The Delhi High Court on Friday stayed the ban on some fixed dose combination (FDC) drugs of Glaxo SmithKline, Wockhardt and Laboratories Griffon but said action against their sale could be taken in the absence of valid sale and marketing licence.
Sensex remained volatile through the day.
Additional levy to eat into Rs 6,000-crore income of top promoters
The rupee fell to a two-year low of 64.84 against the US dollar.
This is to take head on big American pharmaceutical giants, which in the recent past had launched a strong anti-India campaign against efforts of such companies to provide affordable health care not only to people in India, but also in the third world countries.
Sensex, Nifty slightly upbeat, midcaps to rule markets this week.
Investors turned cautious ahead of the US Fed meet outcome later today and July F&O expiry.
Once tipped to emerge as the biggest exporter, the pharmaceutical industry is yet to acquire the scale of those in software services, says Krishna Kant.
The recovery was led by pharma majors led by Dr Reddy's Labs.
Most Asian markets ended with gains.
Indian loses chance to be research hub as domestic drug companies move R&D overseas.
This analysis is based on the quarterly earnings for 724 companies.
Nifty is likely to remain under selling pressure unless and until it breach the 7,700-7,720 levels on closing basis.
50-odd biz leaders are part of Modi's entourage for the 3-nation tour
And when an inspector asked about the contents of unlabelled vials in the laboratory glassware washing area, a plant worker dumped them down a sink and said the contents could not be determined, according to a July 18 letter from the US Food and Drug Administration to Wockhardt, which makes sterile injectable drugs and various forms of insulin.
Expectations of strong results, consistent performance and investors preference for stocks in the defensive space help the sector outshine broader markets.
Rate-sensitive sectors like banks, auto and realty witnessed strong buying demand in trades today
Top gainers from the Sensex pack are Infosys, Cipla, NTPC, ITC and Lupin
Surprisingly, RIL scrip also fell by 2.73 per cent to 1,029.15, becoming the second biggest loser in the index
The BSE IT sector, however, failed to snap a three-day losing streak and closed around 0.14 per cent lower.
Participants are eyeing the Bihar elections.
Pharma shares extended losses after the government's ban on combination drugs.
The top losers from the Sensex pack are ONGC, Coal India, Vedanta, Reliance Inds and L&T.
Market breadth is positive with 942 advances and 196 declines.
Markets gained for the second straight session to kick-off the September F&O series on a robust note.
Fear factors weights on markets, Sensex, Nifty struggle to keep pace.
The S&P BSE Sensex ended 190 points up at 23,382.
Bank of Baroda ended flat after sharp gains in the previous session.
The total investor wealth, measured in terms of cumulative value of all listed stocks on BSE, slumped by over Rs 7 lakh crore during the torrid week.
The local markets are expected to react to global triggers until the government announces the Union Budget.
Markets ended higher for the second straight session mainly on the back of upbeat corporate earnings.
Financials were the top losers while oil shares also declined amid weak crude oil prices.
BSE Bankex, Healthcare, Capital Goods and Consumer Durables ended higher.
Positive cues from the global market front aided the rally.
Positive cues from Asian peers also uplifted the sentiment.
Nifty50 surged 87 points to end at 8,157, highest closing levels since Oct 29, 2015.
Investors will remain cautious ahead of F&O expiry.
The breadth was neutral with 1,329 advances and 1,320 declines.
The S&P BSE Sensex slipped 305 points to end at 25,400 and the Nifty50 dropped 87 points at 7,783.
Besides opposing the suspension of three medicines, the sector has also questioned the process adopted by the government.
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