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Sensex Rises 160 Points In Early Trade; Nifty Climbs Above 8800

Indian shares opened notably higher on Friday despite mixed global cues. Investor sentiment improved somewhat after Finance Minister Arun Jaitley said the remonetization situation with regard to replenishing the scrapped currency is "almost normal" now and the RBI is monitoring cash position on a daily basis.

The benchmark BSE Sensex was up 160 points or 0.56 percent at 28,459 after rising about half a percent on Thursday. The broader Nifty index was up 35 points or 0.40 percent at 8,813.

HDFC Bank soared 5.5 percent as the RBI withdrew restrictions placed on purchase of bank shares by foreign portfolio investors immediately.

Biocon shares climbed 1.5 percent. The company and its partner Mylan Inc. said the U.S. drug regulator has accepted Mylan's biologics license application for a proposed biosimilar pegfilgrastim for review.

Cadila Healthcare gained 3 percent to extend Thursday's rally after the U.S. FDA inspected the company's Moraiya plant and found it meeting the manufacturing norms.

Multi Commodity Exchange of India advanced 1.5 percent after it formed a strategic alliance with Singapore Diamond Investment Exchange.

Mahindra & Mahindra rose half a percent after unveiling seven new vehicles under Supro brand.

Siemens traded marginally higher on bagging an order worth Rs. 119 crore from Sterlite Power Grid Ventures.

BHEL fell 1.5 percent and Idea Cellular tumbled over 3 percent after they have been excluded from the Nifty 50 index.

Dr Reddy's Laboratories slid half a percent, a day after receiving an unfavorable ruling in a U.S. court in the patent infringement case over anti-nausea injection Aloxi.

by RTT Staff Writer

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