Key indices firmed up and hit the day's high in morning trade. Buying was broad based with metal and pharma gaining the most. The Nifty traded above 11,250 level and it was almost 20 points away from its record high level.
At 10:21 IST, the barometer index, the S&P BSE Sensex, was up 189.56 points or 0.46% at 41,641.91. The Nifty 50 index was up 57.2 points or 0.48% at 12,274.05.
The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.79% while the S&P BSE Small-Cap index was up 0.83%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1283 shares rose and 533 shares fell. A total of 94 shares were unchanged. In Nifty 50 index, 39 stocks advanced while 11 stocks declined.
Q3 Earnings:
IT bellwether Infosys was up 1.15% ahead of its Q3 December 2019 results later today.
GTPL Hathway jumped 10.78% to Rs 89.90 after the company announced robust Q3 earnings. On consolidated basis, the company reported a 78.2% jump in net profit to Rs 33.06 crore on a 114.3% jump in net sales to Rs 673.97 crore in Q3 December 2019 over Q3 December 2018.
Emami Paper was locked in an upper circuit of 10% at Rs 89.5 after the company announced a stellar Q3 December 2019 result. On standalone basis, net profit jumped 222.9% to Rs 18.50 crore on a 7.4% rise in net sales to Rs 400.08 crore in Q3 December 2019 over Q3 December 2019.
Stocks in Spotlight:
Yes Bank (up 1.06%) is banned from trading in NSE's F&O segment after the security crossed 95% of market wide position limit.
Sterlite Technologies (STL) rose 2.98%. Sterlite Global Venture (Mauritius) a wholly owned subsidiary of STL, has entered into definitive agreements to acquire 12.8% stake (on issued and outstanding basis) in ASOCS, a vRAN technology company based out of Israel.
Tata Steel was trading 0.03% lower at Rs 482.85. The steel major announced its operational update for Q3 December 2019 before market hours today, 10 January 2020. Tata Steel India's production volume rose 1.83% to 4.46 million tons in Q3 December 2019 as against 4.38 million in Q3 December 2018. Production in Europe surged 6.84% to 2.5 million tons in same period. Sales Volume showed a significant improvement on YoY basis. Tata Steel India's sales jumped 24.42% to 4.84 million tonne in Q3 December 2019. Sales in Europe declined 1.7% to 2.31 million tons on the back of overall slowdown and seasonal weakness.
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