Key benchmarks hit fresh intraday low in morning trade amid profit booking triggered by weak Asian stocks. The Nifty corrected below 12,300 mark. At 10:24 IST, the S&P BSE Sensex, dropped 208.27 points or 0.5% and traded at 41,744.36. The Nifty 50 index was down 64.55 points or 0.52% at 12,297.75.
In the broader market, the S&P BSE Mid-Cap index was up 0.22% while the S&P BSE Small-Cap index rose 0.35%. Both these indices outperformed the main stock indices.
The market breadth, indicating the overall health of the market, was negative. On the BSE, 906 shares rose and 947 shares fell. A total of 99 shares were unchanged. In Nifty 50 index, 14 stocks advanced while 36 stocks declined.
Den Networks (up 3.2%), Larsen & Toubro Infotech (up 2.81%), Sterlite Technologies (up 1.5%), Tinplate Company (down 1.16%) and Reliance Industrial Infrastructure (down 0.73%) will announce Q3 earnings today.
Mindtree jumped 3.73%. On consolidated basis, the IT firm reported 45.93% rise in net profit to Rs 197 crore on 3.42% increase in revenue to Rs 2,000.10 crore in Q3 December 2019 over Q2 September 2019. Digital business grew by 13.5% y-o-y.
Wipro fell 3.5%. On consolidated basis, the IT major reported 3.79% decline in net profit to Rs 2,455.90 crore on 2.28% increase in revenue to Rs 15,470.50 crore in Q3 December 2019 over Q2 September 2019. IT services segment revenue rose 3.03% to Rs 15,100.60 crore crore in Q3 December 2019 over Q2 September 2019. In dollar terms, IT services segment revenue was at $2,094.8 million, a sequential growth of 2.2%.
The company expects revenue from IT services business to be in the range of $2,095 million to $2,137 million. This translates to a dull sequential growth of 0.0% to 2.0%.
Stocks in Spotlight:
Shares of Lemon Tree Hotel were trading 0.45% higher at Rs 56.2. The company announced opening a hotel in Rishikesh, Uttarakhand, under the brand 'Lemon Tree Premier'. The hotel is located on the bank of Ganga and features 65 well-appointed rooms and suites.
Sun Pharmaceutical Industries was up 0.3%. The drug major and Rockwell Medical entered into a licensing agreement for commercializing Triferic in India. In an exchange filing made before market hours today, Sun Pharma announced that one of its wholly-owned subsidiaries has entered into exclusive licensing and supply agreements with Rockwell Medical Inc. (Rockwell), to commercialize Rockwell's Triferic, a proprietary iron replacement and haemoglobin maintenance drug, for treating anaemia in hemodialysis patients in India. Triferic is approved in USA.
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