After a positive start in early trade, key benchmark indices trimmed intraday gains in morning trade. At 10:18 IST, the barometer index, the S&P BSE Sensex was up 97.21 points or 0.4% at 24,435.64. The 50-unit Nifty 50 index was currently up 25.95 points or 0.35% at 7,429.95.
The Sensex rose 131.30 points or 0.53% at the day's high of 24,469.73 in early trade. The barometer index rose 7.36 points or 0.03% at the day's low of 24,345.79 at the onset of the trading session. The Nifty rose 39.85 points or 0.53% at the day's high of 7,443.85 in early trade. The index rose 2.65 points or 0.03% at the day's low of 7,406.65 at the onset of the trading session.
In overseas stock markets, Asian stocks were trading mostly higher. In China, the Shanghai Composite index was currently off 0.11%. Hong Kong's Hang Seng index was currently up 0.57%. In Japan, the Nikkei Stock Average was currently down 2.07%. US stocks closed slightly higher yesterday, 4 February 2016 in a choppy trading session.
Closer home, the market breadth indicating the overall health of the market was positive. On BSE 922 shares rose and 819 shares decline. A total of 89 shares were unchanged. The BSE Mid-Cap index was currently up 0.85%, outperforming the Sensex. The BSE Small-Cap index was currently up 0.3%, underperforming the Sensex.
Cement stocks edged higher. Ambuja Cements (up 1.17%), UltraTech Cement (up 1.56%), Shree Cement (up 0.6%) and ACC (up 0.17%) gained.
Grasim Industries was off 0.06% at Rs 3,431.80. Grasim has exposure to cement sector through its holding in UltraTech Cement.
IT stocks rose. Oracle Financial Services Software (up 0.94%), Wipro (up 0.55%), TCS (up 0.81%), Tech Mahindra (up 0.23%) and HCL Technologies (up 0.14%) edged higher. Infosys (down 0.32%) edged lower.
Tata Steel lost 2.41% at Rs 220.70 after the company reported consolidated net loss of Rs 2127 crore in Q3 December 2015 compared with net profit of Rs 157 crore in Q3 December 2014. Turnover fell 16.63% to Rs 28039 crore in Q3 December 2015 over Q3 December 2014. Earnings before interest, taxation, depreciation and amortization (EBITDA) excluding one-offs and profit on sale of investments declined 69.96% to Rs 838 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 4 February 2016.
T V Narendran, Managing Director of Tata Steel India and South East Asia said that steel markets in India have been affected by depressed international steel prices and predatory imports. The quarter saw a sharp decline in steel prices which has impacted the margins, Narendran said.
Koushik Chatterjee, Group Executive Director (Finance and Corporate) said that the current business conditions for the global steel industry are extremely challenging with confluence of elevated imports across regions, currency headwinds and depressed market sentiments affecting Tata Steel Group's profitability. The Tata Steel Group has embarked on significant cost rationalisation program including fixed cost reduction, right sizing of manpower, productivity management and enriching the product mix across all geographies, Chatterjee said. These programs are expected to enhance the sustainable profitability profile of the company, he added. The company has also undertaken significant portfolio restructuring and will continue to pursue the same in the future, Chatterjee said.
Torrent Pharmaceuticals rose 2.6% at Rs 1,385 after consolidated net profit jumped 189.22% to Rs 483 crore on 32% rise in total revenue to Rs 1539 crore in Q3 December 2015 over Q3 December 2014. Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 120% to Rs 663 crore in Q3 December 2015 over Q3 December 2014. The result was announced after market hours yesterday, 4 February 2016.
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