At 11:25 IST, the S&P BSE Sensex, was down 16.25 points or 0.04% at 41,126.41. The Nifty 50 index was down 1.9 points or 0.02% at 12,087.25.
The broader market traded slightly higher. The S&P BSE Mid-Cap index was up 0.22% while the S&P BSE Small-Cap index was up 0.33%.
The market breadth was positive. On the BSE, 1210 shares rose and 853 shares fell. A total of 123 shares were unchanged. In Nifty 50 index, 31 stocks advanced while 19 stocks declined.
Economy:
RBI will unveil its interest rates decision today, 6 February 2020, amid concerns over fiscal deficit and inflation. The six-member monetary policy committee (MPC) began its sixth bi-monthly monetary policy meeting on Tuesday (4 February). The resolution of the MPC will be placed on the RBI website at 11:45 IST today.
In the previous policy met in December, RBI had kept interest rates unchanged after five consecutive cuts.
Bi-monthly monetary policy's outlook on inflation and economy will be more vital, as the markets are already factoring in that central bank will most likely maintain status quo on interest rates.
Buzzing Index:
The Nifty Metal index was up 1.23%, rising for fourth consecutive session. The index has risen 8.77% in four trading days.
Metal stocks firmed up after the media reported that China is planning to cut tariff on some goods imported by US. Investors also took cue from China's effort to stimulate its economy and mitigate the coronavirus outbreak concerns. China is reportedly the largest manufacturer and consumer of industrial metals.
The Chinese government has announced numerous measures to support economic growth in the country faltered due to the outbreak of Coronavirus. One of the measures adopted by the Chinese Government is injecting $173 billion into the economy.
National Aluminium Company (up 3.34%), Jindal Steel & Power (up 3.05%), JSW Steel (up 1.78%), Ratnamani Metal & Tubes (up 1.62%), Hindustan Zinc (up 1.34%), Tata Metaliks (up 1.15%), NMDC (up 0.96%), Vedanta (up 0.87%), Tata Steel (up 0.81%), Coal India (up 0.5%) and Steel Authority of India Ltd (up 0.31%) are top gainers in metal segment.
Stocks in Spotlight:
Shares of Avenue Supermarts were trading 2.74% higher at Rs 2310.95. The firm informed that its operations committee has authorized the opening of the qualified institutional placement (QIP) of equity shares from February 5 onwards. The company intends to issue 2 crore shares at the floor price of Rs. 1999.04 per equity share, offering a discount of not more than 5% on the floor price as permitted under SEBI norms.
ITI jumped 7.72% to Rs 90.65 after the PSU company said it has withdrawn its follow-on-public offer (FPO), citing market condition. The FPO was supposed to close on Wednesday, 5 February 2020. ITI launched its FPO on 24 January 2020. The FPO was earlier slated to close on 28 January 2020, but the company later extended FPO closing date to 31 January and readjusted its price band. Price band was revised from Rs 72-77 to Rs 71-77 per share.
Schneider Electric Infrastructure were locked in an upper circuit of 20% at Rs 94.35 after turnaround in Q3 2019 earnings. The company reported a net profit of Rs 30.03 crore in Q3 December 2019 as compared to a net loss of Rs 6.30 crore in Q3 December 2018. Net sales rose 9.9% to Rs 480.69 crore in Q3 December 2019 from Rs 437.35 crore in Q3 December 2018.
Shares of Gujarat Gas were trading 0.73% higher at Rs 298.4. The company's consolidated net profit soared 30.5% to Rs 197.30 crore in Q3 December 2019 as against Rs 151.23 crore reported in Q3 December 2018. Net sales advanced 18.4% to Rs 2,506.19 crore in Q3 December 2019 over Q3 December 2018. Profit before tax jumped 33.1% to Rs 264.15 crore in Q3 December 2019 as compared to Rs 198.39 crore posted in Q3 December 2018. Current tax expenses, for the quarter, also witnessed a 23.7% surge to Rs 65.61 crore over Rs 53.02 crore paid in Q3 December 2018, boosting the consolidated PAT to a certain extent. The company received a one-time exceptional gains of Rs 12.49 crore corresponding quarter previous year.
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