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Pharma stocks lift Indian markets; Dr.Reddy's hits record high

BENGALURU, Sept 18 (Reuters) - Indian shares rose on Friday, boosted by pharma stocks after Dr.Reddy’s hit a record high, and as broader Asian markets gained on hopes of more monetary support from central banks.

The blue-chip NSE Nifty 50 index rose 0.34% to 11,555.90 and the benchmark S&P BSE Sensex 0.17% to 39,046.18 by 0455 GMT. Both the indexes closed more than 0.7% lower on Thursday.

The Nifty Pharma index was the biggest boost to the markets, rising 4.4% following Dr.Reddy’s near-7% jump.

The pharmaceutical firm also hit an all-time high and was the top boost to the Nifty 50 as it settled a patent litigation with Bristol-Myers Squibb Co over the cancer treatment Revlimid.

“Other generic players like Cadila Healthcare, Sun Pharma... are currently into litigation on Revlimid and there is a chance that we can see... a settlement with these players as well,” analysts at Nirmal Bang Institutional Equities said in a note.

Cadila Healthcare Ltd and Sun Pharmaceutical Industries Ltd gained as much as 3.4% and 3.5%, respectively.

Separately, drugmaker Perrigo Company Plc on Thursday issued a U.S. nationwide recall of its albuterol sulfate inhalation aerosol product due to complaints over clogging issues.

“We see the (Perrigo recall) as a material positive development for both Cipla and Lupin,” said analysts at Ambit Capital Pvt Ltd in a note. Both the companies have their own versions of the aerosol product approved by the U.S. FDA.

Cipla Ltd shares rose as much as 6.5%, Lupin Ltd jumped as much as 7.2% to hit a more than three-year high.

Consumer goods giant Hindustan Unilever Ltd was the top drag on the Nifty, shedding as much as 1.8%.

Meanwhile, broader Asian markets rose after central bankers globally indicated their readiness to provide further stimulus to help economic recovery.

Reporting by Anuron Kumar Mitra in Bengaluru; editing by Uttaresh.V

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