The market sharply pared gains in mid-morning trade as selling emerged at higher levels. The Nifty trade above 12,100 level. At 11:28 IST, the S&P BSE Sensex, was up 65.26 points or 0.16% at 41,180.64. The Nifty 50 index was up 20 points or 0.17% at 12,126.90.
The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index rose 0.8% while the S&P BSE Small-Cap index was up 0.44%.
The market breadth was positive. On the BSE, 1179 shares rose and 836 shares fell. A total of 128 shares were unchanged. In Nifty 50 index, 27 stocks advanced while 23 stocks declined.
Stocks in Spotlight:
Yes Bank (up 2.73%) is banned from trading in NSE's F&O segment for today after the security crossed 95% of market wide position limit.
Cipla fell 0.1% to Rs 471.30 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).
Alembic Pharmaceuticals in an exchange filing today announced it has received final approval from the US Food & Drug Administration (USFDA) for its Fenofibrate Tablets USP, 54 mg and 160 mg. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD) Tricor Tablets, 54 mg and 160 mg, of AbbVie Inc.
Shares of Alembic Pharmaceuticals were trading 0.21% lower at Rs 588.5.
Q3 Results:
Ujjivan Small Finance Bank rose 3.51% to Rs 53.15 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.
CreditAccess Grameen rose 0.09% to Rs 799.9 after reporting a 5.1% decline in profit before tax (PBT) to Rs 145.92 crore in Q3 December 2019 over Q3 December 2018. Net profit rose 8.3% to Rs 107.99 crore in Q3 December 2019 from Rs 99.74 crore in Q3 December 2018. Net interest income stood at Rs 300.9 crore in Q3 FY20, up by 28.1% from Rs 235 crore in Q3 FY19.
Raymond advanced 2.06% to Rs 686.95 after consolidated net profit surged 409.2% to Rs 195.28 crore on a 12.6% jump in net sales to Rs 1,885.43 crore in Q3 December 2019 over Q3 December 2018. Consolidated profit before tax soared 263.50% to Rs 219.30 crore in Q3 December 2019 as compared to Rs 60.33 crore in Q3 December 2018. The Q3 earnings were announced after market hours yesterday, 22 January 2020.
Foreign Markets:
Asian markets were trading lower on Thursday as investors remained anxious about the spread of a new flu-like virus in China.
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.
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