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Bulls were holding a tight grip over the Dalal Street, with both Sensex and Nifty trading near their intraday high points, on the back of positive cues from other Asian markets. Domestic sentiments were optimistic, as rating agency Icra in its a note based on the analysis of 620 listed companies, excluding financial sector entities, has said that India Inc saw a 39 per cent jump in top lines during April-June quarter. However, it said their operating margins declined 213 basis points to 17.7 per cent due to input cost inflation. Besides, as part of its efforts to strengthen customer protection, Reserve Bank is considering setting up a fraud registry to create a database of fraudulent websites, phones and various modus operandi used for digital fraud.

On the global front, Asian markets were trading mostly in green, after Singapore's producer price inflation eased for the first time in three months in July to the lowest level in ten months. The data from the Department of Statistics showed that the manufacturing producer price index climbed 16.2 percent year-on-year in July, slower than the 20.2 percent surge in June. Further, this was the slowest rate of increase since September last year, when prices had risen 14.4 percent.

The BSE Sensex is currently trading at 58821.78, up by 849.16 points or 1.46% after trading in a range of 58245.49 and 58829.15. There were 29 stocks advancing against 1 stock declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.53%, while Small cap index was up by 1.27%.

The top gaining sectoral indices on the BSE were Realty up by 2.41%, Auto up by 2.28%, Utilities up by 2.24%, Power up by 2.24%, Telecom up by 2.12%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Bajaj Finserv up by 3.98%, Maruti Suzuki up by 3.09%, Indusind Bank up by 3.07%, Bajaj Finance up by 2.97% and Tech Mahindra up by 2.77%. On the flip side, Dr. Reddy's Lab down by 0.17% was the only loser.

Meanwhile, Union chemicals and fertilizers minister Mansukh Mandaviya has said that domestic pharmaceutical companies should focus on the quality and development of innovative products which offer more value in global markets. He said if the industry consolidates its research initiatives, it can further offer solutions in the global market.

Mandaviya said ‘we are there in terms of volumes with generic products. We are already exporting medications in containers. I wish the industry in the coming days will come with innovative products where one small envelope of formulations is equal to a container in terms of value.’ He noted that the pharma industry is just not a commercial activity but is responsible for taking care of the health of the citizens.

Elaborating on the role of the National Pharmaceutical Pricing Authority (NPPA), the minister said the organization is critical as it deals with the pricing of pharmaceutical products in the country. The NPPA is mandated to fix/revise the prices of controlled bulk drugs and formulations and enforce the prices and availability of medicines in the country. It also monitors the prices of decontrolled drugs to keep them at reasonable levels. The regulator implements and enforces the provisions of the Drugs (Prices Control) Order. It is also entrusted with the task of recovering amounts overcharged by manufacturers for the controlled drugs.

The CNX Nifty is currently trading at 17561.70, up by 248.80 points or 1.44% after trading in a range of 17401.50 and 17565.30. There were 49 stocks advancing against 1 stock declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 4.03%, Indusind Bank up by 3.23%, Maruti Suzuki up by 3.11%, Bajaj Finance up by 3.04% and Tech Mahindra up by 2.83%. On the flip side, Dr. Reddy's Lab down by 0.24% was the only loser.

Asian markets were trading mostly in green; Nikkei 225 surged 316.62 points or 1.14% to 28,195.58, Taiwan Weighted strengthened 27.44 points or 0.18% to 14,953.63, Jakarta Composite soared 79.21 points or 1.11% to 7,211.26, KOSPI rose 21.86 points or 0.9% to 2,448.75 and Straits Times advanced 16.77 points or 0.52% to 3,239.03. On the flip side, Shanghai Composite declined 18.45 points or 0.57% to 3,222.28 and Hang Seng decreased 89.57 points or 0.45% to 19,933.65.

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