Market now: Pharma stocks surge up to 9% ahead of RBI's monetary policy outcome
RBI held repo rate at a six-year low of 6.25 per cent on April 6, 2017 and reverse repo rate by 0.25 per cent to 6 per cent.
Shares of Cadila Healthcare Ltd. (up 8.73 per cent) Divi's Laboratories Ltd. (up 2.30 per cent), Sun Pharmaceutical Industries Ltd. (up 1.56 per cent), Glenmark Pharmaceuticals Ltd. (up 1.29 per cent) and Lupin Ltd. (up 0.87 per cent) were among top gainers in early trade.
Whereas GlaxoSmithKline Pharmaceuticals Ltd. (down 0.40 per cent), Dr. Reddy's Laboratories Ltd. (down 0.03 per cent), Cipla Ltd. (down 0.29 per cent), Piramal Enterprises Ltd. (down 0.41 per cent) and Aurobindo Pharma Ltd. (down 0.69 per cent) were among top losers in the index at around the same time.
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RBI held its benchmark repo rate at a six-year low of 6.25 per cent on April 6, 2017, as widely expected, and raised its reverse repo rate by 0.25 per cent to 6 per cent, saying there are upside risks to the inflation outlook amid an uncertain global economic environment.
Benchmark NSE Nifty50 index was up 33.40 points at 9,670.55.
Among the 51 stocks in Nifty index, 37 were trading in green, while 14 were in red.
Shares of Cadila Health, Vedanta Ltd, ICICI Bank, ITC, Hindalco Industriess were among most traded securities on the National Stock Exchange.
BSE Sensex was up 136.05 points at 31,326.61.
Shares of Simplex Infra, Venkys (India), Emami Infra, Cadila Health, IIFL Holdings hit their fresh 52 week high in today's trade, while FCS Software, DQ Entertainment, Urja Global, Prakash Steel, Videocon Industries hit their fresh 52 week low in trade.