Key benchmark indices are trading lower in early trade on weak global stocks. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 510.33 points or 1.08% at 46,899.60. The Nifty 50 index was down 136.20 points or 0.98% at 13,831.30.
The S&P BSE Mid-Cap index was down 0.62%. The S&P BSE Small-Cap index was down 0.87%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 621 shares rose and 1300 shares fell. A total of 66 shares were unchanged.
F&O expiry:
Trading could be volatile as traders roll over positions in the F&O segment from the near month January series to February series. The January 2021 F&O contracts will expire today, 28 January 2021.
Stocks in news:
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Axis Bank fell 0.48%. The bank's net profit tanked 36.45% to Rs 1116.60 crore while total income fell 1.13% at Rs 19,274.39 crore in Q3 December 2020 over Q3 December 2019. The private lender's PAT was adversely impacted by about Rs 1,050 crore on account of prudent expense and provisioning charges in Q3. Profit before tax (PBT) dropped 34.35% to Rs 1,491.23 crore in Q3 FY21 as against Rs 2,271.77 crore in Q3 FY20. Tax expense declined by 27.22% to Rs 374.63 crore in Q3 FY21 compared with Rs 514.77 crore in Q3 FY20.
Hindustan Unilever (HUL) rose 0.01%. HUL reported an 18.8% rise in net profit to Rs 1921 crore on a 21% rise in revenue from operations to Rs 11,862 crore in Q3 FY21 over Q3 FY20. The FMCG major's profit before tax rose 16.46% year-on-year to Rs 2,596 crore in Q3 FY21. EBITDA grew by 16.7% to Rs 2854 crore in Q3 FY21 from Rs 2445 crore in Q3 FY20. EBITDA margins at 24% remain healthy. HUL said it has significantly dialed up investments behind its portfolio and in building future-fit capabilities. Net revenue management and savings agenda has enabled it to drive healthy bottom line.
Infosys fell 0.93%. Infosys announced that it has achieved Elite Status in the Snowflake Partner Network. Along with Snowflake, the Data Cloud company, Infosys will offer transformational solutions for enterprises, built on Snowflake's Data Cloud, which include a hyper data economy for enterprises, proven industry and business solutions and managed cloud consumption solutions from the Infosys Cobalt portfolio.
NTPC rose 0.93%. NTPC said that consequent upon successful commissioning and due approvals, 140 MW capacity Bilhaur Solar PV Project at Bilhaur, Uttar Pradesh, has been declared on Commercial Operation w.e.f. 18 January 2021. With this, the commissioned capacity of Bilhaur Solar PV Project, NTPC and NTPC group has become 140 MW, 51310 MW and 63925 MW respectively and the commercial capacity has become 140 MW, 51310 MW and 63265 MW respectively.
Hero MotoCorp slipped 0.23%. Hero MotoCorp said it will will soon commence its operations in Mexico, in line with its global expansion strategy. Hero MotoCorp has entered into a distribution agreement with Grupo Salinas, a group of dynamic, fast-growing and technologically advanced companies focused on creating economic, social and environmental value founded by Mexican entrepreneur Ricardo Salinas.
Tata Coffee advanced 2.02% after the company reported 20% rise in consolidated net profit to Rs 50 crore on a 6% rise in total income to Rs 538 crore in Q3 December 2020 over Q3 December 2019.
Global Markets:
Overseas, Asian stocks are trading lower on Thursday following an overnight plunge on Wall Street.
Japan's retail sales declined 0.3% year-on-year in December, according to data released by the country's Ministry of Economy, Trade and Industry.
US stocks suffered their biggest one-day percentage drop in three months on Wednesday, adding to losses after the latest Fed statement as major indexes were also pressured by a slump in Boeing and a selling of long positions by hedge funds.
The U.S. Federal Reserve left its benchmark interest rate anchored near zero following the conclusion of its two-day meeting Wednesday. The Fed also said it will keep buying at least $120 billion of bonds a month.
In his post-meeting news conference, Fed Chairman Jerome Powell said that the economy is a long way from our monetary policy and inflation goals, and it's likely to take some time for substantial further progress to be achieved.
Back home, domestic shares tumbled sharply on Wednesday on across the board selling pressure. The barometer index, the S&P BSE Sensex, tumbled 937.66 points or 1.94% to 47,409.93. The Nifty 50 index lost 271.40 points or 1.91% to 13,967.50.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,688.22 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 3.38 crore in the Indian equity market on 27 January, provisional data showed.
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