Key equity indices reversed early gains and turned flat in morning trade. The Nifty 50 gave up 12,050 level and traded lower. Market participants continued to be cautious ahead of the Union Budget on 1 February.
At 10:24 IST, the S&P BSE Sensex, was up 46.3 points or 0.11% at 40,960.12. The Nifty 50 index was up 1.85 points or 0.02% at 12,037.65.
The broader market declined. The S&P BSE Mid-Cap index was down 0.27% while the S&P BSE Small-Cap index was down 0.13%.
The market breadth turned negative. On the BSE, 788 shares rose and 941 shares fell. A total of 89 shares were unchanged. In Nifty 50 index, 20 stocks declined while 30 stocks advanced.
Economy:
The Budget Session of the Parliament will start today as the government will release Economic Survey for 2019-20 today, a day before the Union Budget. The Economic Survey is a detailed report card of country's economic performance for the last year.
Q3 Earnings:
Among Nifty companies, Hindustan Unilever (down 0.33%), ITC (up 0.75%), Power Grid Corporation of India (down 3.11%), SBI (up 0.05%), Tech Mahindra (up 0.21%) and Vedanta (down 0.07%) will announce their Q3 2019 earnings result today.
Jubilant Life Sciences (up 0.42%), Arvind (down 2.12%), Kansai Nerolac Paints (down 1.07%), Sun Pharma Advanced Research (down 0.98%), AIA Engineering (down 1.03%), J&K Bank (up 0.18%), Future Consumer (down 0.21%), Tourism Finance Corporation of India (up 1.2%), Indian Energy Exchange (down 1.58%), IFB Agro Industries (up 2.27%), Castrol (up 2.93%), Birlasoft (down 1.41%), Bank of India (up 0.68%), Alembic (down 2.25%), Vinati Organics (down 0.12%), Shoppers Stops (down 0.33%) and Magma Fincorp (up 0.34%) are some of the companies that will announce their Q3 earnings today.
Q3 Results Impact:
MOIL tumbled 4.41% after the state owned mining company announced disappointing Q3 numbers yesterday. On consolidated basis, net profit slumped 54% to Rs 55.46 crore on a 23% decline in net sales to Rs 256.22 crore in Q3 December 2019 over Q3 December 2018.
JK Tyre & Industries declined 3.09% to Rs 75.35 after announcing uninspiring Q3 numbers after market hours yesterday. On a consolidated basis, net profit tumbled 59% to Rs 10.95 crore in Q3 December 2019 as against Rs 26.68 crore reported in Q3 December 2018. Net sales tumbled 19.4% on the back of slowdown in automobile industry to Rs 2199.80 crore in Q3 December 2019 over Q3 December 2018.
Shares of MCX were trading 0.36% lower at Rs 1272.75. MCX reported a 32.3% jump in consolidated net profit to Rs 55.57 crore in Q3 December 2019 as against Rs 42 crore reported in Q3 December 2018. MCX's total income rose 3.4% to Rs 113 crore in Q3 2019 over Q3 2018. The company reported that EBITDA for the quarter ended 31 December 2019 increased by 18% to Rs 62.67 crore from Rs 53.13 crore over the corresponding quarter ended 31 December 2018.
Laurus Labs gained 1.42% to Rs 442.5 after the pharmaceutical company reported decent set of result. On a consolidated basis, net profit soared 312.3% to Rs 73.48 crore in Q3 December 2019 over Q3 December 2018. Net sales jumped 37.8% to Rs 729.59 crore on YoY basis. Company's consolidated EBITDA grew at 68% YoY to Rs 150 crore while the EBITDA margin stood at 21% in Q3 December 2019.
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