Market trades lower on negative Asian cues

Key indices were trading lower on weak Asian cues. At 9:19 IST, the barometer index, the S&P BSE Sensex, was down 70.98 points or 0.17% at 41,315.42. The Nifty 50 index was down 17.75 points or 0.15% at 12,162.60.

The S&P BSE Mid-Cap index was down 0.10%. The S&P BSE Small-Cap index was up 0.02%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 503 shares rose and 307 shares fell. A total of 58 shares were unchanged.

Q3 earnings impact:

Among stocks, HDFC Life Insurance Company fell 1.5%. HDFC Life Insurance Company reported 1.88% rise in net profit to Rs 250.24 crore on 25.21% rise in total income to Rs 11,761.74 crore in Q3 December 2019 over Q3 December 2018. Total number of lives insured grew by 29% to 4.5 crore during nine months. The company maintained its leadership position within the group segment, growing 25%, resulting in a private market share of 28.6%.

Biocon fell 3.35%. Biocon reported 6.63% fall in consolidated net profit to Rs 202.80 crore on 12.57% rise in total income to Rs 1,783.90 crore in Q3 December 2019 over Q3 December 2018. Sales growth was led by Biologics, Small Molecules and Research Services businesses. Biocon initiated value unlocking of biosimilars business with the dilution of a minority stake to True North. The company plans to raise further capital at an opportune time in the near future.

UltraTech Cement fell 0.15%. Cement major, UltraTech Cement, will announce quarterly results today, 24 January 2020.

Stocks in news:

Info Edge (India) rose 1.15%. Info Edge (India) informed that the company has set up an alternative investment fund named Info Edge Venture Fund (IEVF), to invest in tech and tech-enabled entities that provide technology to create, market and distribute innovative products and services that benefit consumers at large. Further, the company has entered into a contribution agreement to invest about Rs l00 crore in IE Venture Fund I, a scheme of aforesaid IEVF.

Indian Oil Corporation advanced 0.88%. Indian Oil Corporation said the company has entered into MoU with National Petroleum Authority (NPA), Ghana. The objective of the MoU is to understand their current LPG Value Chain, as well as the new LPG distribution model and discuss areas of technical support to Ghana for smooth implementation of the new Distribution Model.

KEI Industries gained 2.59%. KEI Industries informed that the Fund Raising Committee has passed resolutions in connection with raising of funds by way of issue of equity shares, through a QIP. The committee approved the floor price for the QIP at Rs 518.14 per equity share.

Coffee Day Enterprises was up 4.97%. Coffee Day Enterprises informed that the company entered into the Definitive Agreement to sell Way2Wealth Securities including its certain subsidiaries to Shriram Ownership Trust. Shriram Ownership Trust is the Promoter of Shriram Capital which is the holding company for their large NBFC and Insurance Businesses.

Muthoot Finance rose 0.13%. Muthoot Finance said meeting of board of directors will be held on 14 February, 2020 to consider and approve fund raising by way of public issue of redeemable non convertible debentures (NCD).

Global Markets:

Most Asian stocks were trading lower on Friday as worries over rapid spread of the deadly coronavirus virus kept investors on guard.

In US, stocks ended mixed on Thursday, recovering from early losses, as investors digested earnings reports and took heart from a World Health Organization decision to refrain from declaring China's coronavirus outbreak a global emergency.

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