Key indices were trading higher on buying in selective index stocks. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 201.36 points or 0.49% at 41,525.17. The Nifty 50 index was up 41.25 points or 0.34% at 12,211.10.
The S&P BSE Mid-Cap index was up 0.37%. The S&P BSE Small-Cap index was up 0.42%. Both these indices underperformed the BSE Sensex.
The market breadth, indicating the overall health of the market, was positive. On the BSE, 659 shares rose and 163 shares fell. A total of 26 shares were unchanged.
Among stocks, Bharti Airtel rose 1.07%. Bharti Airtel said the department of telecommunications accepted its application to increase the limit of foreign investment of up to 100% in the company. This will allow foreign portfolio investors and foreign institutional investors to invest up to 74% of the paid up capital of the company.
Zee Entertainment Enterprises fell 1.22%. Zee Entertainment Enterprises reported 37.87% fall in consolidated net profit to Rs 349.43 crore on 5.92% fall in total income to Rs 2119.60 crore in Q3 December 2019 over Q3 December 2018. During the quarter television network had an all-India viewership share of 18.2%. While regional portfolio increased its viewership share, share in the Hindi speaking markets declined. Digital business recorded a peak DAU (Daily Active Users) base of 11.4 million in December 2019.
HDFC Asset Management Company advanced 1.81%. HDFC Asset Management Company reported 44.93% rise in net profit to Rs 352.55 crore on 11.13% rise in total income to Rs 591.99 crore in Q3 December 2019 over Q3 December 2018. Strong and growing order book in the form of long tenure SIP book provides predictable flows.
Allahabad Bank fell 0.27%. Allahabad Bank informed that that a meeting of board of directors of the bank will meet on 24 January 2020, to consider and approve a proposal for raising equity capital of the Bank by an amount aggregating upto Rs 2153 crore (including premium) by way of preferential allotment of new equity shares of the bank to the Government of India.
Indiamart Intermesh jumped 12.25%. Indiamart Intermesh reported 123.83% rise in consolidated net profit to Rs 62.00 crore on 23.47% rise in total income to Rs 181.50 crore in Q3 December 2019 over Q3 December 2018. The company generated consolidated cash flow from operations of Rs 71 crore leading to Cash and Investments of Rs 859 crore as on 31 December 2019 compared to 574 crore on 31 December 2018, up 50%.
Polycab India gained 2.55%. Polycab India reported 13.16% rise in consolidated net profit to Rs 18.78 crore on 22.29% rise in total income to Rs 2507.65 crore in Q3 December 2019 over Q3 December 2018. Revenue growth was driven by healthy growth across segments.
Overseas, Asian stocks were trading mixed on Wednesday as investors took stock of the spread of a new strain of coronavirus from China and weighed the possible consequences of a global pandemic.
In US, benchmark stock indexes finished lower on Tuesday after news that the Chinese coronavirus had spread to the US raising fears of a pandemic that might affect global economic growth.
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