Market opens higher

Key benchmark indices edged higher in early trade. At 9:17 IST, the barometer index, the S&P BSE Sensex, was up 14.89 points or 0.06% at 26,530.13. The Nifty 50 index was currently up 8.70 points or 0.11% at 8,179.50.

The BSE Mid-Cap index was currently up 0.07%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.03%, underperforming the Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 577 shares rose and 462 shares declined. A total of 53 shares were unchanged.

Overseas, most Asian stocks edged lower ahead of the much-awaited US Federal Reserve's monetary policy statement due tomorrow, 14 December 2016. The Fed is expected to raise interest rates for only the second time in a decade amid recent data suggesting the US recovery is gaining traction. Higher US interest rates would attract foreign investments from the emerging markets towards the US.

US stocks struggled for direction yesterday, 12 December 2016, with the Dow notching the latest in a string of record closes, while the S&P 500 and Nasdaq finished lower. Major indexes had fluctuated between positive and negative territory with investors appearing reluctant to push shares higher following pronounced gains for Wall Street ahead of a key meeting by the Federal Reserve.

Back home, among the 30-share Sensex pack, Adani Ports and Special Economic Zone (down 0.6%), Asian Paints (down 1.24%) and Bharti Airtel (down 0.14%) edged lower. Bajaj Auto (up 0.49%), Dr Reddy's Laboratories (up 0.79%) and Hero MotoCorp (up 0.29%) edged higher.

Axis Bank was down 0.24%. The bank announced that it proposes to raise funds by issuing non-convertible debentures aggregating to Rs 3500 crore. The board of directors of the bank will consider the proposal to issue and allot the above securities through circular resolution. The announcement was made after market hours yesterday, 12 December 2016.

Sun Pharmaceutical Industries was up 0.1%. The company and Israel-based Moebius Medical have entered into an exclusive worldwide licensing deal to further develop MM-II, a novel pharmaceutical candidate for the treatment of pain in osteoarthritis. MM-II is a novel non-opioid product that leverages the physical properties of proprietary liposomes to lubricate arthritic knee joints, thereby reducing friction and wear, consequently leading to joint pain reduction.

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