BENGALURU, Sept 18 (Reuters) - Indian shares rose on Friday,
boosted by pharma stocks after Dr.Reddy's hit a record high, and
as broader Asian markets gained on hopes of more monetary
support from central banks.
The blue-chip NSE Nifty 50 index rose 0.34% to
11,555.90 and the benchmark S&P BSE Sensex 0.17% to
39,046.18 by 0455 GMT. Both the indexes closed more than 0.7%
lower on Thursday.
The Nifty Pharma index was the biggest boost to
the markets, rising 4.4% following Dr.Reddy's near-7%
The pharmaceutical firm also hit an all-time high and was
the top boost to the Nifty 50 as it settled a patent litigation
with Bristol-Myers Squibb Co over the cancer treatment
"Other generic players like Cadila Healthcare, Sun Pharma...
are currently into litigation on Revlimid and there is a chance
that we can see... a settlement with these players as well,"
analysts at Nirmal Bang Institutional Equities said in a note.
Cadila Healthcare Ltd and Sun Pharmaceutical
Industries Ltd gained as much as 3.4% and 3.5%,
Separately, drugmaker Perrigo Company Plc on
Thursday issued a U.S. nationwide recall of its albuterol
sulfate inhalation aerosol product due to complaints over
"We see the (Perrigo recall) as a material positive
development for both Cipla and Lupin," said analysts at Ambit
Capital Pvt Ltd in a note. Both the companies have their own
versions of the aerosol product approved by the U.S. FDA.
Cipla Ltd shares rose as much as 6.5%, Lupin Ltd
jumped as much as 7.2% to hit a more than three-year
Consumer goods giant Hindustan Unilever Ltd was the
top drag on the Nifty, shedding as much as 1.8%.
Meanwhile, broader Asian markets rose after central bankers
globally indicated their readiness to provide further stimulus
to help economic recovery.
(Reporting by Anuron Kumar Mitra in Bengaluru; editing by