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Barometers turn range bound; Europe opens lower

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Key benchmark indices were trading in a narrow range in afternoon trade. The Nifty traded slightly above the crucial 12,000 mark. At 13:26 IST, the S&P BSE Sensex, was down 205.06 points or 0.50% at 40,936.79. The Nifty 50 index was down 78.50 points or 0.65% at 12,019.85.

The S&P BSE Mid-Cap index slipped 0.85% while the S&P BSE Small-Cap index was down 0.19%.

The market breadth continued to favor the sellers. On the BSE, 935 shares rose and 1383 shares fell. A total of 177 shares were unchanged. In Nifty 50 index, 8 stocks advanced while 42 stocks declined.

Stocks in Spotlight:

Cipla rose 0.79% to Rs 446.65. The drug major said it has acquired 4 brands -- CPink, CDense, Productiv and Folinine -- from Wanbury to further strengthen its presence in women's health. The nutraceutical products, to be sold under the 4 umbrella brands, would address various health needs for conditions arising due to nutritional deficiencies or insufficiencies.

Dr Reddy's Laboratories shed 0.67% to Rs 3144.70. The drug major said Curis, a biotechnology firm focusing on the development of innovative therapeutics for cancer treatment, has entered into an amendment of its collaboration, license and option agreement with Aurigene, a subsidiary of Dr Reddy's.

Maruti Suzuki India fell 1.14% to Rs 6889.65. The car major announced a 2.16% decline in total production for the month of January 2020 to 179,103 units from 183,064 units reported in January 2019.

JSW Steel declined 1% to Rs 276.50.The steel maker has reported crude steel production of 14.10 lakh tonnes for January 2020 compared to 14.53 lakh tonnes in January 2019, recoding a decline of 3%. Production of flat rolled products stood at 10.25 lakh tonnes in January 2020 compared to 10.40 lakh tonnes in January 2019, lower by 1%. Production of long rolled products stood at 3.42 lakh tonnes in January 2020 compared to 3.44 lakh tonnes in January 2019, lower by 1%.

Britannia Industries lost 3.19% to Rs 3148.70. The FMCG major reported 23.92% rise in consolidated net profit to Rs 372.63 crore on 5.02% rise in total income to Rs 3048.16 crore in Q3 December 2019 over Q3 December 2018. During this phase of sluggish demand, the company continued to invest in enhancing brand equity through focused product campaigns.

Mahindra & Mahindra fell 6.24% to Rs 533.30. M&M reported 84.74% fall in consolidated net profit to Rs 199.94 crore on 4.29% fall in total income to Rs 25644.35 crore in Q3 December 2019 over Q3 December 2018.

Tata Steel slumped 5.85% to Rs 443.40. The steel maker reported a consolidated net loss of Rs 1084.62 crore against a net profit of Rs 2283.98 crore on 9.40% fall in total income to Rs 35,655.77 crore in Q3 December 2019 over Q3 December 2018. Tata Steel Standalone developed 20 new products with applications ranging in automotive, consumer durables, tube manufacturing and construction; of these; 8 products were successfully commercialized.

Global Markets:

European markets opened lower while most Asian markets continued to trade lower on Monday as the death toll from a coronavirus outbreak surpassed the SARS epidemic, raising alarm bells about its severity.

China's producer price index gained 0.1% in January. Consumer prices also rose 5.4% year-on-year. China's consumer prices rose the fastest in more than eight years last month, with the outbreak of the coronavirus and subsequent shutdowns of transport links across the country.

In US, markets closed lower on Friday, a day after all three benchmark indexes finished at records, as investors locked in recent stock gains following a stellar January jobs report that exceeded economists' expectations. Also on investors' radar were efforts to contain the fast-moving coronavirus amid a busy week of quarterly earnings reports.

The US economy added 225,000 jobs in January, while the unemployment rate ticked up slightly to 3.6% as the share of Americans in the labor force rose by 0.2 percentage point.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, February 10 2020. 13:29 IST