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Markets give up early gains
Fri, 9 Jan 11:30 am

After opening in the green, the Indian Indices have given up their early gains in the morning session. However, broad based buying is witnessed and all sectoral indices are trading in the green. Pharma stocks are leading the gainers.

The BSE-Sensex is trading up 76 points. The NSE-Nifty is trading up 22 points. The BSE Mid Cap index is trading up 0.2% and the BSE Small Cap index is trading up 0.3%. The rupee is trading at 62.33 to the US dollar.

Pharma stocks are trading strong today with almost all of them seeing gains currently. The list of gainers are being led by Wockhardt and Cadila Healthcare. As per a leading business daily, pharma company Cadila Healthcare has decided to voluntarily recall 19,536 bottles of its 'Benzonatate' capsules in the US due to them being "wet and/or leaking capsules". These are used to treat coughs. In line with a notification by the US Food and Drug Administration (USFDA), the recall has been voluntarily undertaken by the company through its US based arm Zydus Pharmaceuticals USA Inc. and was initiated on the 23rd of December. Further, the recall has been carried out under 'Class-II', which the USFDA states as a situation in which use of a violative product may cause temporary or medically reversible adverse health consequences.

Most telecom stocks are trading lower today. Reliance Communications and Idea Cellular are leading the losers. As per a leading financial daily, Idea Cellular is close to signing a large deal with Sixth Sense Media a US based mobile marketing IT firm. Under the proposed deal, Sixth Sense will help Idea increase its mobile revenues by developing strategies to leverage its core network and customer services. The company will also help Idea up-sell its services to counter over the top (OTT) services like WhatsApp. The financial details of the deal have not been made public as the agreement is still being finalised. Idea Cellular is trading down 2.8% today.

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