The market barometers snapped three-day losing streak after a volatile session on Thursday. The Nifty managed to close above the 12,150 level. Trading was volatile on account of weekly index expiry on the NSE.
Global stock markets declined amid increasing concerns over the spread of the mysterious coronavirus that has infected hundreds in China. Domestic shares, however, got a boost after crude oil prices fell to their lowest in seven weeks as the coronavirus outbreak in China could trigger slowdown in air travel.
The barometer BSE S&P Sensex rose 271.02 points or 0.66% to 41,386.40, as per the provisional closing data. The Nifty 50 index added 73 points or 0.60% to 12,179.90, as per the provisional closing data.
In the broader market, the S&P BSE Mid-Cap index rose 1.06% while the S&P BSE Small-Cap index gained 0.95%. Both these indices outperformed the Sensex.
The market breadth favored the buyers. On the BSE, 1452 shares rose and 1070 shares fell. A total of 147 shares were unchanged. In Nifty 50 index, 34 stocks advanced while 15 stocks declined. 1 stock was unchanged.
Buzzing Index:
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The Nifty PSU Bank index rose 1.21% to 2,439.05. The index had fallen 2.26% in the previous four sessions.
United Bank of India (up 2.49%), Central Bank of India (up 2.43%), State Bank of India (up 2.18%), Union Bank of India (up 1.75%), Punjab National Bank (up 1.31%), Canara Bank (up 1.03%), Bank of Baroda (up 0.69%), UCO Bank (up 0.62%), Bank of Maharashtra (up 0.6%), Indian Bank (up 0.53%), Punjab & Sind Bank (up 0.49%), Andhra Bank (up 0.3%), Allahabad Bank (up 0.27%) and Bank of India (up 0.15%) advanced.
Q3 Earnings:
Larsen & Toubro rose 2.84% to Rs 1331 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 1.41% to Rs 722.80 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.
Indoco Remedies gained 1.96% to Rs 232 after consolidated net profit spurted 71.62% to Rs 9.01 crore on 10% rise in total revenue from operations to to Rs 289.35 crore in Q3 December 2019 as against Q3 December 2018. Consolidated profit before tax jumped 189% to Rs 11.07 crore in Q3 December 2019 as against Rs 3.83 crore in Q3 December 2018.
Axiscades Engineering Technologies hit an upper-circuit limit of 20% at Rs 75.15 crore after reporting a net profit of Rs 8.03 crore in Q3 December 2019 compared with net loss of Rs 73 lakh in Q3 December 2018. Consolidated net sales rose 4.9% to Rs 167.23 crore in Q3 December 2019 over Q3 December 2018. Profit before tax soared 804.4% to Rs 12.39 crore in Q3 December 2019 as compared to Rs 1.37 crore in Q3 December 2018. The Q3 results were declared after trading hours yesterday, 22 January 2020.
Ujjivan Small Finance Bank surged 4.19% to Rs 53.50 after standalone net profit surged 97.9% to Rs 89.66 crore on a 52.9% jump in total income to Rs 781.31 crore in Q3 December 2019 over Q3 December 2018. The bank is reporting their first ever quarterly result after being listed on the stock exchanges. Profit before tax (PBT) soared 72.3% to Rs 113.48 crore on YoY basis. The Q3 result was declared after trading hours yesterday, 22 January 2020.
Stocks in Spotlight:
Yes Bank jumped 6.63% to Rs 41 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."
Cipla fell 1.52% to Rs 464.60. 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 slumped 3.96% to Rs 540.80 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 1.02% to Rs 139.10 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 continued to trade lower while Asian markets ended 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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