Market trades in range

Key benchmarks traded sideways near the day's low in mid-morning trade. The Nifty gave up 12,300 and traded below that level. At 11:31 IST, the S&P BSE Sensex, was down 202.57 points or 0.48% at 41,742.80. The Nifty 50 index was down 0.52% at 12,288.55.

Selling was broad based. The S&P BSE Mid-Cap index was down 0.21% while the S&P BSE Small-Cap index was down 0.14%.

The market breadth was negative. On the BSE, 870 shares rose and 1287 shares fell. A total of 128 shares were unchanged. In Nifty 50 index, 15 stocks advanced while 35 stocks declined.

Q3 Results:

Contraceptive maker Cupid jumped 3.46% to Rs 258.65. On standalone basis, net profit surged 400.5% to Rs 10.21 crore in Q3 December 2019 as against Rs 2.04 crore in Q3 December 2018. Net sales advanced 326.6% to Rs 42.96 crore in Q3 December 2019 over Q3 December 2018.

Chennai Petroleum Corporation jumped 7.48% to Rs 156.60 after reporting standalone net profit of Rs 6.37 crore in Q3 December 2019 as aginst net loss of Rs 367.10 crore in Q3 December 2019. Standalone profit before tax (PBT) stood at Rs 9.09 crore in Q3 December 2019 as against net loss of Rs 555.34 crore in Q3 December 2018. Net sales fell 7.3% to Rs 9,146.67 crore in Q3 December 2019 from Rs 9,865.83 crore in Q3 December 2018.

Goa Carbon advanced 3.84% to Rs 291 after the company announced Q3 results on Saturday, 18 January 2020. On a standalone basis, Goa Carbon reported a net loss of Rs 4.12 crore in Q3 December 2019, lower than net loss of Rs 4.91 crore in Q3 December 2018. Net sales rose 13.4% to Rs 106.88 crore in Q3 December 2019 over Q3 December 2018. The company reported pre-tax loss of Rs 4.12 crore in Q3 December 2019, lower than a pre-tax loss of Rs 7.54 crore in Q3 December 2018.

Stocks in Spotlight:

Reliance Industries fell 2.05% to Rs 1548.20 after a senior company executive reportedly said RIL's proposed deal with Saudi Aramco will miss the planned March 31 timeline. Reliance Industries proposed to sell 20% stake its oil and chemicals business for an estimated $15 billion to Saudi Aramco.

Meanwhile, RIL announced Q3 results post trading hours on Friday, 17 January 2020. On a consolidated basis, RIL reported 13.55% increase in net profit to Rs 11,640 crore on 2.52% decrease in net sales to Rs 152,939 crore in Q3 December 2019 over Q3 December 2018. PBT (profit before tax) rose 3.58% year-on-year (YoY) to Rs 14,962 crore in Q3 December 2019, RIL said in a statement after market hours on Friday, 17 January 2020.

Shares of Strides Pharma Science were trading 0.83% higher at Rs 390. The company's step-down subsidiary, Strides Pharma Inc. (SPI), has received an Establishment Inspection Report (EIR) from the USFDA for its facility in Riviera Beach, Florida, US. The EIR was issued as an outcome of the USFDA's inspection of the facility in December 2019. This facility is one of the very few manufacturing facilities in the US with a soft gel capsule (SGC) manufacturing suite for formulations with containment needs.

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