Market turns range bound

Key benchmark indices hovered in a narrow range in early afternoon trade. At 12:16 IST, the barometer index, the S&P BSE Sensex, was down 130.60 points or 0.49% at 26,495.86. The Nifty 50 index was down 35.75 points or 0.44% at 8,150.05.

The market breadth, indicating the overall health of the market, was strong. On BSE, 1,524 shares rose and 831 shares fell. A total of 94 shares were unchanged. The BSE Mid-Cap index was currently up 0.22%. The BSE Small-Cap index was currently up 0.62%. Both these indices outperformed the Sensex.

Cement shares were in demand. UltraTech Cement (up 2.28%), Ambuja Cements (up 1.82%) and ACC (up 1.26%), edged higher.

Grasim Industries was up 0.81%. Grasim has exposure to cement sector through its holding in UltraTech Cement.

Most telecom shares edged higher. MTNL (up 1.23%), Bharti Airtel (up 0.93%), Tata Teleservices (Maharashtra) (up 0.33%) and Reliance Communications (up 0.15%), edged higher. Idea Cellular was down 0.34%.

Telecom tower infrastructure provider Bharti Infratel was up 0.01%

Engineering and construction major L&T was up 0.67% at Rs 1,358.50. The company announced during trading hours today, 2 January 2017, that it bagged yet another smart city project as part of the Government's Smart City Mission by being identified as the implementation partner to convert Pune into a Smart City. The scope of work includes enabling wi-fi at around 200 strategic Locations across Pune, establishing emergency call boxes and public address systems, environmental sensors, variable messaging displays, network connectivity and video analytics integration. The project includes a revenue monetization model, country's first in smart cities domain.

Drug maker Lupin was up 1.14% at Rs 1,500.55. The company announced during trading hours today, 2 January 2017, that it has received final approval for its Cevime line Hydrochloride Capsules, 30 mg from the United States Food and Drug Administration (USFDA) to market a generic version of Daiichi Sankyo Inc's Evoxac Capsules, 30 mg. Lupin shall commence promoting the product shortly. Lupin's Cevimeline Hydrochloride Capsules, 30 mg are the AB rated generic equivalent of Daiichi Sankyo Inc's Evoxac Capsules, 30 mg. Cevimeline Hydrochloride Capsules, 30 mg are indicated for the treatment of symptoms of dry mouth in patients with Sjrens Syndrome. Evoxac Capsules had US sales of $40.8 million (IMS MAT September 2016).

Overseas, Asian stocks were shut for public holiday. South Korea's Seoul Composite was up 0.14%. US stocks fell on Friday, 30 December 2016, as investors took profits on some of 2016's high-flying sectors.

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