The domestic equity benchmarks hit fresh intraday high in early afternoon trade. Pharma shares resumed uptrend after a day's breather.
At 12:28 IST, the barometer index, the S&P BSE Sensex, was up 243.97 points or 0.60% at 40,675.57. The Nifty 50 index added 53.55 points or 0.45% at 11,926.60.
In the broader market, the S&P BSE Mid-Cap index gained 0.23% while the S&P BSE Small-Cap index rose 0.26%.
The market breadth was positive. On the BSE, 1210 shares rose and 1165 shares fell. A total of 152 shares were unchanged.
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.47% to 22.14. The Nifty October 2020 futures were trading at 11,924.75, at a discount of 1.85 points compared with the spot at 11,926.60.
The Nifty option chain for 22 October 2020 expiry showed maximum call open interest (OI) of 35.87 lakh contracts at the 12,000 strike price. Maximum put OI of 38.60 lakh contracts was seen at 11,900 strike price.
The Nifty option chain for 29 October 2020 expiry showed maximum Call OI of 24.56 lakh contracts at the 12,500 strike price. Maximum Put OI of 33.56 lakh contracts was seen at 10,500 strike price.
The Nifty Pharma index rose 0.29% to 11,650.85. The index had lost 1.67% yesterday.
Aarti Drugs (up 2.45%), Torrent Pharma (up 1.11%), Alkem Laboratories (up 0.97%), Divi's Labs (up 0.37%) and Dr. Reddy's Labs (up 0.36%) advanced.
Granules India shed 0.70% ahead of its earnings release today.
Cadila Healthcare rose 0.95% to Rs 426.50 after the drug major received final approval from the US drug regulator to market solifenacin succinate tablets. Solifenacin Succinate is a symptomatic treatment of urge incontinence and/or increased urinary frequency and urgency as may occur in patients with overactive bladder syndrome.
Cadila said that the drug will be manufactured at the group's formulation manufacturing facility at the SEZ, Ahmedabad. The group now has 309 approvals and has so far filed over 390 ANDAs since the commencement of the filing process in FY 2003-04.
Strides Pharma Science rose 1.06% to Rs 754.40. The company's subsidiary, Strides Pharma Global, Singapore, has received approval for ethacrynic acid tablets USP, 25 mg from the United States Food & Drug Administration (USFDA). The product is a generic version of Edecrin tablets, 25 mg, of Bausch Health Americas, Inc.
Ethacrynic acid is in a class of medications called diuretics ('water pills'). It is used to treat edema (excess fluid held in body tissues) in adults and children caused by medical problems such as cancer, heart, kidney, or liver disease. According to IQVIA MAT August 2020 data, the US market for ethacrynic acid tablets USP, 25 mg is approximately $14 million.