Asian markets mood was lifted by the liquidity easing measures by China despite negative handover from US. Nikkei and Shanghai gained nearly 3 percent.
The market recouped all its early losses amid consolidation. The Sensex recovered nearly 400 points from day's low, to trade at 26082.20, up 49.82 points. The Nifty rose 27.55 points to 7908.25. The broader markets like BSE Midcap and Smallcap gained 0.5-1 percent. About 1322 shares have advanced, 784 shares declined, and 71 shares are unchanged on the Bombay Stock Exchange. Asian markets mood was lifted by the liquidity easing measures by China despite negative handover from US. Nikkei and Shanghai gained nearly 3 percent. Lupin gained 3 percent as it received USFDA nod for anti-inflammatory drug Diclofenac Sodium. Additionally, Credit Suisse said that Lupin has raised prices in its branded us portfolio by 10 to 100 percent on Antara, Alinia and Suprax, which can add 2 percent to FY17 EPS. Infosys rebounded, up 0.8 percent as Jefferies upgraded stock to a buy from underperform and raised target price to 1,260 from Rs 900 as it expects FY16 revenue growth at the higher end of guidance and EBIT could be closer to the top end of 24-26 percent range. BHEL dropped 2 percent after Goldman Sachs downgraded stock to sell from neutral earlier with a target of Rs 207 per share as it believes that the new ordering momentum is unsustainable. In new listings today, Power Mech Projects has a subdued listing, but recovered 10 percent from day's low. Management told CNBC-TV18 that they expect revenue growth of 25 percent to Rs 1,600 crore in FY16.
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