Share Market Update: Equity market indices Sensex and Nifty traded on a bearish note on Wednesday and ended 0.50% lower each by the closing bell, amid high selling pressure in media and metal stocks. BSE Sensex ended 208 points lower at 41,115 and NSE Nifty closed 62 points lower at 12,106. Sectorally, except pharma, IT and media scrips, all the other sector based indices closed in the red. On domestic front, market participants awaited quarterly results by few index heavyweights. Pre-budget correction in the market is also likely. Larsen & Toubro, SBI Life, Motilal Oswal, Raymond, RBL Bank, Tata Communications, Alembic Pharma, Axis Bank, Ceat Ltd among others will be releasing their Q3 results today.
Here's a look at the live updates of the market action on BSE and NSE today:
3: 50 PM
Equity market indices Sensex and Nifty traded on a bearish note on Wednesday and ended 0.50% lower each by the closing bell, amid high selling pressure in media and metal stocks. BSE Sensex ended 208 points lower at 41,115 and NSE Nifty closed 62 points lower at 12,106. Sectorally, except pharma, IT and media scrips, all the other sector based indices closed in the red.
Expert's comments on Asain Paints post Q3 earnings
3: 30 PM
Commenting on the Asain Paints' earnings update of Q3, Santosh Meena, Senior Analyst, TradingBells said,"There is a slight miss on revenue front but profit is in line with expectations. Valuations are on the expensive side but growth prospective is still bright.
Technically 1,760-1,740 is an immediate support zone and any dip in this zone will be a buying opportunity. In the upside 1,835-1,860 is a resistance zone; above this we can expect a move towards 1950 level."
Asian Paints Q3
3: 20 PM
Asian Paints Q3 consolidated profit came in slightly higher than street estimates at Rs 780 cr, up 20.5% as compared to Rs 648 cr recorded in Q3 FY20. Revenue recorded during December quarter was 3% higher YoY at Rs 5,420 cr compared to Rs 5,463 cr recorded in the same quarter last year. Company's EBITDA stood slightly higher ths quarter and EBITDA margins too came in strong at 21.9%. Following the result update, shares of Asian Paints fell 2.2% lower to Rs 1,769.60.
Central Bank of India gains 3%
2: 15 PM
Central Bank of India shares gained 3% intraday after the bank said it has made annual interest payment of Rs 27.6 crore on 21 January 2020, on its upper tier II series Vl of Rs 300 crore at a coupon rate of 9.20% to the eligible bondholders as per the record date.
Tejas Networks declines 9% post Q3 results
1: 45 PM
Shares of Tejas Networks declined nearly 9% intraday on Wednesday after the telecom pars maker posted a consolidated loss of Rs 112.06 crore in the third quarter ended December 31, mainly on account of dip in sales. The company had posted a profit of Rs 32.84 crore in the same period a year ago.
Total income from sales of Tejas Networks reduced 52.8% to Rs 92.85 crore during the December quarter of 2019-20, as against Rs 193.63 crore in the corresponding quarter of 2018-19.
Fortis Healthcare climbs over 4%
1: 25 PM
Fortis Healthcare share price climbed 4.11% and touched an intraday high of Rs 152.1 on BSE today following update that ace invetsor Rakesh Jhunjhunwala has added 75 lakh shares and raised his stake in the company from 1.65% in Q2 to 2.65% stake in Q3.
ICICI Prudential gains over 4% post Q3 earnings
1: 15 PM
ICICI Prudential stock price gained over 4% and touched an intraday high of Rs 509.10 on BSE today after the company posted robust Q3 numbers. Consolidated net profit of the company recorded a rise of 1.9% (YoY) to Rs 302.5 crore in Q3 FY20 as compared to Rs 297 crore recorded in Q3 FY19. Net premium income during the quarter climbed 8.7% (YoY) to Rs 8,131 cr as against Rs 7,483 crore reported in the same period last year.
Polycab India shares rise post Q3, decline later
1: 10 PM
Polycab India shares opened with a gain of 3.56% today and rose 4.29% intraday after posting Q3 results, although the shares erased early gains fell over 6% in trade later. Polycab India stock later touched an intraday low of Rs 1012.5, falling 6.46% on BSE. Polycab's PAT reported 14% growth to Rs 221 crore in Q3FY20 from Rs 193 crore in Q3FY19. Revenue of the company rose 24% YoY to Rs 2,507 crore, driven by healthy growth across segments. The wires and cables business grew 20% to Rs 2,150 crore in Q3FY20 from Rs 1,795 crore recorded in Q3FY19. The fast moving electrical goods business grew 34% to Rs 216 crore in Q3FY20 from Rs 161 crore in Q3FY2019. ROCE during the qurter stood at 30.6% and ROE at 23.5% for Q3FY20.
Hindustan Aeronautics rises 2.5%
1: 05 PM
Shares of Hindustan Aeronautics rose 2.5% intraday and touched an intraday high of Rs 896.35 after the company said it has enhanced working capital limit to Rs 12,050 crore. "Competent authority has granted its approval for enhancement of working capital limit from Rs 7,300 crore to Rs 12,050 crore including issuance of commercial papers of maximum of Rs 5,000 crore, as sanctioned by SBI and other consortium banks, the filing read.
