Key equity indices came off the day's high in mid-morning trade. Firmness in FMCG stocks supported the bourses. The Nifty hovered around 12,200 mark.
At 11:25 IST, the S&P BSE Sensex, gained 370.51 points or 0.88% at 41,580.49. The Nifty 50 index was up 96.5 points or 0.8% at 12,204.40.
The broader market underperformed the benchmarks. The S&P BSE Mid-Cap index was up 0.21% while the S&P BSE Small-Cap index was up 0.01%.
The market breadth turned negative. On the BSE, 941 shares rose and 1119 shares fell. A total of 117 shares were unchanged. In Nifty 50 index, 38 stocks advanced while 12 stocks declined.
Industrial Production for December 2019 and consumer price inflation rate for January 2020 will be declared today, 12 February 2020.
The Nifty FMCG index jumped 2.19% to 31,080.05, snapping its two days losing streak. The index declined 1.28% in the previous two sessions.
Hindustan Unilever (up 5.16%), GlaxoSmithkline Consumer Healthcare (up 4.92%), Parag Milk Foods (up 3.84%), Godrej Consumer Products (up 3.11%), Nestle India (up 2.58%), Dabur India (up 2%), Jubilant Foodworks (up 1.63%), Colgate Palmolive (up 0.94%), Tata Global Beverages (up 0.58%) and United Breweries (up 0.45%) were top gainers in FMCG space.
Stocks in Spotlight:
Zydus Cadila Healthcare has received the final approval from the United States Food & Drug Administration (USFDA) to market Fluocinonide cream USP, 0.1%.
As per the company's press release, the drug is used for the treatment of variety of skin conditions (like psoriasis, eczema, dermatitis, allergies and rash). The medicine would be manufactured at its topical manufacturing unit at Ahmedabad, Gujarat. Shares of Cadila Healthcare fell 1.02% at Rs 271.80.
IndusInd Bank fell 2.84% to Rs 1255.45 after Moody's Investors Service on Tuesday affirmed IndusInd Bank's domestic and foreign currency issuer ratings of Baa3/P-3. Moody's has changed the outlook, where applicable, to negative from stable to account for the risk of further asset quality deterioration. The bank could also be negatively impacted by the ongoing stress in the telecommunications sector, the ratings agency said.
Sun Pharma Advanced Research Company (SPARC) slumped 7.79% to Rs 176.25 after the US drug regulator rejected the company's cancer drug application for Taclantis in its current form. SPARC said it is reviewing the CRL and intends to work with the USFDA as soon as possible to address the concerns raised.
Hindalco Industries advanced 0.41% to Rs 194.35 after the company's subsidiary, Novelis Inc's net income jumped 37% year-on-year to $107 million in the third quarter of fiscal year 2020. Net sales decreased 10% from the prior year period to $2.7 billion for the third quarter of fiscal 2020, driven by lower average LME aluminum prices and local market premiums. Flat rolled product shipments were in line with the prior year, at 797 kilotonnes.
Hindalco will declare Q3 results later today, 12 February 2020.
IRCON International jumped 2.46% to Rs 456.2. On a consolidated basis, the company reported a 52.5% jump in net profit to Rs 142.43 crore in Q3 December 2019 as against Rs 93.39 crore posted in Q3 December 2018. Net sales declined 3.3% to Rs 1210.95 crore in Q3 December 2019 from Rs 1251.72 crore posted in Q3 December 2018.
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