Pharma stocks decline

High volatility continued in morning trade as key benchmark indices were currently hovering near the flat line after alternately swinging between gains and losses. Earlier, key indices edged higher amid initial volatility. At 10:20 IST, the barometer index, the S&P BSE Sensex was up 9.45 points or 0.11% at 24,921.20. The 50-unit CNX Nifty was currently up 11.35 points or 0.15% at 7,570.15. The Sensex was currently below the psychological 25,000 level after regaining that mark in early trade. The index had settled below that mark yesterday, 7 September 2015.

The broad market depicted weakness with over two losers for every gainer with 1,290 shares falling and 631 shares gaining on BSE. A total of 43 shares were unchanged. The BSE Mid-Cap index was down 0.64%. The BSE Small-Cap index was down 0.93%. Both these indices underperformed the Sensex.

In overseas markets, most Asian stocks declined. Chinese stocks dropped in volatile trade despite Beijing today, 8 September 2015 introduced fresh measures - including tax cuts and a proposed "circuit breaker" system - to discourage speculation and stem further slides in share prices.

In sector trend, bank stocks gained. Among public sector banks, UCO Bank (up 0.37%), Punjab National Bank (up 0.7%), Corporation Bank (up 2.83%), Bank of Baroda (up 0.74%), State Bank of India (SBI) (up 0.59%), Canara Bank (up 0.73%), Bank of India (up 0.78%) and United Bank of India (up 0.1%) edged higher. Syndicate Bank (down 1.16%), Allahabad Bank (down 0.33%), and Union Bank of India (down 0.07%) declined.

Among private sector banks, Axis Bank (up 1.21%), HDFC Bank (up 1%), ICICI Bank (up 1.14%), Kotak Mahindra Bank (up 1.56%), Federal Bank (up 1.31%), Yes Bank (up 1.55%), and IndusInd Bank (up 0.8%) edged higher.

Pharma stocks declined. Glenmark Pharmaceuticals (down 2.36%), Aurobindo Pharma (down 2.4%), Cipla (down 2.28%), Cadila Healthcare (down 0.54%), Lupin (down 1.9%), Divi's Laboratories (down 2.14%), Wockhardt (down 3.16%), Strides Arcolab (down 4.12%) and Sun Pharmaceutical Industries (down 1.08%) declined.

Dr Reddy's Laboratories dropped 1.13%. With respect to news article titled "Dr. Reddy's recalls over 55K bottles of drug in US" Dr Reddy's Laboratories clarified after market hours yesterday, 7 September 2015, that the company has voluntarily recalled a few batches of Amlodipine besylate and Atorvastatin from the US market in conformance with its quality assurance norms. The impact of that is not material, it added.

Info Edge (India) rose 0.67% after the company said Zomato Media, which owns and operates an online food guide portal www.zomato.com, has signed definitive agreements to raise close to Rs 390 crore (about $60 million), led by Singapore investment company Temasek with participation from existing shareholder Vy Capital. The announcement was made after market hours yesterday, 7 September 2015. Info Edge (India), including its wholly-owned subsidiary did not participate in the present round of investment. Post the transaction, Info Edge along with its wholly-owned subsidiary holds, on a fully converted and diluted basis, about 47% in Zomato. Zomato Media owns and operates the restaurant search mobile application and website by the name of Zomato.

JSW Energy (up 6.27%), Emami (up 2.48%), Tata Power Company (up 2.31%) and GAIL (India) (up 2.28%) were the top gainers from the BSE A group of shares.

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