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, as per the provisional closing data. The Nifty 50 index lost 51.55 points or 0.42% to 12,086.40, as per the provisional closing data.
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, 1204 shares rose and 1211 shares fell. A total of 162 shares were unchanged. In Nifty 25 index, 29 stocks advanced while 25 stocks declined.
Stocks in Spotlight:
Among Nifty companies, Britannia Industries (down 0.23%), NTPC (up 3.30%), UPL (up 1.62%) and Tata Steel (down 1.69%) will announce their Q3 December 2019 result today.
Adani Enterprises rose 1.18% to Rs 239.25 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 0.55% to Rs 244.95. The IT major on Thursday said it has received a multi-year technology services contract from automotive supplier Marelli.
Sun Pharmaceutical Industries slipped 0.13% higher at Rs 430.40. 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.
Hero MotoCorp rose 1.24% to Rs 2441.75. 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 3250% amounting to Rs 65 per share.
Varun Beverages surged 8.01% to Rs 838.95. 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. Consolidated revenue from operations jumped 54.14% to Rs 1239.53 crore in Q4 December 2019 as compared to Rs 804.13 crore reported in Q4 December 2018. 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 2.55% to Rs 700.90. 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 9.25% to Rs 25.40. 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 2.35% lower at Rs 510. 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 4.04% to Rs 1650.35. 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.
Trent spurt 11.36% higher at Rs 660.50. 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. On a consolidated basis, company's net sales jumped 45.3% to Rs 988.29 crore in Q3 December 2019 as compared to Rs 680.3 crore reported in Q3 December 2018.
Global Markets:
Europeans shares extended losses while most Asian stocks mostly ended lower on Friday as the growing death toll and economic damage from a new virus spreading from China curbed further gains. The death toll in China rose to 636 in just under a week. The number of infections stood at 31,161.
Investors remain attentive to the economic developments of the coronavirus. 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 nonfarm 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.
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