Market Live: Sensex trades higher, Nifty above 10,450, pharma stocks rise

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Mumbai: BSE Sensex and NSE Nifty opened little changed on Thursday after closing over 1% higher in the previous session. The Indian rupee strengthened for the fourth session against the US dollar. The shares of Sun Pharma, Lupin and Cipla rose, whereas shares of Hero MotoCorp and Hindustan Unilever fell.

The Fed meeting Wednesday showed that policy makers continue to want to hike rates once more this year, and three more times by the end of 2018, according to a Bloomberg report. Trump might pick economist John Taylor, who is seen as more hawkish, as the next US Federal Reserve chief. Here are the latest updates from the markets:

■ 10.03am: BSE Sensex rose 39.50 points, or 0.12%, to 33,639.77, while the Nifty 50 gained 10.75 points, or 0.10%, to 10,451.25.

■ 9.47am: Hero MotoCorp Ltd fell 1.1% to Rs3,774.55. The company posted a marginal increase in its net profit at Rs1,010.49 crore for the second quarter ended 30 September, although it clocked a record two million units sales during the period.The company had reported a net profit of Rs1,004.22 crore during the same period of the previous fiscal. Total income of the company stood at Rs8,479.59 crore for the second quarter, as compared to Rs8,601.10 crore for the same period of the previous fiscal.

■ 9.45am: Dredging Corp Of India Ltd extends its gains for second sessions and surges over 15% to Rs 773.55. The cabinet approved sale of entire 73 percent stake in the company on Wednesday.

■ 9.43am: Pharma stocks trading higher. Sun Pharmaceuticals Industries Ltd rose 2.2%, Lupin Ltd rose 2%, Cipla Ltd 1.4%, Dr Reddy’s Laboratories Ltd 1%, Marksans Pharma 4.2%, Biocon 2.2%, Aurobindo Pharma 2%, Glenmark Pharma 1.7%.

■ 9.25am: BSE Sensex opened higher by 12.50 points, or 0.04%, to 33,612.77, while the Nifty 50 edged down 1.25 points, or 0.01%, to 10,439.25.

■ 9.23am: Divi’s Laboratories Ltd jumped 20% to Rs1,100 after US drug regulator said it will lift an import alert on its Visakhapatnam unit. Divi’s Laboratories has been informed by the USFDA that it will be lifting import alert 66-40 and moving to close out the warning letter issued to the company’s Unit-II at Visakhapatnam.

■ 9.20am: Tech Mahindra Ltd fell 2% to Rs479.40. The company on Wednesday said its consolidated net profit has increased 29.7% to Rs836.15 crore for the quarter ended 30 September. This is against a net profit of Rs644.73 crore in the July-September 2016 quarter, Tech Mahindra said in a statement.

■ 9.17am: JSW Energy Ltd fell 3.3% to Rs82.50. The company said consolidated net profit rose 37% to Rs297 crore in the September quarter from Rs217 crore a year ago.Total income from operations rose 6% to Rs2,220 crore against Rs2,099 crore in the corresponding quarter of the previous year, largely on account of better merchant realisations, higher other income and savings in operation and maintenance costs

■ 9.15am: The rupee opened at 64.53 a dollar and touched a high of 64.50. At 9.15am, the home currency was trading at 64.51 against the dollar, up 0.10% from its Wednesday’s close of 64.60.

■ 9.13am: The 10-year bond yield was at 6.879% compared to its previous close of 6.893%. Bond yields and prices move in opposite directions.

■ 9.10am: Asian currencies were trading higher. Japanese yen was up 0.24%, Philippines peso 0.23%, China offshore 0.19%, Singapore dollar 0.18%, South Korean won 0.17%, Indonesian rupiah 0.16%, Malaysian ringgit 0.12%, Thai baht 0.11% and China renminbi 0.08%. The dollar index, which measures the US currency’s strength against major currencies, was trading at 94.525, down 0.31% from its previous close of 94.815.