Key indices came off day's high in morning trade. Market participants were cautious ahead of the Reserve Bank of India (RBI)'s policy outcome today. At 10:24 IST, the S&P BSE Sensex, was up 96.38 points or 0.23% at 41,239.04. The Nifty 50 index was up 21.4 points or 0.18% at 12,110.55.
The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.57% while the S&P BSE Small-Cap index was up 0.59%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1226 shares rose and 585 shares fell. A total of 93 shares were unchanged. In Nifty 50 index, 38 stocks advanced while 12 stocks declined.
Economy:
RBI will unveil its interest rates decision today, 6 February 2020, amid concerns over fiscal deficit and inflation. The six-member monetary policy committee (MPC) began its sixth bi-monthly monetary policy meeting on Tuesday (4 February). The resolution of the MPC will be placed on the RBI website at 11:45 IST today.
In the previous policy met in December, RBI had kept interest rates unchanged after five consecutive cuts.
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Bi-monthly monetary policy's outlook on inflation and economy will be more vital, as the markets are already factoring in that central bank will most likely maintain status quo on interest rates.
Q3 Earnings:
Among Nifty companies, Eicher Motors (up 1.06%), Hero MotoCorp (up 0.68%) and Sun Pharmaceutical Industries (up 0.82%) will announce their Q3 2019 earnings today.
NMDC (down 0.96%), Bata India (down 0.54%), RITES (up 1.89%), Aurobindo Pharma (up 0.38%), Trent (up 0.17%), United Bank of India (up 5.19%), Lupin (up 1.15%), United Breweries (up 2.36%), Adani Power (down 0.73%), Dalmia Bharat (up 0.59%), Akzo Nobel (up 0.8%), Alkyl Amines Chemicals (up 1.89%), E.I.D. Parry (up 2.08%), GlaxoSmithKline Consumer Healthcare (up 1.57%), Hind Rectifiers (up 4.19%), ICRA (up 0.46%), Endurance Technologies (down 0.39%), MphasiS (up 0.94%), Federal - Mogul Goetze (up 1.69%), UCO Bank (up 1.99%), Khadim India (down 2.85%), Solara Active Pharma Science (up 0.01%), Minda Corporation (down 0.1%) and Aarti Drugs (up 0.42%) are some of the companies that will announce their Q3 earnings today.
Q3 Result Impact:
HPCL was down 0.23%. On a consolidated basis, net profit jumped 167.8% to Rs 1027.23 crore on a 1.9% decline in net sales to Rs 70,518.09 crore in Q3 December 2019 as against Q3 December 2018. Average Gross Refining Margin during the nine months ended 31 December 2019 was at $1.85 per bbl as against US $5.17 per bbl during the corresponding period of previous year.
DLF was down 2.49%. DLF's consolidated net profit rose 23.5% to Rs 414.01 crore in Q3 December 2019 from Rs 335.15 crore reported in Q3 December 2018. Net sales declined 39.5% to Rs 1341.87 crore in the third quarter of FY20 as compared to Rs 2219.28 crore reported in the same period last year. Total expenses of the real estate firm stood at Rs 1113.57 crore in Q3 December 2019, down by 29.5% from Rs 1579.37 crore in Q3 December 2018. Financing costs also fell -55.4% to Rs 237.55 crore in Q3 FY20 as against Rs 532.85 crore reported in Q3 FY19.
Cadila Healthcare reported 26.8% fall in consolidated net profit to Rs 373.90 crore in Q3 December 2019 from Rs 510.70 crore in Q3 December 2018. Profit before tax declined 31.9% as it stood at Rs 457.10 crore at the end of the December quarter as compared to Rs 671.70 crore reported in the same period last year. Net sales in December quarter rose by 0.5% to Rs 3534.50 crore from Rs 3516.10 in Q3 December 2018. Shares of Cadila Healthcare were trading 4.9% higher at Rs 284.5.
Engineers India gained 3.07%. On a consolidated basis, the company's net profit rose 19.5% to Rs 111.82 crore in Q3 December 2019 as against Rs 93.57 crore reported in Q3 December 2018. Net sales jumped 53.7% to Rs 899.17 crore in Q3 December 2019 over Q3 December 2018.
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