Market drops in volatile early trade

Volatility struck bourses in early trade as the key benchmark indices sink in the red after opening in the positive zone. At 9:30 IST, the barometer index, the S&P BSE Sensex, was down 138.20 points or 0.38% at 35,887.34. The Nifty 50 index was down 58.30 points or 0.54% at 10,722.25. The Sensex dropped below the psychological 36,000 mark in early trade.

The S&P BSE Mid-Cap index was down 1.51%. The S&P BSE Small-Cap index was down 1.37%. Both these indices underperformed the Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 698 shares rose and 1854 shares fell. A total of 152 shares were unchanged.

Overseas, Asian stocks were trading mixed. US stocks gained ground on Friday in a broad-based rally as investors were heartened by news that Washington would move to temporarily end the longest US government shutdown in history.

US President Donald Trump has announced a deal with the Democrats to temporarily open the government for three weeks till mid-February.

Back home, Larsen & Toubro (L&T) gained 2.78%. On a consolidated basis, net profit of L&T rose 37.02% to Rs 2041.62 crore on 24.22% rise in net sales to Rs 35708.87 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours on Friday, 25 January 2019.

The company secured orders worth Rs 42233 crore at the group level during the quarter ended 31 December 2018. The current quarter witnessed delays in order awards due to deferment of select prospects in project businesses mainly in transportation infrastructure, heavy civil infrastructure and power business. International orders at Rs 11454 crore constituted 27% of the total order inflow.

The consolidated order book stood at Rs 284049 crore as at 31 December 2018, up by 5% over December 2017 position, registering a reasonable growth over a large base. International order book constituted 21% of the total order book vis-a-vis 25% recorded as of 31 December 2017, L&T said.

Lupin fell 0.81%. Lupin announced on Saturday, 26 January 2019, the completion of the United States Food and Drug Administration (USFDA) inspection carried out at the company's Pithampur Unit -2 (Indore) facility. The inspection was carried out between January 14 and January 25, 2019. The inspection at Pithampur Unit-2 (Indore) closed with 6 observations. The company is confident of addressing the observations satisfactorily.

NBCC (India) shed 0.62%. NBCC (India) has bagged an order of Rs 228 crore for the redevelopment of World Health Organisation (WHO) - SEARO building in New Delhi. The announcement was made after market hours on Friday, 25 January 2019.

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