Nifty rangebound, Midcap outperforms; Reliance, Idea dip further

Moneycontrol Bureau12:55 pm Market Update: Equity benchmarks remained volatile as investors eagarly waited for the US jobs data due later today that will help the Federal Reserve decide on rate hike in its policy meeting later this month.The Sensex was up 22.63 points at 28446.11 and the Nifty up 0.75 points at 8775.40. About 1389 shares advanced against 1086 declining shares on the BSE.12:35 pm Europe opens: European stocks opened higher as global markets look ahead to crucial US jobs data that could influence when the US Federal Reserve next hikes interest rates.

The pan-European STOXX 600 index opened 0.11 percent higher with all sectors in positive territory.

Global markets are gearing up for the all-important US jobs data due on Friday. The nonfarm payrolls report will be eagerly watched by the Fed and could determine whether the Federal Open Market Committee decides to raise rates when it holds its next monetary policy meeting later this month.12:20 pm Interview: Drug firm Natco Pharma today said the US Patent and Trademark Office has ruled in favour of its marketing partner Mylan by invalidating Israel-based Teva Pharmaceuticals' patent related to multiple sclerosis drug Copaxone 40 mg/mL.

"The US Patent and Trademark Office (PTO) has ruled in favour of its marketing partner, Mylan, in its inter partes review (IPR) proceeding and found all claims of US Patent No.

8,969,302, which is owned by Yeda Research and Development Co Ltd and licensed to Teva Pharmaceuticals Industries Ltd, unpatentable," Natco Pharma said in a BSE filing.

"This is the third patent related to Copaxone 40 mg/mL to be found unpatentable in the last week," it further said.Also read - L&T Tech fixes IPO price band at Rs 850-860/sh, parent co to get Rs 894 cr12:00 pm Market Check

The 50-share NSE Nifty remained in a tight range around 8780 in noon trade while the broader markets outperformed, rising 0.4 percent each on positive breadth.

The 30-share BSE Sensex gained 47.14 points at 28470.62 and the 50-share NSE Nifty rose 8.40 points to 8783.05. About 1390 shares advanced against 970 declining shares on the BSE.

Reliance Industries (down 1.8 percent) and Idea Cellular (down 3 percent) fell for the second consecutive session whereas Bharti Airtel rebounded with half a percent gain after falling over 6 percent yesterday.

Coal India declined 1.8 percent on account of production and offtake fell short of target set by the company itself. Coal production for August stood 32.43 MT against target of 40.89 MT and offtake at 36.72 MT against target of 44.51 MT.