Market drifts higher in early trade

A bout of volatility was seen in early trade as the key benchmark indices regained strength after trimming initial gains. At 9:27 IST, the barometer index, the S&P BSE Sensex, was up 44.26 points or 0.17% at 25,894.56. The gains for the 50-unit Nifty 50 index lower in percentage terms than those for the Sensex. The Nifty was up 2 points or 0.03% at 7,867.95. The broad market depicted strength. There were more than two gainers against every loser on BSE. 1,001 shares rose and 346 shares fell. A total of 84 shares were unchanged. The BSE Mid-Cap index was currently up 0.31%. The BSE Small-Cap index was currently up 0.36%. Both these indices outperformed the Sensex.

In overseas markets, Asian markets advanced following overnight gains in US stocks. US markets closed higher for the third straight session yesterday, 23 December 2015, led by outsized gains in the energy and materials sectors.

Sun Pharmaceutical Industries (Sun Pharma) rose 0.46% after the company announced before market hours today, 24 December 2015 that its wholly owned subsidiary Sun Pharma Laboratories has raised funds on private placement basis. Sun Pharma Laboratories has raised Rs 1000 crore on private placement basis, by allotment of 10,000 (ICRA) AAA/Stable Outlook Rated unsecured redeemable non-convertible debentures of a face value of Rs 10 lakh each to be listed on BSE under two series with Series 1 debentures comprising of 5,000 debentures amounting to Rs 500 crore with a tenor of 24 months, and Series 2 debentures comprising of 5,000 debentures amounting to Rs 500 crore with a tenor of 39 months.

State Bank of India (SBI) rose 0.13% after the bank said that it has issued 40,000, Basel III compliant, Tier-II bonds in the nature of debentures, of face value of Rs 10 lakh each at par, with 10 year tenure, bearing 8.33% per annum coupon and with call option after 5 years, aggregating to Rs 4000 crore on private placement basis. The announcement was made before market hours today, 24 December 2015

Lupin rose 0.61% after receiving final approval for its Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq from the United States Food and Drug Administration (USFDA), to market a generic version of Actavis Labs FL, Inc's Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq. Lupin's US subsidiary, Lupin Pharmaceuticals Inc. would commence promoting the product in the US shortly. The announcement was made after market hours yesterday, 23 December 2015.

Lupin's Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq, are the AB rated generic equivalent of Actavis Labs FL, Inc's Potassium Chloride Extended Release Capsules USP, 8 mEq and 10 mEq. It is indicated for the treatment of patients with hypokalemia, with or without metabolic alkalosis, in digitalis intoxications and in patients with hypokalemic familial periodic paralysis. It is also indicated for the prevention of hypokalemia in patients who would be at a particular risk. Potassium Chloride Extended Release Capsules had annual sales of $85.6 million in the United States as per IMS MAT September 2015 data.

Telecom stocks were mixed. Bharti Airtel (down 0.5%) and MTNL (down 0.4%) fell. Tata Teleservices (Maharashtra) (up 0.46%) and Reliance Communications (up 0.06%) rose.

Idea Cellular rose 1.36% after announcing the launch of its high speed 4G LTE services across all five states of South India viz. Andhra Pradesh, Karnataka, Kerala, Tamil Nadu and Telangana. The announcement was made after market hours yesterday, 23 December 2015,

In the first phase, Idea's high speed 4G network will be available across 75 towns in Southern India, the company said in a statement. Idea will rapidly expand 4G services in all Southern India metros and large towns by March 2016, the company said. Idea Cellular is also gearing to launch 4G LTE services by March 2016 in other key markets namely Madhya Pradesh & Chhattisgarh, Maharashtra & Goa, Punjab, Haryana, North East and Orissa, in a phased manner. By June 2016, Idea's 4G footprint will cover 750 cities across 10 telecom circles, the company said in a statement.

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