Market moving in narrow range

Amid movement in a small range, key benchmark indices hovered in negative zone in early afternoon trade. At 12:21 IST, the barometer index, the S&P BSE Sensex, was down 41.55 points or 0.16% at 25,821.95. The 50-unit CNX Nifty was down 5.55 points or 0.07% at 7,862.95.

A bout of volatility was witnessed in morning trade. The Sensex fell 124.96 points at the day's low of 25,738.54 in morning trade. The Nifty fell 37.15 points at the day's low of 7,831.35 in morning trade.

The market breadth indicating the overall health of the market was positive. On BSE, shares 1,336 rose and 1,012 shares fell. A total of 133 shares were unchanged. The BSE Mid-Cap index was up 0.37%. The BSE Small-Cap index was up 0.68%. Both these indices outperformed the Sensex.

In overseas markets, Asian markets were trading lower on concerns of deepening slowdown in China. Markets in Hong Kong, Taiwan and South Korea are closed for holiday. US markets ended on a mixed note on Friday, 25 September 2015 due to a sharp sell-off in biotech and healthcare stocks. Prospects for the US economy generally appear solid, Federal Reserve Chairwoman Janet Yellen said in her speech late Thursday, 24 September 2015 after US markets had closed. She argued in favor of hiking interest rates this year, giving more clarity to Fed watchers.

Pharma shares edged higher. Cadila Healthcare (up 2.97%), Cipla (up 1.03%), Glenmark Pharmaceuticals (up 0.2%), Lupin (up 3.05%), Aurobindo Pharma (up 2.44%) and Wockhardt (up 3.02%) gained. Sun Pharmaceutical Industries (down 2.43%), GlaxoSmithKline Pharmaceuticals (down 1.12%) fell.

Dr Reddy's Laboratories surged 5.4% after the company announced that it has launched Esomeprazole Magnesium Delayed-Release capsules USP, 20 mg and 40 mg, a therapeutic equivalent generic version of Nexium (esomeprazole magnesium) delayed-release capsules in the US market on 25 September 2015, following the approval by the United States Food & Drug Administration (USFDA). The company made the announcement during market hours today, 28 September 2015.

DRL's Esomeprazole Magnesium Delayed-Release capsules USP, 20 mg and 40 mg are available in bottle count size of 30. The Nexium delayed-release capsules brand and generic had sales of about $5.2 billion in the United States, for the twelve months ended July 2015, according to IMS Health data.

Telecom stocks rose. Idea Cellular (up 3.24%), MTNL (up 2.52%), Tata Teleservices (Maharashtra) (up 0.16%) and Reliance Communications (up 0.09%) rose.

Bharti Airtel shed 0.08% to Rs 332.70. The stock hit a low of Rs 330.50 in intraday trade so far, which is 52-week low for the counter.

Arshiya rose 2.72% to Rs 28.30 after Citigroup Global Markets Mauritius bought 13.43 lakh shares of the company at an average price of Rs 27.30 per share in a bulk deal on the NSE on Thursday, 24 September 2015. Credit Suisse (Singapore) was the seller in the bulk deal.

Gammon India jumped 10.08% after the company said that it has secured a highway construction contract of Rs 1709.99 crore in Jammu & Kashmir from National Highways Authority of India. The announcement was made after market hours on Thursday, 24 September 2015.

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