Benchmarks sharply pare gains; breadth remains positive

Key barometers indices sharply pared gains after hitting fresh intraday high in mid morning trade. The Nifty held above 12,350 level. At 11:27 IST, the S&P BSE Sensex, was up 51.89 points or 0.12% at 41,984.45. The Nifty 50 index was up 3.95 points or 0.03% at 12,359.45.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rose 0.64% while the S&P BSE Small-Cap index rose 0.48%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 1251 shares rose and 897 shares fell. A total of 142 shares were unchanged. In Nifty 50 index, 24 stocks gained while 26 stocks declined.

Q3 Results:

Karnataka Bank declined 3.89% to Rs 75.40 after net profit fell 12.3% to Rs 123.14 crore on 11.4% rise in total income to Rs 2,023.68 crore in Q3 December 2019 over Q3 December 2018. Gross non-performing assets (NPAs) stood at Rs 2,777.46 crore as on 31 December 2019 as against Rs 2,594.27 crore as on 30 September 2019 and Rs 2,345.93 crore as on 31 December 2018. The ratio of gross NPAs to gross advances stood at 4.99% as on 31 December 2019 as against 4.78% as on 30 September 2019 and 4.45% as on 31 December 2018.

South Indian Bank slipped 0.54% to Rs 11.01 after the bank's profit before tax (PBT) stood at Rs 122.20 crore in Q3 December 2019, down by 5.2% from Rs 128.89 crore in Q3 December 2019. As the bank's provision for taxes fell by 29.7% to Rs 31.66 crore, its reported net profit recorded an increase of 8% to Rs 90.54 crore in Q3 December 2019 over Q3 December 2018. Gross non-performing assets (NPAs) stood at Rs 3243 crore as on 31 December 2019 as against Rs 3145 crore as on 30 September 2019 and Rs 2930 crore as on 31 December 2018. The ratio of gross NPAs to gross advances stood at 4.96 % as on 31 December 2019 as against 4.92 % as on 30 September 2019 and 4.88 % as on 31 December 2018.

Stocks in Spotlight:

Kalpataru Power Transmission rose 2.44% to Rs 449.65. Alipurduar Transmission (ATL), a wholly owned subsidiary of Kalpataru Power Transmission (KPTL), has successfully connected Element-1 i.e. Alipurduar-Siliguri Line with the interconnection facilities of the grid. Earlier in March 2019, ATL had commissioned Element-2 i.e. Kishanganj-Darbhanga Line. With this connection of Element 1, the project has reached full commissioning.

GMR Infrastructure was down 0.84%. The Supreme Court of India has lifted suspension of the environment clearance on GMR Goa International Airport (GGIAL). This in effect will result in resumption of the construction activities at the project site to build a greenfield international airport at Mopa, Goa, by GGIAL.

Foreign Markets:

Asian markets were trading higher on Friday after global stock indexes and Wall Street posted more records, with strong corporate earnings and upbeat US economic data adding to optimism after China and the US signed a partial trade deal.

In US, stocks rallied again on Thursday, with all three benchmark indexes closing at new records, following the signing of a trade truce between the US and China on Wednesday and Senate approval of a new trade deal between the US, Mexico and Canada on Thursday.

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