In the broader market, the S&P BSE Mid-Cap index jumped 4.37% while the S&P BSE Small-Cap index was up 3.77%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1436 shares rose and 282 shares fell. A total of 78 shares were unchanged. In Nifty 50 index, 48 stocks advanced while 2 stocks declined.
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The Nifty Pharma index jumped 4.65% to 8,502.70, extending its winning run to third consecutive session. The index has jumped 21% in three trading sessions from its previous closing low of 7026.7 hit on 1 April 2020.
Cadila Healthcare (up 9.89%), Cipla (up 5.84%), Sun Pharmaceutical Industries (up 5.02%), Glenmark Pharmaceuticals (up 4.96%), Piramal Enterprises (up 4.81%), Biocon (up 3.49%), Dr. Reddy's Laboratories (up 3.39%), Lupin (up 3.28%), Divi's Laboratories (up 2.72%) and Aurobindo Pharma (up 2.55%) were top gainers in pharmaceutical space.
Pharma stocks were in demand after the government allowed export of select active pharmaceutical ingredients (API), including antibiotics, vitamins and hormones as well as their formulations, that were placed under restriction early last month. The government had imposed the restrictions last month as the coronavirus outbreak disrupted global supply chains.
Further, India will also supply paracetamol and hydroxychloroquine in "appropriate quantities" to all neighbouring countries and nations who badly need the medicines in wake of coronavirus crisis. The export of hydroxychloroquine and paracetamol will be now taken up on a 'case-to-case basis', depending on the availability of stock after meeting domestic requirements, reports suggested.
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Hydroxychloroquine tablet is used to prevent and treat malaria, lupus and rheumatoid arthritis, among other ailments, while paracetamol is used to treat pain and fever. The United States has been touting hydroxychloroquine as a potential drug that can cure Coronavirus.
Stocks in Spotlight:
DCM Shriram jumped 7.67%. The company said that the production at its Caustic Soda Plant located at Bharuch will be commenced from Thursday, 9 April 2020. The production will be carried out at 150 TPD level which is at 10% of company's full capacity. The company said it will gradually ramp up production over next few days depending upon market situation and Government directives. Furthermore, the company said the production of SBP at the Kota plant of Company has also started at around 60 TPD level which is around 75% of total SBP capacity and the plant at Kota will be operative from 8 April 2020.
JSW Energy rose 1.99% to Rs 43.50 after the Competition Commission of India (CCI) approved acquisition of GMR Kamalanga Energy by the company. The proposed combination envisages the acquisition of the entire (i.e., 100%) shareholding of the GMR Kamalanga Energy by JSW Energy.
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