Market gains strength at opening

Key indices were trading higher on select buying in index stocks. At 9:21 IST, the barometer index, the S&P BSE Sensex, was up 221.17 points or 0.53% at 41,680.96. The Nifty 50 index was up 62.85 points or 0.52% at 12,237.50.

The S&P BSE Mid-Cap index was up 0.29%. The S&P BSE Small-Cap index was up 0.30%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 666 shares rose and 275 shares fell. A total of 35 shares were unchanged.

Q3 earnings impact:

Among stocks, Bharat Petroleum Corporation was up 1.36%. Bharat Petroleum Corporation reported 239.47% jump in consolidated net profit to Rs 1776.35 crore on 5.63% fall in total income to Rs 75,962.64 crore in Q3 December 2019 over Q3 December 2018. Bharat Petroleum Corporation said that the board of directors has accorded its approval to initiate the process of divestment of BPCLs shareholding of 61.65% in Numaligarh Refinery as per the decision of Cabinet Committee on Economic Affairs (CCEA).

Nestle India rose 1.54%. Nestle India reported 38.41% rise in net profit to Rs 473.02 crore on 7.45% rise in total income to Rs 3,193.99 crore in Q4 December 2019 over Q4 December 2018.

Apollo Hospitals Enterprise advanced 0.55%. Apollo Hospitals Enterprise reported 61.51% rise in consolidated net profit to Rs 92.14 crore on 16.52% rise in total income to Rs 2,921.76 crore in Q3 December 2019 over Q3 December 2018.

Page Industries crashed 6.58%. Page Industries reported 14.59% fall in net profit to Rs 87.02 crore on 6.62% rise in total income to Rs 797.28 crore in Q3 December 2019 over Q3 December 2018.

Stock in news:

Bharti Airtel gained 0.82%. Bharti Airtel said that Network i2i Limited, a Mauritius based wholly owned subsidiary of the company, has successfully priced the additional issuance of U.S.$250,000,000 5.650 per cent.

Global Markets:

Overseas, most Asian stocks were trading lower on Friday as investors turned cautious following a surge in cases of a new virus in China that threatens to crimp economic growth and hurt businesses worldwide.

In US, stock indexes closed lower on Thursday after a change in the methodology used by China resulted in a sharp rise in COVID-19 cases and deaths.

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