The domestic stock market declined on Friday, mirroring a global sell-off as geopolitical tensions spiked after U.S. airstrikes in Iraq killed a top Iranian military commander. The middle-east tensions sent Brent Crude Futures soaring, which further spoiled investors sentiment at D-Street.
The barometer index, the BSE Sensex, rose 162.03 points or 0.39% to 41,464.61, as per the provisional closing data. The Nifty 50 index rose 55.55 points or 0.45% to 12,226.65, as per the provisional closing data.
In the broader market, the S&P BSE Mid-Cap index slipped 0.45% while the BSE Small-Cap index gained 0.03%.
On BSE, 1248 shares advanced while 1279 shares declined. A total of 187 shares were unchanged. In Nifty 50 index, 12 stocks advanced and 36 stocks declined while 2 shares remained unchanged.
Buzzing Sectors:
The Nifty IT index rose 1.35% to 15,922.15, outperforming all the sectoral indices. HCL Technologies (up 2%), TCS (up 2%), Infosys (up 1.52%), Tech Mahindra (up 1.2%), Wipro (up 1.11%), MindTree (up 0.34%) and Oracle Financial Services Software (up 0.06%) advanced.
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Persistent Systems (down 2.86%), MphasiS (down 1.22%) and Hexaware Technologies (down 0.43%) declined.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was trading at 71.7475, compared with its previous closing low of 71.3825.
A weak rupee boosts revenues of IT firms in rupee terms as the sector derives a lion's share of revenue from exports.
Stocks in Spotlight:
HDFC slipped 0.45% to Rs 2455. The Corporation sold individual loans worth Rs 21,066 crore in calendar year 2019 and assigned home loans amounting to Rs 4,258 crore to HDFC Bank in the December quarter. It had assigned loans worth Rs 6,959 crore to the bank in the same period last year. It also pocketed Rs 9,020 crore on equity sale of Bandhan Bank after it was allotted shares of the lender due to its merger with Gruh Finance. HDFC was allotted 9.89% in Bandhan Bank against the 38% stake it held in Gruh.
Hero MotoCorp advanced 0.21% to Rs 2434.30. The automaker said it sold 424,845 units of two-wheelers in December 2019, as compared to 453,985 units in the corresponding month of the previous year (December 2018), a decline of 6.42%.
TVS Motor Company fell 1.41% to Rs 452.40. The scrip extended its losing streak to second session post dismal December sales. The company's total sales tumbled 14.67% YoY to 2,31,571 units in December 2019. Domestic sales slumped 25.09% to 1,57,244 units in December 2019 from 2,09,906 units in December 2018.
ONGC rose 0.08% to Rs 128.10. The state-run oil major on Thursday bagged all the seven oil and gas blocks offered in the latest bid round. These seven blocks are adding exploration acreage of 18,510 square kilometres spread over three sedimentary basins of India and have a resource potential of approximately 33 billion barrels of oil and oil equivalent gas.
IIFL Securities was locked in an upper circuit of 5% at Rs 47.15 after a well-known investor Rakesh Jhunjhunwala bought 27.85 lakh shares of IIFL Securities on Thursday at an average price of Rs 42.83 per share, according to BSE bulk deal data. The total value of the purchase is about Rs 12 crore.
Info Edge (India) rose 1.31% to Rs 2565. The company has entered into an agreement to sell its stake in Applect Learning Systems (Meritnation) to Aakash Education Services. Taking into consideration the independent valuation report, the sale value of the investment is determined as about Rs 50 crore.
Shree Cement slips 0.41% to Rs 21134.30. CARE Ratings reaffirmed its rating on the company's various debt instruments. The credit rating agency reaffirmed its rating of 'CARE A1+' on the company's commercial paper worth Rs 600 crore and the short term bank facilities worth Rs 800 crore while the long term bank facilities worth Rs 1100 crore was reaffirmed at 'CARE AAA; Stable'.
Cords Cable Industries surged 8.30% to Rs 46.95. The company received approval from a Japanese engineering consultancy & contracting major for future supplies. This approval enables the company to participate in future bids for supplying qualified products to the said engineering consultancy & contracting major.
RITES advanced 2.81% to Rs 308.90. The company said it has secured a major work of project Management Consultancy from the Government of Bangladesh amounting to $ 14.01 Million (Rs 99.94 crore) in relation to 4 laning of National Highway in Bangladesh. RITES is a lead partner in the JV arrangement and will receive $ 10.88 Million (Rs 77.57 crore) out of the total consultancy fee of $ 14.01 Million (Rs 99.94 crore). Amount is inclusive of taxes.
State owned telecom service provider MTNL was locked in an upper circuit of 5% at Rs 9.9 after the media reported that MTNL has started the process to monetize assets worth Rs 23,000 crore. The move aims to turn the debt ridden company into a profitable company.
Economy:
The Reserve Bank of India (RBI) on Thursday announced its third round of simultaneous purchase and sale of government securities through special open market operations (OMOs) for Rs 10,000 crore each on 6 January 2020.
Foreign Markets:
Shares in Europe and Asia edged lower after Iranian Major-General Qassim Soleimani, head of Tehran's elite Quds Force, was killed early on Friday by a U.S. airstrike on his convoy at Baghdad airport. The United States urged its U.S. citizens to leave Iraq "immediately" after Iran vowed harsh retaliation in the wake of the targeted killing.
Brent crude hit $69.16 a barrel, its highest since 17 September, before easing to $68.94, up $2.69.
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