India among top 10 recipients of FDI in 2019: UNCTAD
12: 55 PM
United Nations Conference on Trade and Development (UNCTAD) in its Global Investment Trend Monitor report said that India was among the top 10 recipients of Foreign Direct Investment (FDI) in 2019, driving the FDI growth in South Asia.
As per the report teh growth was driven by India this year, with a 16% increase in inflows to an estimated $49 billion. The majority went into services industries, including information technology, the report said.
Market analyst's expectation from Budget
12: 30 PM
Commenting on the expections of market from Budget 2020, VK Vijayakumar, Chief Investment Strategist at Geojit said, "The government has announced ambitious infrastructure spending to achieve the $5 trillion economy target. Funding this mega infra push needs huge resources. In the context of sluggish tax revenue, massive disinvestment is likely to be a major step in Budget.
If disinvestment is to succeed, it is important that the capital market remain buoyant. Therefore, proposals to boost market sentiments are likely. Tweaking the Long Term Capital Gains Tax by either reducing the rate to 5 percent from 10 percent presently or completely exempting LTCGs if investments are held for 2 years, is a clear possibility."
Indiamart gains over 18% post Q3 results
12: 25 PM
Shares of Indiamart Intermesh gained over 18% today as the company reported robust growth in ts consolidated net profit. Indiamart Intermesh stock price opened with a gain of 6.36% today and later touched an intraday high of Rs 2477.65, rising 18.7% on BSE.
IndiaMart reported 123.83% growth in its profit after tax to Rs 63 crore for the period ended December 31, 2019 as against Rs 27.7 crore for the period ended December 31, 2018, largely due to tax benefits. Revenue reported this quarter rose 23% to Rs 181.5 crore as compared to Rs 147 crore during Q3 FY19.
Dilip Buildcon rises 2.5%
11: 45 AM
Shares of Dilip Buildcon Ltd today rose to an intraday high of Rs 426.2, rising 2.53% on BSE after the company said it ahs completed project ahead of time, eligible for maximum bonus of Rs 14.40 crore.
The completion certificate has been issued by the authority on January 16, 2020 and has declared the project fit for entry on November 22, 2018 and consequently, the company is entitled to maximum bonus of Rs 14.40 crores in lieu of earlier completion (280 days prior to the schedule completion date) of the said project, the filing added.
Power Mech bags collective orders from BHEL & JP Ventures
11: 30 AM
Power Mech projects share price touched an intraday high of Rs 742, rising 3.35% on BSE today after the company bagged collective orders worth Rs 351 crore from BHEL & JP Ventures
11: 20 AM
ONGC, NTPC, PowerGrid, Asian Paints and Hero MotoCorp were trading as the top losers on Wednesday. Infosys , Bharti Airtel, SBI, Sun Pharma, TCS, Bajaj Finance, HCL Tech, RIL and HDFC duo were among the top gainers.
HDFC AMC climbs 2.5% post Q3 earnings
11: 10 AM
HDFC AMC shares rose to the intraday high of Rs 3,261.3, rising 2.59% on BSE after the company posted healthy Q3 figures. Buoyed by higher total income and lower total expenses, the company reported 45% rise in consolidated net profit to Rs 352.5 crore for the three months ended December 31, 2019, as against Rs 243.3 crore, recorded in a year-ago period. The company's total income rose 11% to Rs 592 crore in the October-December quarter of the current fiscal from Rs 532.7 crore in the same period last financial year. HDFC AMC shares closed at Rs 3,178.90, down 2.01% on the BSE.
Q3 Earnings today
11: 00 AM
Larsen & Toubro, SBI Life Insurance , Motilal Oswal Financial Services, Raymond , RBL Bank ,VST Industries, Ujjivan Small Finance Bank, Tata Communications, Alembic Pharmaceuticals, Asian Paints, Axis Bank, Ceat Ltd, Hindustan Media Ventures, IIFL Wealth Management, Syngene International, Agro Tech Foods, AU Small Finance Bank, Creditaccess Grameen, Eimco Elecon India, Gateway Distriparks, India Grid Trust, Swasti Vinayaka Synthetics, Swasti Vinayaka Art And Heritage Corporation, Supreme Petrochem, Sharda Cropchem, Ozone World, Pro Fin Capital Services, Rane Engine Valve, R.S. Software India, Victory Paper & Boards, Triton Corp, Alchemist Corporation, Ashirwad Capital, Axiscades Engineering Technologies, Genus Power Infrastructures, K.P.R. Mill among others will be releasing their Q3 results today.
Brent crude trades lower
10: 55 AM
Brent crude oil futures slipped 0.36 per cent to USD 64.36 per barrel.
Rupee opens higher
10: 50 AM
The rupee appreciated by 3 paise to 71.18 against the US dollar in early trade on Wednesday as easing crude oil prices and gains in domestic equity market lift investor sentiments.
