Early gains lift Sensex past 28,000-mark; pharma, banking scrips in spotlight

After displaying a mixed bias in the early trade, key equity indices settled in positive territory with benchmark Sensex edging past the crucial 28,000-mark, largely aided by gains in banking, pharma and power stocks. Early upmove in local equities comes even as other key Asian indices - Nikkei and Hang Seng - witnessed downward movement much in tandem with an overnight fall in US gauges. [caption id=“attachment_2325060” align=“alignleft” width=“380”] Reuters[/caption] In the run-up to Greece referendum on Sunday, International Monetary Fund warned that the debt-ridden country faces huge financial problem and needed an extra 50 billion euros over the next three years, including 36 billion from its European partners to stay afloat, a Reuters report said. Maintaining a steady upward march, the 30-share BSE S&P Sensex at 10.10 am was quoted at 28,116.65, up 170.85 pts or 0.6 percent from previous close. Slipping into the red after a positive opening, the index touched a low of 27,897.45 points, before clawing back into positive territory to touch a high of 28,126.34 points. The 50-share CNX Nifty was at 8,492.65, up 47.74 points or 0.6 percent from previous close. Among the frontline gainers, pharma major Lupin rose 2.4 percent to Rs 1,914, after the company on Thursday announced the acquisition of Russia’s Biocom. The company has acquired 100 percent equity stake in Russia’s ZAO Biocom, as the country is expected to be one of the top eight pharmaceutical markets in the world by 2018. Power equipment major BHEL gained 2.2 percent to Rs 261.20, Cipla added 1.5 percent to Rs 635.80 and HDFC was up 1.2 percent at Rs 1,299.65. Shares of Sun Pharma, M&M, NTPC, L&T, Tata Steel and HDFC Bank were up around 1 percent each.