Key benchmark indices corrected on Friday, following four sessions of broad gains. The Nifty slipped below 12,100 mark. Negative global cues spoiled investors sentiment.
The barometer BSE S&P Sensex fell 164.18 points or 0.40% to 41,141.85. The Nifty 50 index lost 51.55 points or 0.42% to 12,086.40.
Broader market bucked trend. The S&P BSE Mid-Cap index rose 0.44% while the S&P BSE Small-Cap index gained 0.75%.
The market breadth was almost even. On the BSE, 1212 shares rose and 1287 shares fell. A total of 172 shares were unchanged.
Numbers to Track:
The yield on 10-year benchmark federal paper fell to 6.434% compared with 6.446% in the previous trading session.
In the foreign exchange market, the rupee depreciated against the dollar. The partially convertible rupee was trading at 71.44, compared with its previous closing low of 71.18.
In the commodities market, Brent crude for April 2020 settlement was down 14 cents at $54.79 a barrel. The contract fell 35 cents or 0.63% to settle at $54.93 a barrel in the previous trading session.
MCX Gold futures for 5 February 2019 settlement rose 0.47% to Rs 40,540.
Global Markets:
Europeans shares extended losses while most Asian stocks mostly ended lower on Friday. Investors remained attentive to the economic developments of the coronavirus. The death toll in China rose to 636 in just under a week. The number of infections stood at 31,161. S&P Global Ratings said in a report Friday that it lowered its growth forecasts for China for 2020 to 5% from 5.7% prior to the outbreak.
Investors are also awaiting non-farm payrolls due in the US later today.
In US, markets closed higher on Thursday, seizing a fresh round of records, after the market got another shot of confidence from promised trade tariff reductions.
Beginning 14 February China would cut in half tariffs on some $75 billion of US imports, as part of its phase-one trade resolution with the U.S., according to reports from China's Ministry of Finance.
Buzzing Indian Index:
The Nifty Pharma index rose 1.30% to 8,335.25. The index rose 4.61% in four consecutive sessions.
Aurobindo Pharma (up 7.02%), Divi's Laboratories (up 3.52%), Glenmark Pharmaceuticals (up 2.39%), Piramal Enterprises (up 1.92%), Ipca Laboratories (up 1.52%), Wockhardt (up 0.88%), Strides Pharma (up 0.86%), Cipla (up 0.78%), GlaxoSmithKline Pharmaceuticals (up 0.74%), Cadila Healthcare (up 0.7%) and Dr. Reddy's Laboratories (up 0.16%) jumped.
Alkem Laboratories rose 4.47%. The drug maker's consolidated net profit rose 88.60% to Rs 381.98 crore in Q3 December 2019 as against Rs 202.53 crore in Q3 December 2018. Net sales rose 13.26% to Rs 2181.84 crore year-on-year (YoY).
Sun Pharmaceutical Industries slipped 0.12%. The drug major's consolidated net profit fell 26.44% to Rs 913.52 crore in Q3 December 2019 compared with net profit of Rs 1,241.85 crore in Q3 December 2018. Total revenue from operations for the December quarter stood at Rs 8,154.85 crore, up 5.36% from Rs 7,740.19 crore in Q3 December 2018.
Stocks in Spotlight:
Among Nifty companies, Britannia Industries (down 0.06%) and Tata Steel (down 1.46%) will announce their Q3 December 2019 result today.
NTPC rose 3.30%. The state-run power generation major reported a 22.6% rise in consolidated net profit to Rs 3197.73 crore in Q3 December 2019 over Q3 December 2018. Revenue from operations in Q3 December 2019 fell 0.31% to Rs 25412.39 crore during the period under review.
UPL rose 1.17%. The company reported 77.54% jump in consolidated net profit to Rs 838 crore in Q3 December 2019 (Q3 FY20) from Rs 472 crore in Q3 December 2018 (Q3 FY19). Revenue from operations surged 80.69% to Rs 8,892 crore in Q3 FY20 compared with Rs 4,921 crore in Q3 FY19.
Trent spurted 11.56%. The company reported a 21.5% jump in consolidated net profit to Rs 53.87 crore in Q3 December 2019 as against Rs 44.33 crore reported in Q3 December 2018. Net sales jumped 45.3% to Rs 988.29 crore during the period under review.
Hero MotoCorp rose 1.25%. The automaker reported 16.32% rise in consolidated net profit to Rs 901.81 crore on 10.56% fall in total income to Rs 7,284.06 crore in Q3 December 2019 over Q3 December 2018. The company announced an interim dividend of Rs 65 per share.
Adani Enterprises rose 1.37% after Airbus India and Adani Defence & Aerospace signed an agreement on Thursday to explore opportunities for collaboration in the area of aircraft services for Indian and South Asian market. Airbus' Global Services forecast envisages the Indian aircraft services market to grow to $6.3 billion by 2025.
Wipro gained 0.16%. The IT major on Thursday said it has received a multi-year technology services contract from automotive supplier Marelli.
Varun Beverages surged 8.49%. The non-alcoholic beverage maker reported a consolidated net loss of Rs 53.95 crore in Q4 December 2019, lower than net loss of Rs 70.82 crore in Q4 December 2018. Revenue from operations jumped 54.14% to Rs 1239.53 crore in during the period under review. The company reported a pre-tax loss of Rs 64.16 crore in Q4 December 2019, lower than pre-tax loss of Rs 86.59 crore reported in Q4 December 2018. The company reported a 142.2% jump in consolidated EBITDA to Rs 115.74 crore in Q4 December 2019 from Rs 47.79 crore reported in Q4 December 2018.
Voltas rose 2.65%. The company reported a 12.64% rise in consolidated net profit to Rs 87.95 crore in Q3 December 2019 as against Rs 78.08 crore reported in Q3 December 2018. Voltas' consolidated Total Income for Q3 December 2019 stood at Rs 1546.76 crore at par with Rs 1546.56 crore reported in corresponding quarter last year. Profit before tax (PBT) for Q3 December 2019 stood at Rs 119.32 crore, up by 10% YoY. Current tax expenses declined 4.66% to Rs 32.72 crore during the period under review.
Corporation Bank jumped 9.68%. The public sector bank reported a 594.98% jump in net profit to Rs 420.67 crore in Q3 December 2019 as against Rs 60.53 crore posted in Q3 December 2018. The bank's total income rose 47.11% to Rs 6049.67 crore in Q3 December 2019 from Rs 4112.32 crore in Q3 December 2018. Provisions and contingencies (excluding tax provisions) jumped 73.82% to Rs 1312.57 crore in Q3 December 2019 over Q3 December 2018.
Indraprastha Gas (IGL) fell 2.22%. IGL reported 34.8% jump in consolidated net profit to Rs 297.37 crore in Q3 December 2019 (Q3 FY20) over Q3 December 2018 (Q3 FY19). Profit before tax in the December quarter stood at Rs 392.66 crore, up 17.5% from Rs 334.12 crore in Q3 last year. The result was announced after market hours yesterday. During Q3 FY20, CNG sales volume increased by 9% to 317.76 million kgs and PNG sales volumes increased by 18% to 163.80 million scm over Q3 of FY19. On an overall basis there is 13% increase in sales volume during this quarter as they stood at 615.96 million scm as compared to the corresponding quarter of FY19.
Metropolis Healthcare advanced 4.25%. The company reported 34.8% jump in consolidated net profit to Rs 42.07 crore in Q3 December 2019 as compared to Rs 31.21 crore reported in Q3 December 2018. Net sales rose 17% to Rs 222.85 crore in Q3 FY20 as compared to Rs 190.44 crore in Q3 FY19.
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