Key benchmark indices endured a volatile session and ended with small losses on Wednesday. The sentiment was negative after Iran fired more than a dozen missiles at two US military targets inside Iraq in response to the United States' killing of senior Iranian military commander Qassem Soleimani last week.
The barometer BSE S&P Sensex fell 51.73 points or 0.13% to 40,817.74, as per the provisional closing data. The Nifty 50 index fell 27.60 points or 0.23% to 12,025.35, as per the provisional closing data.
The broader market recouped all losses in late trade. The S&P BSE Mid-Cap index rose 0.23% while the S&P BSE Small-Cap index gained 0.06%.
The market breadth turned positive in the last hour of the session. On the BSE, 1008 shares rose and 1433 shares fell. A total of 188 shares were unchanged. In Nifty 50 index, 21 stocks advanced while 29 stocks declined.
Economy:
The National Statistical Office on Tuesday forecast India's GDP growth to be 5% in 2019-20, slower than the previous year's 6.8% and in line with the RBI estimate. Real GVA growth is estimated 4.9% in 2019-20 as against 6.6% in 2018-19.
Buzzing Index:
The Nifty IT index rose 0.44% to 15,964.40, outperforming all other sectoral indices on the NSE.
Oracle Financial Services Software (up 2.81%), TCS (up 2.21%), MindTree (up 0.48%), Persistent Systems (up 0.29%) and HCL Technologies (up 0.2%) advanced.
Tech Mahindra (down 0.92%), MphasiS (down 0.51%), Wipro (down 0.24%) and Hexaware Technologies (down 0.13%) declined.
Infosys was down 1.34%. The company will announce Q3 results on Friday, 10 January 2020.
Stocks in Spotlight:
Car major Maruti Suzuki India slipped 0.58% to Rs 7032.95. The company's total production rose 7.88% to 1.15 lakh units in December 2019 from 1.07 lakh units in December 2018.
Mahindra & Mahindra lost 0.55% to Rs 523.75. CARE Ratings has reaffirmed M&M's long term rating on bank loan facilities at AAA with stable outlook. The short-term rating was reaffirmed at A1+. The ratings factors the company's its dominant market position in the Indian tractor industry and Light commercial vehicles (LCV) segment.
Yes Bank gained 2% to trade at Rs 46 after the bank said its board will meet on 10 January 2020 to consider fund raising. Meanwhile, Yes Bank is banned from trading in NSE's F&O segment after the security crossed 95% of market wide position limit.
Tata Steel shed 0.36% lower at Rs 473.95. The steel major announced that its arm TS Alloy has received a letter of intent for grant of mining lease by Odisha Government for the chromite mine. The mining lease given is for 50 years.
Shares of Goa Carbon hit 5% upper circuit at Rs 230.4 after the company reported its December 2019 production numbers. Production of Calcined Production Coke surged 76.69% higher to 11,111.800 MT in December 2019 as against 6289 MT in December 2018. Production declined 28% sequentially in December 2019 as against November 2019.
NCL Industries fell 3.34% to Rs 95.55. The company's cement production fell by 23% to 423,199 MT in Q3 December 2019 from 552,019 MT in Q3 December 2018. Cement dispatches declined by 22% to 430,861 MT in Q3 December 2019 as compared to 552,395 MT in Q3 December 2018.
Foreign Markets:
Stocks in Europe and Asia edged lower on Wednesday after the Middle East tensions flared following Iran's attack on military facilities in Iraq hosting American troops.
Tehran retaliated to Washington's killing of its top military commander late Tuesday, launching more than a dozen ballistic missiles targeted at US military forces in Iraq.
Iranian Foreign Minister Mohamad Javad Zarif tweeted "we do not seek escalation or war, but will defend ourselves against any aggression."
"All is well!" President Donald Trump tweeted, adding that an assessment of casualties was taking place.
Back in Europe, British Prime Minister Boris Johnson is meeting with European Commission President Ursula von der Leyen Wednesday, where he is due to tell her that the U.K. will not extend its transition out of the EU beyond December 2020.
US stock market ended slightly lower Tuesday, as concerns about the possibility of war in the Middle East overshadowed favourable US economic data.
In economic data, the US ISM service sector index rose to a four-month high of 55 in December, according to the Institute for Supply Management. The US Commerce Department also reportedly said the trade deficit narrowed in November to a 3-year low, but factory orders fell 0.7% in November.
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