Domestic shares bounced back on Tuesday, supported by positive global markets. The Nifty, however, failed to close above its 20 days simple moving average (DMA) placed at 12,140.44.
Investors continued monitoring the geopolitical developments following Washington's targeted killing of Iran's top military commander Qasem Soleimani in Iraq. After falling for the past two sessions, stock markets around the globe resumed uptrend as Monday passed with no new escalation in tensions.
The barometer BSE S&P Sensex rose 192.84 points or 0.47% to 40,869.47. The Nifty 50 index advanced 59.90 points or 0.50% to 12,052.95.
In the broader market, the S&P BSE Mid-Cap index rose 0.65% while the S&P BSE Small-Cap index rose 0.99%. Both these indices outperformed the Sensex.
The market breadth was strong. On the BSE, 1558 shares rose and 931 shares fell. A total of 175 shares were unchanged.
The government will release the first advance estimates of the GDP for FY20 today at 5.30 pm. India's GDP slowed to 4.5% in Q2 September 2019. The figure stood at 5% in Q1 June 2019. The first advance estimates will take into account the figures available for the first nine months of the current fiscal.
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The yield on 10-year benchmark federal paper fell to 6.558% compared with 6.565% in the previous trading session.
In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was trading at 71.79, compared with its previous closing of 71.935.
In the commodities market, Brent crude for March 2020 settlement was down 41 cents a barrel, or 0.59%, at $68.50 per barrel. The contract rose 31 cents or 0.45% to settle at $68.91 a barrel on Friday, 3 January 2020.
Foreign Markets:
Shares in Europe and Asia edged higher on Tuesday amid an easing of concerns over geopolitical tensions in the Middle East.
US stocks staged a U-turn on Monday to close at session highs, as investors brushed aside concerns about escalating tensions in the Middle East.
In economic data, the IHS Markit purchasing managers index for the US services sector came in at 52.8 in December, versus 51.6 in November, indicating continued expansion.
Buzzing Indian Indices:
The Nifty Realty index rose 1.93% to 298.05. The index fell 2.86% in the previous two trading sessions.
Peninsula Land (up 8.42%), Godrej Properties (up 4.94%), Sunteck Realty (up 3.78%), D B Realty (up 3.68%), Anant Raj (up 3.14%), Indiabulls Real Estate (up 3.08%), DLF (up 1.99%), Mahindra Lifespace Developers (up 1.2%), Parsvnath Developers (up 0.46%), Oberoi Realty (up 0.25%), Sobha (up 0.19%) and Omaxe (up 0.1%) advanced.
The Nifty Metal index rose 0.73% to 2,785.90. The index fell 3.63% in the previous two sessions.
Vedanta (up 3.62%), Hindustan Copper (up 2.69%), Sail (up 1.56%), NALCO (up 0.80%), Hindustan Zinc (up 0.68%), Tata Steel (up 0.52%) and JSW Steel (up 0.42%) advanced.
Jindal Steel & Power (JSPL) fell 0.06%. JSPL said it witnessed the highest ever quarterly production of 1.61 million tonnes of steel in Q3 December 2019. Raigarh & Angul operations have contributed 8,17,344 & 7,92,822 metric tonnes tothis achievement.
"JSPL has delivered a solid performance in Q3. Despite adverse market conditions, JSPL has achieved these results due to the determination of our able leadership & talented work-force across all locations," said VR Sharma, MD, JSPL.
Stocks in Spotlight:
HDFC Bank rose 1.59%. The bank's advances grew by 20% to Rs 9.34 lakh crore as of 31 December 2019 as compared to Rs 7.81 lakh crore as of December 31, 2018. Lender's advances stood at Rs 8.97 lakh crore as of September 30, 2019.
Deposits for HDFC Bank stood at Rs 10.67 lakh crore as of 31 December 2019 growing by 25% compared to Rs 8.52 lakh crore as of 31 December 2018. In September 2019, deposits stood at Rs 10.21 lakh crore. Current and saving account (CASA) ratio stood at around 39.5% as of 31 December 2019, as compared to 40.7% as of 31 December 2018 and 39.3% as of 30 September 2019.
Mahindra & Mahindra (M&M) advanced 0.47% after reporting 22.54% rise in production at 33,888 units in December 2019 as against 27,653 units during the same month last year.
G M Breweries fell 4.22%. On standalone basis, the company reported a 16.34% decline in net profit to Rs 13.98 crore in Q3 December 2019 over Q3 December 2018. Total revenue from operations declined 3.89% to Rs 119.74 crore in Q3 December 2019 as against Rs 124.58 crore in Q3 December 2018.
The company in notes to accounts clarified that the drop in PBT (profit before tax) is mainly on the back of unprecedented rise in cost of company's main raw material namely, rectified spirit. Net impact of increase in average price of rectified spirit is Rs 6.33 crore.
ITI surged 13.37% after the company announced a stellar Q3 December 2019 earnings after market hours yesterday. The telecommunications equipment manufacturer reported 1139% jump in its consolidated net profit to Rs 168.25 crore on a 47% jump in net sales to Rs 827.95 crore in Q3 December 2019 over Q3 December 2018.
The bump in the net profit was aided by 107.9% rise in the company's other income to Rs 150.87 crore received from the government for meeting the company's PF liabilities towards its employees and also account of 'write-back' of liablities which in the opinion of the company is no longer required.
Mishra Dhatu Nigam rose 1.83% after the company dispatched its first consignment of ultra high strength steel for ignitor box and cobalt alloy for throat sitting rings for indigenous manned mission of Indian Space Research Organisation (ISRO) 'Gaganyaan'.
PI Industries fell 0.81%. The chemical manufacturer said a factory accident that happened in one section of a multi-product plants at Jambusar fine chemicals manufacturing site in Gujarat. This accident unfortunately resulted in two fatalities and nine others are injured. The accident did not result in any fire or hazardous emissions but was limited to one MPP and has not affected operations of the other MPPs at the site.
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