., the 30-share BSE index Sensex was up 82.89 points or 0.27 per cent at 31,158.62 and the 50-share NSE index Nifty was up 32.45 points or 0.32 per cent at 9,608.50. Agency reports said pricing pressures in the U.S. was causing worry among investors on earnings outlook for the pharma sector.

"There is a chance of 10% rise in the markets by the end of the current year due to improved earnings", Chokkalingam added.

This product approval for Aurobindo Pharma was a setback for Lupin, which had been expected to be the first company to launch generic Renvela in the USA market, analysts said. The big gainers were ITC 1.66 per cent, along with Tata Motors, M&M, GAIL and Coal India. Chief Executive Rajesh Gopinathan on Friday at the company's annual meeting said they are investing in digital and new technology areas. The Indian rupee declined in the early trade. On Friday, Infosys announced that long-time veteran Sandeep Dadlani, the president and head of its Americas business and manufacturing and retail software divisions, stepped down from the company.

Shares of Lupin Ltd fell 4.4%, Sun Pharmaceutical Industries Ltd declined 2.8%, Cipla Ltd retreated 2.2% and Cadila Healthcare Ltd dropped 1.3%.

Ipca Labs plunged 8 percent after the USA health regulator banned import of nearly all drugs from three facilities, citing violation of current good manufacturing norms. The gap is smaller than the previous quarter's $7.9bn (1.4 percent of GDP) but higher than the $0.3bn in the same quarter in the previous year (0.1 percent of GDP).

On Thursday, the benchmark indices slipped into the negative territory, a day after the US Federal Reserve hiked its benchmark rates.

Both the BSE and the NSE recorded their second straight weekly fall by losing 205.66 points, or 0.65 per cent, and 80.20 points, or 0.82 per cent, respectively.

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