Sensex inches towards 29000, Nifty firm; pharma stocks rally

The market strengthened its position during the afternoon session, riding on better-than-expected GDP data as well as a rally in banks and pharma stocks. 

The 30-share Sensex was up 182.14 points at 28925.46, while the Nifty was up 51.65 points at 8931.25. 

Banks and pharma stocks drive up indices even as the market breadth was seen narrowing; midcaps were trading strong. 

Pharmaceutical majors such as Aurobindo Pharma, Dr Reddy’s and Sun Pharma saw a spike in the afternoon trade. Aurobindo Pharma was trading higher on the back of a product approval by the US FDA.

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