Market edges higher amid initial volatility

A bout of volatility was witnessed in early trade. Key benchmark indices regained positive terrain after slipping into the red for a brief period after opening higher. At 9:30 IST, the S&P BSE Sensex was up 147.92 points or 0.59% at 25,349.82. The 50-unit CNX Nifty was up 42.45 points or 0.55% at 7,697.50. Auto and capital goods stocks led gains on the bourses. The market breadth was positive.

In overseas markets, Many Asian stocks reversed early losses today, 7 September 2015. US stocks had skidded on Friday, 4 September 2015, after the August jobs report failed to give a clear view on the Federal Reserve's interest rates.

Back home, the broad market depicted some strength. On BSE. 777 shares rose and 424 shares fell. A total of 38 shares were unchanged. The BSE Mid-Cap index was up 0.49%. The BSE Small-Cap index was up 0.47%. Both these indices underperformed the Sensex.

Among stock specific action, Mahindra & Mahindra (M&M) declined 0.19%. M&M after market hours on Friday, 4 September 2015, announced that Telephonics Corporation (USA) is in the process of raising its stake in Mahindra Telephonics Integrated Systems (MTIS) to 49% from 26%. Telephonics Corporation has already received approval from the Foreign Investment Promotion Board for increasing its stake to 49% from 26% in MTIS. Currently, the Mahindra group holds 74% stake and Telephonics Corporation holds 26% stake in MTIS. MTIS has a state of the art production facility near Faridabad in Haryana where it currently manufactures airborne weather radars systems.

Dr Reddy's Laboratories dropped 0.04%. The company announced after market hours on Friday, 4 September 2015, that it has entered into the hair serum market with the launch of Mintop Pro - Procapil Hair Therapy. Mintop Pro comes from the same branch of business that manufactures Mintop - the No. 1 dermatologist recommended brand in the country.

Procapil is a new breakthrough formula that strengthens hair and prevents excessive hair loss naturally, without any side effects. Procapil consists of a patented vitaminated matrikine with Apigenin and Oleanolic acid, which specifically targets the three main reasons responsible for hair loss.

Mintop Protm will be available in a 75 ml pack worth Rs 995 at all leading pharmacy stores across India.

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