Sensex edges up 48 pts to recapture 28k-mark

July 27: Equities climbed in volatile trading as overseas investors added to their purchases amid optimism central banks remain supportive of growth.

ICICI Bank advanced to its highest level since December. Maruti Suzuki India and Tata Motors were among the best perfor mers on the S&P BSE Sensex. Reddy’s Laboratories slid the most in eight months, adding to Tuesday’s losses after the drugmaker’s first-quarter group profit slumped 76%.

About three stocks rose for every two that fell on the gauge, which added 0.2% at the close after changing direction a dozen times before the monthly derivatives contracts lapse Thursday.

“The high roll costs show that some investors who were left out are catching up,” Sanjiv Bhasin, executive vice president of markets at the brokerage, said by phone.

The Sensex is set for a fifth month of gains, fueled by $1.3 billion of inflows from abroad in July, as above-normal rain improves the outlook for economic growth and food prices after back-to-back drought. Foreigners have been net buyers in every month since March, the quickest pace since November 2014, amid optimism emerging markets will gain from coordinated efforts by global central banks to contain the fallout from the Brexit vote.

Dr. Reddy’s tanks 10%

Extending its previous session's losses, shares of drug major Dr Reddy's Laboratories today slumped 10% after the company's consolidated net profit declined by 80% for the June quarter. The stock plunged 9.86% to `2,995 on BSE. On NSE, shares of the company tanked 10% to `2,986.35. The scrip had lost nearly 5% in the previous session also. Agencies