Sensex edges higher; GlaxoSmithKline Pharma surges

Reuters Market Eye - The BSE Sensex gains 0.15 percent, while the broader Nifty is up 0.12 percent. Lenders gain on value buying after four days of falls. IDFC Ltd gains 1.6 percent after falling more than 10 percent in four sessions, while ICICI Bank Ltd is up 1.2 percent.

GlaxoSmithKline Pharmaceuticals Ltd surges 19.1 percent after GlaxoSmithKline Plc said on Monday it plans to spend over $1 billion to buy up to 20.6 million shares to raise its stake in its Indian unit.

However, foreign institutional investors (FIIs) sold Indian shares worth 4.32 billion rupees on Friday, to snap their 10-day buying streak, exchange and regulatory data shows.

 

Wholesale price-based inflation due at about 11.30 am on watch ahead of the Reserve Bank's policy review and the U.S. Federal Reserve meet later this week.

(Reporting by Abhishek Vishnoi)