Sensex inches towards 28k, Nifty firm; HDFC, Maruti, ICICI lead

Moneycontrol Bureau12:42 pm Europe opens: European markets opened slightly higher, as investors tread cautiously amid another batch of earnings and prepare for key central bank meetings later this week.

The pan-European STOXX 600 was up 0.32 percent.

Investors worldwide are expected to keep a close eye on two leading central banks (US Federal Reserve and Bank of Japan) this week, as each institution meets just a month after the UK voted to leave the European Union.12:35 pm FII View: On account of problems pertaining to developed markets, emerging markets look favourable from an investing point of view, said Michael Every of Rabobank. Speaking to CNBC-TV18, he said: "There are flows going into EMs now and India is a beneficiary of that." Markets world over are in a 'precarious' position right now, he added. Though there is some rally in the equity markets, he is not too confident about the current rally. Market sentiment indicates expectation of a hike in the interest rate by the US Fed, he said.12:20 pm USFDA nod: Glenmark Pharmaceuticals has received final approval from the US health regulator USFDA for triamcinolone acetonide ointment, used in treatment of various skin conditions." Glenmark  Pharmaceuticals Inc, USA has been granted final approval by the US Food and Drug Administration (USFDA) for triamcinolone acetonide ointment USP, 0.5 percent," it said in a BSE filing.Approval has been granted for generic version of triamcinolone acetonide ointment USP, 0.5 percent of Perrigo New York, Inc. This ointment is used to treat various skin conditions including eczema, dermatitis, allergies and rash.Quoting IMS sales data for the 12 months to May, Glenmark said Triamcinolone Acetonide Ointment achieved annual sales of around USD 4.4 million.Also read - US biz may drag Dr Reddy's Q1, net seen down 27% at 456 cr12:00 pm Market Check

Equity benchmarks remained higher in noon trade with the Sensex rising over 100 points, led by banking & financials, auto and technology stocks.

The 30-share BSE Sensex was up 113.71 points at 27916.95 and the 50-share NSE Nifty rose 34.80 points to 8576 while the broader markets maintained outperformance.

The BSE Midcap and Smallcap indices gained 0.75 percent and 0.9 percent, respectively as more than two shares advanced for every share falling on the exchange.

HDFC, HDFC Bank, ICICI Bank, SBI, TCS and Maruti Suzuki were top contributors to Sensex's gains while Dr Reddy's Labs fell nearly 4 percent ahead of first quarter earnings due on July 26.