Key indices opened marginally positive but quickly drifted into the negative zone taking cues from most Asian peers. At 9:21 IST, the barometer index, the S&P BSE Sensex, was down 73.77 points or 0.18% at 41,492.13. The Nifty 50 index was down 21.35 points or 0.17% at 12,179.85.
The S&P BSE Mid-Cap index was down 0.13%. The S&P BSE Small-Cap index was up 0.11%.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 523 shares rose and 494 shares fell. A total of 32 shares were unchanged.
The Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of December 2019 stood at 133.5, which is 0.3% lower as compared to the level in the month of December 2018. The cumulative growth for the period April-December 2019 over the corresponding period of the previous year stands at 0.5%
Consumer price inflation in January rose to 7.59%, holding around six-year top. CPI rural inflation has risen to 7.73% vs 7.23% in December. January core inflation also surged to 4.8% versus 3.7% in December.
Q3 earnings impact:
Among stocks, Indian Railway Catering & Tourism Corporation jumped 8.55%. Indian Railway Catering & Tourism Corporation (IRCTC) reported 179.62% jump in net profit to Rs 205.80 crore on 61.92% rise in total income to Rs 734.98 crore in Q3 December 2019 over Q3 December 2018. The company declared an interim dividend at the rate of Rs 10 per share, which is 100% of paid up share capital.
Ashok Leyland fell 2.52%. Ashok Leyland reported 93.29% fall in consolidated net profit to Rs 26.79 crore on 30.64% fall in total income to Rs 5,209.00 crore in Q3 December 2019 over Q3 December 2018. The industry witnessed 39% decline in volumes. Ashok Leyland also witnessed a volume drop during the quarter.
Torrent Power surged 6.55%. Torrent Power reported 76.99% jump in consolidated net profit to Rs 419.39 crore on 5.79% fall in total income to Rs 3,115.48 crore in Q3 December 2019 over Q3 December 2018. Sales grew The board approved interim dividend of Rs 11.60 per equity share, which includes a special dividend of Rs 5.00 per equity share, with a view to distribute a part of the one-time tax gain arising from reduction in tax rates.
Stocks in news:
PNC Infratech rose 1.58%. PNC Infratech said that the company bagged a hybrid annuity highway project worth Rs 2,052 crore in Uttar Pradesh. The project is to be constructed in 30 months and operated for 15 years post construction. This is the ninth hybrid annuity highway project secured by the company so far.
Yes Bank moved up 3.27%. Yes Bank informed that in the effort to raise capital the bank has received non-binding expressions of interest from several prominent investors like J.C. Flowers & Co. LLC; Tilden Park Capital Management LP; OHA (UK) LLP (part of Oak Hill Advisors); Silver Point Capital. The Bank is currently in discussions with these investors on the commercial terms, including pricing. The bank also said the process of fundraising will delay the announcement of its earnings for the December quarter to on or before 14 March 2020.
Aurobindo Pharma fell 0.39%. Aurobindo Pharma informed that it has completed the acquisition of some business assets of Profectus BioSciences Inc, a clinical-stage vaccine development company of Auro Vaccines LLC. Auro vaccines is a 100% subsidiary of Aurobindo Pharma USA Inc, which is an arm of the Indian pharmaceutical company.
General Insurance Corporation of India advanced 0.69%. General Insurance Corporation of India informed that that the Corporation has obtained license from the Central Bank of the Russian Federation (Bank of Russia) for its subsidiary company GIC Perestrakhovanie LLC, Moscow for commencement of reinsurance business. The license was received on 12 February 2020.
Global Markets:
Overseas, Asian stocks were trading mixed on Thursday as the number of new coronavirus cases at the outbreak's epicenter jumped sharply.
In US, stocks ended higher on Wednesday, with all three major benchmarks registering all-time closing highs, buoyed by signs of a slowdown in the number of new cases of COVID-19 a strain of coronavirus that emerged in Wuhan, China late last year.
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