The 50-share NSE Nifty started off September series on a positive note, holding the 8600 level on support from banks and Tata Group stocks. Investors waited for speech by Federal Reserve chief Janet Yellen at Jackson Hole tonight. The index was up 22.15 points at 8614.35 and the 30-share BSE Sensex gained 65.57 points at 27901.48.

Tata Motors was the biggest gainer, up 1.5 percent ahead of quarterly earnings later today. Lupin gained over a percent on approval from the US health regulator for Paroxetine extended release tablets. The Indian rupee opened marginally higher at 67.02 per dollar versus previous close of 67.05.

The European Medicines Agency (EMA) has accepted to review Mylan and Biocon’s application for a biosimilar called Trastuzumab, used for certain breast and gastric cancers.Terming it as ‘milestone’ for the company, Biocon’s CMD Kiran Mazumdar Shaw says that marketing approval for the drug is likely to come in next 12-18 months. The addressable market for the drug is USD 7 billion, which opens up a huge opportunity for Biocon and Mylan both.

Biocon, which had guided for 3-4 biosimilar approvals in FY17, has filed for an approval already and plans to file two more in second half of the current fiscal, Shaw says.

Ashutosh Khajuria of Federal Bank, “We see no major trigger for the currency movement. The Fed has maintained the status quo in yesterday’s speech. We expect the rupee to remain rangebound.”

Dollar slipped marginally as some investors squared positions before the annual global central bankers’ gathering in Jackson Hole, wyoming, where Federal Reserve Chair Janet Yellen may offer new guidance on US monetary policy.

A rate hike from the US Federal Reserve could spark a sell-off in Asian stocks and trigger capital outflows in China, according to Sam Le Cornu, co-head of Asian listed equities & head of investments at Macquarie Investment Management.

“Unfortunately, sentiment has a huge amount of influence on the markets. If there is a Fed rate rise, there will implications for equities across Asia,” Le Cornu said

Sakthi Siva of Credit Suisse says net foreign buying in Emerging Asia ex-China & ex-Malaysia had slowed from an unsustainably high pace of USD 1 billion a day from mid to late July to USD 300 million then. The pace has slowed further to average just USD 18 million over the past four days, she adds. The key question for investors is whether this pause is one that refreshes or is signalling something more, according to her.

With MSCI Asia ex-Japan up 25 percent from the lows in January, she suggests buying the dips rather than chasing the rallies.

Asian markets were mixed as investors maintained caution ahead of speech by Federal Reserve chief.