Sensex ends higher but significantly off day's high1 min read . Updated: 19 Aug 2019, 04:21 PM IST
- Pharma stocks outperformed today
- Some weakness was seen in auto and metal stocks
Indian stock markets moved ended higher today but significantly off day's highs. Tracking gains in other Asian markets, the Sensex rose as much as 368 points at day's high but could not sustain the gains. The Sensex finished just 52 points higher at 37,402. The broader Nifty finished just 6 points higher at 11,053, much lower than its day's high of 11,146. The rupee also failed to sustain gains and was at 71.41 against US dollar in late trade.
Pharma stocks outperformed today with NSE Pharma index rising 0.75%. Sun Pharmaceutical Industries ended 2.5% higher today after the company signed a long-term licensing deal to develop generic products in China. Glenmark and Dr Reddy's were among the other gainers in pharma pack.
Indian markets have had a rocky journey in recent months, with the BSE Sensex falling about 7% since a record high in June, amid slowing economic growth.
There are expectations that the government may soon announce a stimulus package to arrest a slowdown.
Finance Minister Nirmala Sitharaman this month held several meetings with industry executives, who have called for stimulus measures, including tax rebates, to support consumer demand and private investment.
"A stimulus is expected to be announced which can reverse the markets in the short term," said Jimeet Modi, founder and CEO of SAMCO Securities.
Among other Sensex stocks, Tech Mahindra, Axis Bank, L&T, RIL and ICICI Bank rose between 1% and 2%.
Global markets were mostly higher today on expectations that major economies would look to prop up stalling growth with fresh stimulus measures. This eased pressure on bonds and dampening demand for perceived safe-havens such as gold. (With Agency Inputs)