Key indices edge higher in early trade

Key benchmark indices edged higher in early trade. At 9:19 IST, the barometer index, the S&P BSE Sensex was up 77.78 points or 0.31% at 24,961.37. The Nifty 50 index was currently up 22.30 points or 0.29% at 7,625.50. The Sensex was currently trading below the psychologically important 25,000 level after briefly crossing that level at the onset of trading session.

In overseas stock markets, Asian stocks edged higher after sharp losses in previous trading session amid a global selloff. US stocks closed lower yesterday, 5 April 2016, amid uncertainty regarding the quantum and timing of interest rate hikes in the United States.

Closer home, the market breadth indicating the overall health of the market was strong. On BSE, 636 shares rose and 232 shares fell. A total of 38 shares were unchanged. The BSE Mid-Cap index was currently up 0.28%, underperforming the Sensex. The BSE Small-Cap index was currently up 0.39%, outperforming the Sensex.

Telecom stocks rose. Bharti Airtel (up 1.32%), Idea Cellular (up 1.42%) and Reliance Communications (up 0.3%) edged higher.

Lupin rose 1.17% at Rs 1,480.10. The company said it has appointed Dr. Kurt Nielsen as President of Lupin - Somerset. Kurt will be responsible for overall operations of the Gavis-Novel Somerset business and will be based out of Somerset, New Jersey. With the successful closure/completion of the Gavis acquisition earlier this month, Lupin now has the 5th largest abbreviated new drug application (ANDA) pipeline pending approval with the US Food and Drug Administration putting it in a formidable position in the US, making this role critical to the overall growth and expansion of the company, it added. The announcement was made after market hours yesterday, 5 April 2016.

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