Sensex, Nifty volatile; Midcap, Smallcap indices outperform

Moneycontrol Bureau12:55 pm Market Update: The 30-share BSE Sensex rose 18.95 points to 25169.30 and the Nifty gained 1.85 points at 7651.90.About 1340 shares have advanced, 1036 shares declined, and 156 shares are unchanged on the BSE.12:45 pm Drug approval: Natco Pharma has received approval from the Drugs Controller General of India (DCGI) to launch generic version of Gilead Sciences’ hepatitis C treatment drug in India.

“The company has received approval for the generic version of ledipasvir + sofosbuvir combination from Drugs Controller General (India)”, Natco Pharma said in a BSE filing today.

Natco Pharma plans to launch this combination drug immediately, under its brand name Hepcinat LP and through its strategic partners in India, it said.

Ledipasvir+Sofosbuvir is a two-drug fixed-dose combination product that contains 90 mg of ledipasvir and 400 mg of sofosbuvir in a single tablet, and sold globally by Gilead Sciences, Inc. under its brand Harvoni.

It is indicated for the treatment of chronic hepatitis C (CHC) genotype 1 infection in adults.12:30 pm Buzzing: Shares of Lux Industries gained 19.6 percent intraday after the change in circuit limit on transfer to rolling segment.

The National Stock Exchange has transferred the stock from trade for trade segment to rolling segment today after keeping it in trade for trade segment for 11 trading sessions, which resulted change in circuit limit to 20 percent from 5 percent earlier.

Kolkata-based Lux Industries, which manufactures innerwear brands (like Lux Venus, Classic, Cott's Wool) listed on the exchange on November 30.

It reported revenue CAGR of 22 percent and net profit of 54 percent during the FY10-15.12:15 pm Rupee Update: Volatility in rupee continued as it pared early gains to rule almost flat, marginally up by one paise to 67.08 on demand from banks and exporters amid heightened uncertainties of US rate hike. Earlier, the domestic unit opened higher at 67.03 against yesterday's 27-month low of 67.09 at the Interbank Foreign Exchange Market. It appreciated further on dollar selling from banks to scale-back to 66.96 before quoting at 67.08 at 1030 hrs.

The rupee hovered between 67.09 and 66.96 during morning trade. Overseas, the US dollar was little changed against the basket currencies in early trade, as crude oil and equity prices took a breather after a recent slide.Also read - Bank stocks a falling knife but you should catch them: Pro12:00 pm Market Check

The market remained lacklustre in noon trade as investors are eagerly waiting for outcome of Federal Reserve's two-day policy meeting that will begin tonight.

The 30-share BSE Sensex rose 32.01 points to 25182.36 and the 50-share NSE Nifty advanced 5.05 points to 7655.10. The broader markets continued to outperform benchmarks with the BSE Midcap and Smallcap indices rising 0.2-0.4 percent.

The market breadth remained strong as about 1315 shares advanced against 934 declining shares on the Bombay Stock Exchange.

In its last policy meeting of the year that kicks off later today, the Federal Reserve is widely expected to hike US interest rates for the first time since June 2006.

The US central bank is expected to raise rates by a quarter of a percentage point at the end of its two-day meeting on Wednesday.