Key barometers were trading near the day's high in mid-afternoon trade. The Nifty traded above 12,150 level. At 14:23 IST, the S&P BSE Sensex, was up 257.46 points or 0.63% at 41,372.84. The Nifty 50 index was up 64.35 points or 0.53% at 12,171.25.
A correction in crude oil prices improved sentiment in the domestic market. However, gains were capped amid negative global stock markets.
The S&P BSE Mid-Cap index jumped 1.13% while the S&P BSE Small-Cap index was up 0.85%. Both these indices outperformed the Sensex.
The market breadth was positive. On the BSE, 1395 shares rose and 990 shares fell. A total of 150 shares were unchanged. In Nifty 50 index, 35 stocks advanced while 15 stocks declined.
Stocks in Spotlight:
Canara Bank added 1.35% to Rs 221.80. The bank's net profit rose 3.81% to Rs 329.62 crore in Q3 December 2019 as compared with Q3 December 2018. The bank reported a 3.61% rise in total income to Rs 14,001.63 crore in Q3 December 2019 over Q3 December 2018.
Tax expense surged 223.5% to Rs 201.80 in Q3 December 2019 as compared with Rs 62.38 crore in Q3 December 2018.
The bank's gross non-performing assets (NPAs) stood at Rs 36,644.97 crore as on 31 December 2019 as against Rs 38,711.33 crore as on 30 September 2019 and Rs 44,621.27 crore as on 31 December 2018.
Jindal Drilling & Industries rose 2.78% to Rs 99.70. The firm's operation rig 'Virtue 1' has commenced operations on Tuesday, 21 January 2020 under the contract awarded by ONGC to the company.
Yes Bank jumped 5.72% to Rs 40.65. "Yes Bank is a significant player in the market with an almost $40 billion balance sheet," State Bank of India chairman Rajnish Kumar told the media in Davos. "I have a feeling that it will not be allowed to fail," he added. Kumar said it won't be good for India's economy as a whole if Yes Bank were to fail. "Because a bank of that size, if it is allowed to fail, there's a problem, he said. And I am sure that some solutions will emerge."
Dilip Buildcon advanced 0.79% to Rs 422. The company said that it has executed an EPC agreement with the Uttar Pradesh Expressways Industrial Development Authority (UPEIDA) for the development of Gorakhpur Link Expressway Project to Salarpur in Azamgarh, in the state of Uttar Pradesh. The length of the expressway is 43.035 km. The EPC project is worth Rs 1,250.01 crore and is expected to be completed within a period of 36 months.
Indoco Remedies gained 2.37% to Rs 232.95 after consolidated net profit spurted 71.62% to Rs 9.01 crore on 10% rise in total revenue from operations to to Rs 289.35 crore in Q3 December 2019 as against Q3 December 2018. Consolidated profit before tax jumped 189% to Rs 11.07 crore in Q3 December 2019 as against Rs 3.83 crore in Q3 December 2018.
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 6.619% at 14:16 IST compared with 6.635% in the previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was trading at 71.275, compared with its previous closing low of 71.195.
In the commodities market, Brent crude for March 2020 settlement was down 65 cents a barrel or 1.02% at $62.56 per barrel. The contract fell $1.38 or 2.13% to settle at $63.21 a barrel in Friday's session. Crude oil prices fell to their lowest in seven weeks on Thursday, on concern that the spread of a respiratory virus from China may lower fuel demand.
MCX Gold futures for 5 February 2019 settlement rose 0.04% to Rs 39,930.
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