Barometers at day's low; broader market trades firm

Key equity benchmarks declined further and hit the day's low in mid-morning trade. Barring pharmaceutical and media stocks, selling was seen across all segments. Investors locked profits after strong gains in past four trading sessions.

At 11:25 IST, the barometer index, the S&P BSE Sensex, was down 138.84 points or 0.34% at 41,167.19. The Nifty 50 index was down 35.6 points or 0.29% at 12,102.35.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index was up 0.21% while the S&P BSE Small-Cap index was up 0.45%.

The market breadth was positive. On the BSE, 1108 shares rose and 939 shares fell. A total of 121 shares were unchanged. In Nifty 50 index, 22 stocks advanced while 28 stocks declined.

Buzzing Index:

The Nifty Pharma index 0.97% to 8,307.60, rising for fourth consecutive session. The index has gained 4.27% in four trading days.

Piramal Enterprises (up 3.41%), Glenmark Pharmaceuticals (up 2.24%), GlaxoSmithKline Pharmaceuticals (up 1.11%), IPCA Laboratories (up 0.7%), Cadila Healthcare (up 0.7%), Wockhardt (up 0.7%), Divi's Laboratories (up 0.59%), Dr Reddy's Laboratories (up 0.38%), Cipla (up 0.35%) and Alkem Laboratories (up 0.24%) were top gainers in pharmaceutical space.

Aurobindo Pharma jumped 7.48%. The drug maker reported 0.95% fall in consolidated net profit to Rs 705.45 crore on an 11.05% rise in total income to Rs 5,925.93 crore in Q3 December 2019 over Q3 December 2018.

Sun Pharmaceutical Industries were trading 2.22% higher at Rs 440.50. The drug major's consolidated net profit fell 26.44% to Rs 913.52 crore in Q3 December 2019 compared with net profit of Rs 1,241.85 crore in Q3 December 2018. Total revenue from operations for the December quarter stood at Rs 8,154.85 crore, up 5.36% from Rs 7,740.19 crore in Q3 December 2018.

Stocks in Spotlight:

Adani Enterprises rose 1.27% after Airbus India and Adani Defence & Aerospace signed an agreement on Thursday to explore opportunities for collaboration in the area of aircraft services for Indian and South Asian market. Airbus' Global Services forecast envisages the Indian aircraft services market to grow to $6.3 billion by 2025.

Metropolis Healthcare advanced 3.81% to Rs 1650.40. The company reported 34.8% jump in consolidated net profit to Rs 42.07 crore in Q3 December 2019 as compared to Rs 31.21 crore reported in Q3 December 2018. Net sales rose 17% to Rs 222.85 crore in Q3 FY20 as compared to Rs 190.44 crore in Q3 FY19.

Wipro gained 0.29%. The IT major on Thursday said it has received a multi-year technology services contract from automotive supplier Marelli.

Global Markets:

Overseas, most Asian stocks were trading lower on Friday as the growing death toll and economic damage from a new virus spreading from China curbed further gains. The death toll in China rose to 636 in just under a week. The number of infections stood at 31,161.

In US, markets closed higher on Thursday, seizing a fresh round of records, after the market got another shot of confidence from promised trade tariff reductions.

Beginning 14 February China would cut in half tariffs on some $75 billion of US imports, as part of its phase-one trade resolution with the U.S., according to reports from China's Ministry of Finance.

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