Equity indices in the green, IT and pharma stocks gain

Equity benchmark indices were in the positive zone during early hours on Monday with IT and pharma stocks gaining ground.

At 10:15 am, the BSE S & P Sensex was up 107 points at 38,843 while the Nifty 50 gained 12 points to 11,565.

At the National Stock Exchange, Nifty IT was 1.4 per cent higher while pharma gained nearly 1 per cent. But realty and PSU banks traded lower.

Among stocks, Infosys moved up 4.4 per cent to Rs 1,086.05 per share after posting 2.8 per cent growth in dollar terms during first quarter of current fiscal.

Yes Bank was up 4.1 per cent, Sun Pharma 3.3 per cent, Tata Motors 1.6 per cent and Dr Reddy 1.5 per cent. Eicher Motors, Bajaj Auto, Grasim, Maruti and UltraTech Cement also show marginal gains.

However, Allahabad Bank which plunged over 10 per cent. Dewan Housing Finance Ltd (DHFL) too was down 9.9 per cent after reporting dismal results and warned about its grim financial situation. The lender also said it had defaulted on the interest payments due on two non-convertible debentures.

Meanwhile, Asian shares were mixed with the Japanese Nikkei seeing gains while other indices saw profit booking. In China, equity markets were choppy after the world's second largest economy reported that its second quarter economic growth slowed to 6.2 per cent from a year earlier, the weakest pace in at least 27 years.