The BSE Sensex closed at almost 500 points higher while the NSE Nifty closed higher by 120 points. The rupee was trading at 42.33 to the dollar.

Taking cues from its global peers, the Indian benchmark indices opened on a positive note and on account of persistent buying activity the benchmark indices continued to move higher into the positive territory till the final closing hour. The overall market breadth was positive with gainers outnumbering the losers by a ratio of 2.2 to 1 on the BSE. HDFC and Tata Steel (each up 8%) led the pack of gainers on the BSE Sensex today, while NTPC (down 5%) and ITC (down 1%) were amongst the losers.

Balaji Tele announced its 1QFY09 results. The topline grew by 23% YoY during 1QFY09 due to higher commissioned programming hours. Balaji's average realisation per hour increased from Rs 2.15 m in 1QFY08 to Rs 2.24 m in 1QFY09. The operating margins declined by 4.9% to 34.7% during the quarter. The income zoomed 76% YoY in 1QFY09. Balaji's registered a growth of 21% YoY in its bottomline during 1QFY09 mainly on account of higher topline growth and higher other income. While the stock of Balaji ended higher (up 2.5%) its peer ZEE Entertainment ended lower by 5%.

As per BSE Lupin acquired a German Sales and Marketing generics company named Hormosan Pharma GmbH. Hormosan specializes in the supply of pharmaceutical products for the Central Nervous System. This acquisition is in line with company's strategy to strengthen its presence in the global pharma markets. Apart from having a strong domestic presence, the company markets its products in the regulated markets of the US and Europe and semi-regulated markets of South East Asia, Africa and the CIS. This is Lupin's first acquisition in the European region. This acquisition will help Lupin in establishing a bridgehead in Germany and utilize Hormosan sales and marketing strength to make in road in European markets. The stock ended the day up 2%, while Ranbaxy ended up 4%.