Market opens subdued on weak Asian cues

Key indices were trading lower on weak Asian cues. At 9:24 IST, the barometer index, the S&P BSE Sensex, was down 59.36 points or 0.14% at 41,306.03. The Nifty 50 index was down 14.10 points or 0.12% at 12,123.85.

The S&P BSE Mid-Cap index was up 0.01%. The S&P BSE Small-Cap index was up 0.43%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 613 shares rose and 409 shares fell. A total of 51 shares were unchanged.

On the political front, Delhi Assembly elections will be held in single phase tomorrow, 8 February 2020 while results will be announced on 11 February 2020. The term of the 70-member Delhi Assembly is ending on 22 February 2020.

Q3 earnings impact:

Among stocks, Hero MotoCorp rose 2.31%. Hero MotoCorp reported 16.32% rise in consolidated net profit to Rs 901.81 crore on 10.56% fall in total income to Rs 7,284.06 crore in Q3 December 2019 over Q3 December 2018. The company announced an interim dividend of 3250% amounting to Rs 65 per share.

Aurobindo Pharma was up 1.15%. Aurobindo Pharma reported 0.95% fall in consolidated net profit to Rs 705.45 crore on 11.05% rise in total income to Rs 5,925.93 crore in Q3 December 2019 over Q3 December 2018. The company launched 5 products during the quarter

Akzo Nobel India jumped 3.72%. Akzo Nobel India reported 27.51% rise in consolidated net profit to Rs 76.99 crore on 7.00% fall in total income to Rs 737.71 crore in Q3 December 2019 over Q3 December 2018. The industry saw muted growth because of sluggish demand and slowdown in automobile and real estate sectors.

Bata India advanced 1.51%. Bata India reported 14.76% rise in consolidated net profit to Rs 118.27 crore on 6.86% rise in total income to Rs 847.85 crore in Q3 December 2019 over Q3 December 2018. In this quarter, Bata launched several campaigns to attract shoppers.

Stocks in news:

Wipro gained 0.57%. Wipro said that Marelli has awarded it a multi-year, global, strategic lT deal. This partnership will help Marelli to standardize, simplify and further enhance their lT services at a global level and consolidate several current vendors across applications management serviies & workplace end user services. Marelli is a leading global Tier-1 automotive technology supplier.

Bharti Airtel fell 0.48%. Bharti Airtel said the Department of Telecommunications has approved the merger of consumer mobile operations of Tata group with Bharti Airtel.

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 mainland China rose to 636, more than doubling in just under a week, with the number of infections at 31,161.

In US, stocks 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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