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Market breadth turns negative

Capital Market 

The Sensex and the Nifty pared gains in mid-afternoon trade. The Nifty traded above its 50-day simple moving average placed at 12,120.92. Global cues were positive as some Chinese factories slowly resumed operations amid the national fight against the novel coronavirus outbreak.

At 14:24 IST, the S&P BSE Sensex, was up 297.31 points or 0.73% at 41,276.93. The Nifty 50 index was up 101.40 points or 0.84% at 12,132.90.

In the broader market, the S&P BSE Mid-Cap index was up 0.53% while the S&P BSE Small-Cap index was up 0.09%.

The market breadth was negative. On the BSE, 1146 shares rose and 1253 shares fell. A total of 172 shares were unchanged.

Delhi Election 2020:

Ongoing trend suggested a clean sweep for Arvind Kejriwal-led Aam Aadmi Party (AAP) in Delhi. As counting of votes is underway, the AAP was leading in 60 of 70 seats and the BJP in 10, leaving the Congress virtually decimated in a city it had ruled for three consecutive terms under Sheila Dikshit.

This would be a hat-trick win for AAP party, which managed to win 67 seats in the 2015 polls. Meanwhile, this will be the third straight electoral setback for the BJP, which earlier failed to form state governments in Jharkhand and Maharashtra last year.

Stocks in Spotlight:

Oil India advanced 0.30% to Rs 134.35. The company's consolidated net profit declined 50.1% to Rs 709.39 crore on a 16.1% decline in net sales to Rs 2957.19 crore in Q3 December 2019 over Q3 December 2018. On a standalone basis, Oil India's net profit tumbled 67.1% to Rs 406.39 crore on 16% decline in net sales to Rs 2951.99 crore in Q3 December 2019 over Q3 December 2018. The earnings came in after market hours yesterday, 10 February 2020. Profit before tax (PBT) for Q3 December 2019 stood at Rs 685.31 crore, down 58% from Rs 1631.73 crore in Q3 December 2018. Tax expenses increased 23.2% to Rs 283.61 in Q3 December 2019 over Q3 December 2018. EBITDA slumped 42% to Rs 1231.34 crore in Q3 December 2019 over Q3 December 2018. EBITDA margin declined to 35.37% in Q3 December 2019 from 52.65% reported in Q3 December 2018.

Due to fall in international crude oil prices, average crude oil price realisation is lower by 5.1% to $63.27 per barrel in Q3 December 2019 over Q3 December 2018.

Shilpa Medicare hit an upper-circuit limit of 10% at Rs 437.85 after consolidated net profit surged 248.7% to Rs 55.06 crore in Q3 December 2019 (Q3 FY20) as against Rs 15.79 crore reported in Q3 December 2018 (Q3 FY19). Net sales soared 36.6% year-on-year (Y-o-Y) to Rs 236.85 crore in Q3 FY20. The Q3 figures were announced after trading hours yesterday, 10 February 2020. Profit before tax jumped 481.3% to Rs 65.45 crore Y-o-Y. Current tax expenses soared 152.8% to Rs 12.01 crore during the period under review.

Avenue Supermarts (DMart) informed about the closure of qualified institutional placement (QIP) of equity shares on Monday, 10 February 2020. The DMart board approved the QIP issue price of Rs 2,049 per share. The QIP issue commenced on 5 February 2020. The company offered 2 crore shares at the floor price of Rs 1999.04 each. Shares of DMart were down 3.35% at Rs 2400.90 amid profit booking. The scrip surged 8.63% in yesterday's session to end at Rs 2484.15. It hit a record high of Rs 2,537 yesterday.

Arvind Fashions surged 4.29% to Rs 369.80. The company reported a consolidated net loss of Rs 52 crore in Q3 December 2019 as against a net profit of Rs 6.95 crore posted in Q3 December 2018. Net sales declined 9.8% to Rs 1135.45 in Q3 December 2019 over Q3 December 2018.

Numbers to Track:

The yield on 10-year benchmark federal paper fell to 6.454% at 14:20 IST compared with 6.440% in the previous trading session.

In the foreign exchange market, the rupee appreciated against the dollar. The partially convertible rupee was trading at 71.2725, compared with its previous closing low of 71.28.

In the commodities market, Brent crude for April 2020 settlement was up 73 cents at $54 a barrel. The contract fell $1.20 or 2.20% to settle at $53.27 a barrel in the previous trading session.

MCX Gold futures for 5 February 2019 settlement fell 0.57% to Rs 40,446.

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

First Published: Tue, February 11 2020. 14:26 IST