Nifty extends gains, Sensex jumps 200 pts; Lupin rebounds

Equity benchmarks extended rally with the Sensex rising 227.18 points or 0.93 percent to 24565.61 and the Nifty climbing 67.60 points or 0.91 percent to 7471.60.

The market breadth turned positive as about 1198 shares advanced against 768 declining shares on the BSE.

Pharma firm Lupin ‘s third quarter profit is expected to decline 18 percent year-on-year to Rs 493 crore on tepid US business growth, according to average of estimates of analysts polled by CNBC-TV18.

Lupin rebounded after early losses, rising 0.6 percent ahead of third quarter earnings that are expected to be weak due to US business.

Axis Bank, ICICI Bank, Sun Pharma, HUL, Hero Motocorp and Hindalco gained 1-2 percent while Maruti Suzuki, GAIL and Tata Steel were down 1.6-2.6 percent.

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Posted in: Indian Market Tips