Sensex, Nifty 50 rise to highest levels since early July; IT and pharma top contributors
Sensex Today | Stock Market Highlights: The Nifty closed 93 points higher at 25,424, holding above the 25,400 mark, while the Sensex added 320 points to finish at 83,014. The Nifty Bank index rose 234 points to 55,727 and the Midcap index advanced 225 points to end at 59,073, with broader markets moving in line with the benchmarks.
Pharma stocks were amongst the top contributors, with most names closing in the green. Sun Pharma emerged as one of the top Nifty gainers, up 2%, while Glenmark Pharma rose over 2% after reporting positive results for a cancer drug. Biocon added 4% on securing a drug approval, though Cohance slipped 6% following US FDA observations. Insurance stocks saw healthy buying interest, with HDFC Life climbing more than 2%.
The IT sector also supported the upmove, with the Nifty IT index gaining 1% after the US Federal Reserve announced a 25-basis-point rate cut. Poonawalla Fincorp surged 13% as promoters infused capital into the company, while HFCL gained 3% after exiting the F&O ban.
Among other movers, Page Industries declined more than 2% after HSBC maintained a “reduce” call on the stock. IRM Energy extended its winning streak, rallying 34% over the last four sessions, while Urban Company built on Wednesday’s gains with another 2% rise.
