Key barometers trimmed gains after hitting fresh intraday high in afternoon trade. The Nifty traded above 12,150 level. Gains were capped as global shares traded lower. At 13:29 IST, the S&P BSE Sensex, was up 245.50 points or 0.60% at 41,360.88. The Nifty 50 index was up 68.60 points or 0.57% at 12,175.50.
In the broader market, the S&P BSE Mid-Cap index surged 1.16% while the S&P BSE Small-Cap index was up 0.84%.
The market breadth was positive. On the BSE, 1350 shares rose and 957 shares fell. A total of 147 shares were unchanged. In Nifty 50 index, 35 stocks advanced while 15 stocks declined.
Stocks in Spotlight:
Tata Motors (up 2.26%), BPCL (up 2.03%), Titan Company (up 1.98%) and State Bank of India (up 1.90%) were the top gainers.
Zee Entertainment Enterprises (down 6.96%), Power Grid Corporation of India (down 1.15%), Tech Mahindra (down 1.02%), Asian Paints (down 0.99%) and Bajaj Finance (down 0.87%) were the top drags.
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Yes Bank jumped 5.72% to Rs 40.65 after State Bank of india chairman said Yes Bank 'will not be allowed to fail'. "Yes Bank is a significant player in the market with an almost $40 billion balance sheet," State Bank of India chairman Rajnish Kumar told the media in Davos. "I have a feeling that it will not be allowed to fail," he added. Kumar said it won't be good for India's economy as a whole if Yes Bank were to fail. "Because a bank of that size, if it is allowed to fail, there's a problem, he said. And I am sure that some solutions will emerge."
Larsen & Toubro rose 2.64% to Rs 1328.40 after consolidated net profit rose 15.2% to Rs 2352.12 crore in Q3 December 2019 from Rs 2041.62 crore in Q3 December 2018. Profit before tax (PBT) of the construction company stood at Rs 3414.57 crore in Q3 December 2019 (Q3FY20), down by 3.7% from Rs 3544.82 crore in Q3 December 2018 (Q3FY19). Net sales rose by 5.9% to Rs 36,242.68 crore in Q3FY20 as compared to Rs 34,233.96 crore in Q3FY19. Tax outgo stood at Rs 815.18 crore in Q3FY20, down by 31.1% from Rs 1182.80 crore in Q3FY19.
The consolidated order book of the group stood at Rs 306,280 crore as at 31 December 2019, registering a reasonably high growth of 5% over March 2019. International orders constitute 24% of the total order book.
Axis Bank gained 1.79% to Rs 725.50 after standalone net profit rose 4.53% to Rs 1,757 crore on a 7.52% rise in total income to Rs 19,494.87 crore in Q3 December 2019 over Q3 December 2018. Total tax expense fell 34.78% to Rs 514.77 crore in Q3 December 2019 as against Rs 789.29 crore paid in Q3 December 2018. The Q3 earning was released after market hours yesterday, 22 January 2020.
Loan book grew by almost Rs 28,500 crore quarter on quarter (QoQ). Retail loan book grew 25% year-on-year (YoY), domestic corporate book grew 16% YoY.
Cipla recovered from the lows and was currently trading 0.70% higher at Rs 475.05 after the company The drug maker informed has informed that that the United States Food and Drug Administration (USFDA) has classified the inspection conducted at its Goa manufacturing facility from 16-27 September 2019 as Official Action Indicated (OAI).
UPL fell 2.1% to Rs 551.25 after the firm confirmed that Income tax Department searched its offices and departments.
In its clarification after trading hours yesterday, 22 January 2020, UPL said that it was unable to offer any comment at this juncture. The company is committed to fully co-operate with the authorities in the ongoing search. The company conducts its business in compliance with the provisions of law and shall disseminate further information to the extent and as when it is required to be disseminated. The media reported that I-T department conducted searches at UPL's offices and premises on account of suspicion of tax evasion and account manipulation.
Oil India rose 2.11% to Rs 140.60 after the company moved to the Supreme Court seeking modification of Department of Telecommunication (DoT)'s demand for AGR dues worth Rs 48000 crore.
Foreign Markets:
Markets in Europe opened lower while Asian markets were trading lower on Thursday as investors remained anxious about the spread of a new flu-like virus in China and worries that the EU is the next target on President Donald Trump's trade list.
Investor sentiment has taken a hit this week as the mysterious coronavirus that has infected hundreds in China spreads. The World Health Organization postponed a decision Wednesday over whether to declare the disease a global health emergency. Beginning Thursday morning Beijing time, all public transportation was suspended in the Chinese city of Wuhan, where the outbreak is believed to have started.
Meanwhile, Japanese trade data released on Thursday showed exports falling more than expected in December. Japanese exports for December fell 6.3% in December as compared to a year before, data from country's Ministry of Finance data showed.
On Wednesday, President Trump reportedly said the EU has no choice but to negotiate a new trade deal with the U.S. and if not, he would need to take action in the form of very high tariffs on their cars and other things. Trump said that Europe has been very tough to deal with and had taken advantage of the U.S.
Markets will be watching the European Central Bank on Thursday as its governing board publishes its first monetary policy decision of the year on Thursday.
US stock market ended steady on Wednesday helped by good earnings reports from technology stocks and news that Chinese authorities were taking steps to contain a possible coronavirus pandemic, relieving investor fears about a threat to global economic growth.
Back in the U.S., Trump's impeachment trial is playing out. On Wednesday, House Democrats began a three-day process of laying out their case to the Senate that Trump should be convicted and removed from office.
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