After a minor firmness in early afternoon, key market barometers pared gains and returned to trade near the flat line in afternoon trade. Global stock markets were under pressure after the death toll and incidence rate of the Wuhan coronavirus escalated over the weekend.
At 13:26 IST, the S&P BSE Sensex, was up 27.34 points or 0.07% at 41,182.46. The Nifty 50 index was up 11.50 points or 0.09% at 12,130.50.
The broader market traded higher. The S&P BSE Mid-Cap index was up 0.16% while the S&P BSE Small-Cap index was up 0.30%.
The market breadth was negative. On the BSE, 1075 shares rose and 1195 shares fell. A total of 174 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.
Stocks in Spotlight:
Sun Pharmaceutical Industries (up 2.52%), BPCL (up 2.37%), Bajaj Finance (up 1.93%), Dr. Reddy's Laboratories (up 1.68%) and Indian Oil Corporation (up 1.62%) advanced.
Bharti Airtel (down 3.43%), Vedanta (down 3.33%), JSW Steel (down 2.13%), Tata Steel (down 1.97%) and Bharti Infratel (down 1.57%) declined.
HDFC rose 2.42% to Rs 2453.75. The housing finance major's standalone net profit surged 296.1% to Rs 8,372.49 crore in Q3 December 2019 from Rs 2113.80 crore in Q3 December 2018. The reported profit before tax for the quarter ended on 31 December 2019 stood at Rs 9142.99 crore, up by 218.7% from Rs 2,869 crore in the corresponding quarter of the previous year. Merger of GRUH Finance with Bandhan Bank resulted in a fair value gain of Rs 9,019.81 crore in Q3 December 2019.
Net interest income (NII) rose 9% to Rs 3,239.92 crore in Q3 December 2019 from Rs 2,983.89 crore in Q3 December 2018. Net interest margin stood at 3.3% as on 31 December 2019 as compared to 3.4% as on 31 December 2018.
Assets Under Management (AUM) rose 13.59% to Rs 505,401 crore as on 31 December 2019 as compared to Rs 444,923 as on 31 December 2018. The gross non-performing loans as at 31 December 2019 stood at Rs 5,950 crore. This is equivalent to 1.36% of the loan portfolio. The non-performing loans of the individual portfolio stood at 0.75% while that of the non-individual portfolio stood at 2.91%.
Maruti Suzuki India slipped 0.26% to Rs 7125.10. The car major announced a price change for select models owing to increase in input costs. The company said that the price change varies across models and ranges from 0% to 4.7% (ex-showroom - Delhi). The new prices are effective from 27 January 2020.
Maruti Suzuki India will announce Q3 results later today.
Coal India fell 1.47% to Rs 190.45. CIL's production stood at 54.17 million tonnes (MTs) till 27 January 2020, was ahead by 5.23 MTs in absolute terms on a like-to-like comparison of last year, registering a growth of 10.7% - the first double digit growth so far during the current fiscal. CIL as whole has been averaging close to 2 MTs per day coal output during the month. Coal off-take at 48.07 MTs, as of 27 January 2020, registered a growth of 6.2% compared to same date last January, the increase in volume terms being 2.82 MTs.
Global Markets:
Overseas, European markets opened higher while most Asian markets were trading lower on Tuesday. The continued spread of the coronavirus in Asia fed risk-off sentiment among traders.
Markets in China and Hong Kong were closed on Tuesday for holidays.
China took more drastic steps to combat the coronavirus. As of Tuesday morning, Chinese health authorities have reportedly confirmed that 106 people have died with 4,515 now infected, with cases reported in multiple countries around the world.
US markets on Monday closed sharply lower, with all three indexes posting their worst daily losses in months, while U.S. 10-year Treasury yields hit a three-month low as investors flocked to traditional safe-haven assets. This happened amid growing worries about the economic implications of a rising death tolls and growing infections from a fast-moving virus in China.
Back in Europe, Brexit is back in focus with the U.K. set to leave the European Union on Friday, beginning a transitional period in which both sides work toward the ambitious target of agreeing a new free trade agreement this year.
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