The benchmark indices were hovering near the day's high in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 322.66 points or 0.56% at 57,660.87. The Nifty 50 index gained 102.25 points or 0.60% at 17,178.50.
In the broader market, the S&P BSE Mid-Cap index added 0.82% while the S&P BSE Small-Cap index rose 0.76%.
The market breadth was strong. On the BSE, 2,052 shares rose and 1,000 shares fell. A total of 138 shares were unchanged.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 21,84,35,582 with 45,43,213 deaths. India reported 3,89,583 active cases of COVID-19 infection and 4,39,529 deaths while 3,20,28,825 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
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Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.02% to 14.04. The Nifty 30 September 2021 futures were trading at 17,195.35, at a premium of 16.85 points as compared with the spot at 17,178.50.
The Nifty option chain for 30 September 2021 expiry showed maximum Call OI of 17.2 lakh contracts at the 17,000 strike price. Maximum Put OI of 28.9 lakh contracts was seen at 16,500 strike price.
Buzzing Index:
The Nifty Pharma index rose 1.13% to 14,481.70. The index fell 0.17% in the previous session.
Cipla (up 2.70%), Dr Reddy's Laboratories (up 2.70%), Alkem Laboratories (up 2.09%), Aurobindo Pharma (up 1.80%) and Biocon (up 1.03%) advanced.
Dr. Reddy's Laboratories gained 2.70% after the drug company announced the launch of Reddy-Lenalidomide, a generic equivalent to Revlimid capsules, approved by Health Canada for treatment of transfusion-dependent anemia. Reddy-Lenalidomides is approved by Health Canada and is one of the first generic medications of its kind to launch in Canada. Reddy-Lenalidomide capsules are available in 2.5 mg, 5 mg, 10 mg, 15 mg, 20 mg, and 25 mg strengths, each in blister packs.
Natco Pharma surged 4.69% after the company's subsidiary, Natco Pharma (Canada) Inc. announced the launch of Nat-Lenalidomide capsules, the first generic alternative to Revlimid to be approved by Health Canada. Nat-Lenalidomide is used in combination with dexamethasone for the treatment of multiple myeloma in patients who are not eligible for stem cell transplant. It is also indicated for treatment of transfusion-dependent anemia due to Low - or Intermediate - 1 - risk myelodysplastic syndromes associated with a deletion of 5q cytogenetic abnormality with or without additional cytogenetic abnormalities.
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