The market further extended fall and hit fresh intraday low in early afternoon trade. Selling was broad based with metal stocks falling the most. The Nifty traded below 12,000 mark. Sentiment was cautious ahead of the release of the government's Economic Survey later in the day and the Union Budget on Saturday, 1 February.
At 12:24 IST, the S&P BSE Sensex, was down 177.74 points or 0.43% at 40,736.08. The Nifty 50 index was down 62.9 points or 0.52% at 11,972.90.
In the broader market, the S&P BSE Mid-Cap index was down 0.54% while the S&P BSE Small-Cap index was down 0.31%.
The market breadth was titled in favour of sellers. On the BSE, 799 shares rose and 1285 shares fell. A total of 129 shares were unchanged. In Nifty 50 index, 14 stocks advanced while 36 stocks declined.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, gained 4.4% to 17.5375. The Nifty February 2020 futures were trading at 12,006, a premium of 36.15 points compared with the spot at 11,969.85.
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On the options front, the Nifty option chain for 27 February 2020 expiry showed maximum call open interest (OI) of 17.93 lakh contracts at the 12,500 strike price. Maximum call writing was witnessed at 12,000 strike price, which added 2.83 lakh contracts.
Maximum put OI of 28.04 lakh contracts was seen at 12,000 strike price. Put writing was observed at 12,000 strike which added 2.45 lakh contracts.
Stocks in Spotlight:
Bharti Infratel reported 23.2% jump in consolidated net profit to Rs 798.70 crore in Q3 December 2019 from Rs 648.40 crore in Q3 December 2018. Profit before tax (PBT) rose 2.1% to Rs 938.70 crore in Q3 December 2019 as compared to Rs 919.70 crore reported in the same period last year. Consolidated EBITDA for the quarter stood at Rs 1,883 crore, up 24% Y-o-Y. Consolidated revenues for the quarter were at Rs 3,673 crore, up 1% Y-o-Y. Shares of Bharti Infratel were trading 1.16% higher at Rs 249.1.
Laurus Labs reported 312.3% jump in consolidated net profit to Rs 73.48 crore in Q3 December 2019 from Rs 17.82 crore in Q3 December 2018. Net sales of the company surged 37.8% to Rs 729.59 crore in Q3 December 2019 from Rs 529.46 crore in Q3 December 2018. EBITDA jumped 68% to Rs 150 crore in Q3 December 2019 over Q3 December 2018. EBITDA margins in the December quarter stood at 21%. Laurus Lab was trading 1.95% lower at Rs 427.8.
Thomas Cook (India) was down 0.09% to Rs 54.65. Consolidated net profit slipped 29.7% to Rs 6.46 crore on an 11% increase in net sales to Rs 1,727.02 crore in Q3 December 2019 over Q3 December 2018.
Hindustan Aeronautics (HAL) rose 1.28%. The government is planning to sell a 15% in HAL through an offer for sale, which could fetch about Rs 4,000 crore to the exchequer.
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