However, a strong US dollar against major global currencies capped gains of the domestic unit, dealers said.
At the interbank foreign exchange market, the rupee opened strong at 71.17 and further gained slightly to hit a high of 71.16 against the greenback.
Havells hits 52-weelow, down 4,6% post Q3 result
10: 45 AM
Shares of Havells India opened with a loss of 3.55% and later touched its 52-week low of Rs 588, falling 4.6% on Wednesday's early trade as the company reported weak Q3 numbers. Havells' Q3 consolidated net profit for Q3 FY20 came in at Rs 201.2 cr, down 2.81 % against Rs 179.51 cr recorded in Q3 FY19. Revenue reported also missed street estimates figures and fell 10% lower to Rs 2,273 cr as against Rs 2,523 cr reported last year. EBITDA reported this December quarter was down 9.7% at Rs 294.67 cr on a yearly basis.
Market turns red
10: 30 AM
Equity market indices Sensex and Nifty erased early gains and 0.10% lower on Wednesday, amid high selling pressure in media and metal stocks. BSE Sensex traded 100 points lower at 41,234 and NSE Nifty traded 40 points lower at 12,130.
Market to remain open on Budget Day
10: 20 AM
Exchanges BSE and NSE have formally announced that equity market will be open & trading will commence as usual on Saturday, February 1, Budget 2020 day.
Market erases gains
10: 15 AM
Equity market indices Sensex and Nifty erased early gains and 0.10% higher on Wednesday, backed by of positive Asian equities, amid December earnings season. BSE Sensex traded 55 points higher at 41,378 and NSE Nifty traded 12 points higher at 12,181.
Bharti Airtel hits new 52 week high
10: 10 AM
Bharti Airtel Limited shares were the top gainers on BSE and NSE during Wednesday's early trade, after rising to a new 52-week high as the Government allowed 100% FDI investment in the telecom major. "Company has received the approval from Department of Telecommunications (DoT) vide its letter dated January 20, 2020, for increasing the limit of foreign investment up to 100% of the paid-up capital", the company said in its regulatory filing.
It may also be noted that subject to applicable laws, the aforesaid approval read together with the RBI approval dated July 03, 2014, granted to the company allows the FPls/FIIs to invest up to 74% of the paid-up capital, the filing added.
Following the update, Bharti Airtel shares touched a fresh 52-week high of Rs 524 on Wednesday's trade, rising 2.47% on BSE. Shares of Bharti Airtel closed 0.40% higher at Rs 511.35 on Tuesday.
Global Market Update
9: 55 AM
Asian stocks climbed higher today although investors kept on edge over China virus. SGX Nifty futures traded up 56 points or 0.46% at 12,247. MSCI's broadest index of Asia-Pacific shares outside Japan spent the morning trading either side of flat. Although later, except Shanghai index that traded flat with negative bias, Nikkie and Hang Seng traded strongly bullish, while Strait Times, KOSPI gained 20 points each.
The outbreak spread of a new strain of coronavirus from China from its origin in Wuhan, to United States, Thailand, South Korea, Japan and Taiwan has weighed the possible consequences of a global pandemic.
US stocks closed lower after report of first coronavirus case in US. US Futures (Dow Jones) traded at 29,284, up 105 points or 0.36%.
Zee Entertainment falls 2.6% intraday post Q3 results
9: 30 AM
Shares of Zee Entertainment fell 2.6% on Wednesday after the media house reported 38% fall in consolidated profit to Rs 349.4 crore against Rs 562.4 crore in Q3FY19, on back of drop in advertising revenue
Company's operating revenue stood at Rs 2,048.7 crore compared with Rs 2,166.8 crore in the year ago period, registering a decline of 5.5% yearly.
Operating profit (Ebitda) for the quarter stood at Rs 565.8 crore, down 37% from Rs 754.3 crore recorded in the same quarter previous year.
9: 15 AM
Equity market indices Sensex and Nifty traded on a positive note on Wednesday, backed by of positive Asian equities, amid December earnings season. BSE Sensex has risen 145 points higher to trade at 41,467 and NSE Nifty trades 48 points higher at 12,218.
FII/DII Action on Tuesday
8: 55 AM
On a net basis, foreign institutional investors sold equities worth Rs 50.08 crore, while domestic institutional investors offloaded shares worth Rs 307.81 crore on Tuesday, data available with stock exchanges showed.
Stocks in news today
8: 45 AM
IndiaMart, Polycab India, ICICI Prudential, L&T, SBI Life Insurance, Axis Bank, Asian Paints among others are the top stocks to watch out for in Wednesday's trading session
8: 30 AM
Equity market indices Sensex and Nifty traded bearish and closed 0.50% lower on Tuesday, tracking bearish trend from overseas, amid December earnings season. The 30-share BSE Sensex ended 205 points lower at 41,323. Similarly, the broader index NSE Nifty closed 54 points lower at 12,169. Sectorally, except media and PSU Banks, all the other indices ended in the red, with auto, media and realty indices declining over 1% each.