Key equity indices trimmed early gains in morning trade. The Nifty slipped below 12,150 level. Positive cues from other Asian shares boosted sentiment, but caution prevailed ahead of Union Budget on Saturday, 1 February 2020.
At 10:25 IST, the S&P BSE Sensex, gained 278.94 points or 0.68% at 41,197.40. The Nifty 50 index was up 68.8 points or 0.57% at 12,124.60.
The broader market outperformed the benchmark index. The S&P BSE Mid-Cap index was up 0.97% while the S&P BSE Small-Cap index was up 0.5%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 1226 shares rose and 576 shares fell. A total of 83 shares were unchanged. In Nifty 50 index, 42 stocks advanced while 8 stocks declined.
Q3 Earnings:
Bajaj Finance (up 1.54%) and Bajaj Finserv (up 1.3%) will announce their Q3 2019 earnings today.
Tata Power (up 1.81%), Escorts (up 1.15%), IDFC First Bank (up 2.77%), Pidilite Industries (up 1.2%), Jubilant Foodworks (up 0.6%), Vaibhav Global Beverages (up 0.99%), Orient Cement (up 0.53%), Trident (up 0.57%), NIIT Technologies (up 0.85%), Quess Corp (up 0.28%), Dixon Technologies (down 0.02%), Godrej Consumer Products (up 1.09%), Nava Bharat Ventures (up 1.48%), Meghmani Organics (up 2.69%), The Ramco Cements (up 0.66%), Aptech (down 2.04%), Cholamandalam Financial Holdings (down 0.22%) and Foseco (up 3.69%) are some of the companies that will announce their Q3 2019 earnings today.
Stocks in Spotlight:
Shares of KEI Industries were trading 2.97% lower at Rs 559.55. The company raised Rs 500 crore through the qualified institutional placement (QIP) of shares. The QIP opened on 23 January and closed on 28 January 2020. The floor price was set at Rs 518.14 per equity share. In an exchange filing made after market hours yesterday, the company informed that it allotted 1 crore shares at an issue price of Rs 500 per equity share upon the closure of the issue. The final issue price was 3.5% discount to the QIP floor price. The company issued shares to investors such as L&T Mutual Fund, ICICI MF, DSP MF and Tata AIA Life Insurance Company.
Ircon International was up 2.9% after the company said its board will consider stock split on 11 February 2020. The stock has a face value of Rs 10 per share.
Shares of Dr. Reddy's were down 0.97% at Rs 3157.95. The audit of company's API manufacturing plant at Srikakulam, Andhra Pradesh (CTO VI) conducted by the USFDA, has been completed on 28 January 2020. USFDA has issued a Form 483 with 5 (five) observations. The company assured that it will address them comprehensively within the stipulated timeline.
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