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Market drifts lower in early trade

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Key indices were trading lower on subdued Asian cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 95.43 points or 0.23% at 41,857.20. The Nifty 50 index was down 41.15 points or 0.33% at 12,321.15.

The S&P BSE Mid-Cap index was down 0.13%. The S&P BSE Small-Cap index was up 0.02%. Both these indices outperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 511 shares rose and 458 shares fell. A total of 41 shares were unchanged.

Among stocks, Wipro fell 1.89%. Wipro, on consolidated basis, 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 sequential growth of 0.0% to 2.0%.

Canara Bank shed 1.32%. Canara Bank said that it has decided to call-off the divestment process of its entire stake in Can Fin Homes, which was under progress.

Mindtree rose 0.07%. Mindtree, on consolidated basis, reported 45.93% rise in net profit to Rs 197.00 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.

Piramal Enterprises was up 0.46%. Piramal Enterprises informed that a meeting of the company will be held on 17 January, 2020, to consider and approve the issue of secured nonconvertible debentures on private placement basis amounting up to Rs 300 crore.

Saksoft rose 3.11%. Saksoft said that Credit Analysis & Research Limited (CARE) has assigned an upward rating to the long term bank facilities of the Company from CARE BBB +; Positive (Triple B Plus; Outlook Positive) to CARE A - : Stable (Single A Minus; Outlook: Stable).

CSB Bank jumped 3.26%. CSB Bank informed that the regulatory restrictions imposed by RBI on opening of new branches in view of the delayed Initial Public offering, have been lifted by RBl, with effect 10 January 2020. Accordingly, the Bank can currently open branches under the general permission of RBI for all banks.

Overseas, most Asian stocks were trading lower on Wednesday as investors awaited the signing of an initial US-China trade deal, with sentiment somewhat dented by comments reportedly from the US Treasury Secretary's that tariffs would remain in place for now.

US Treasury Secretary Steven Mnuchin reportedly said on late Tuesday that the United States would keep in place tariffs on Chinese goods until the completion of a second phase of a US-China trade agreement.

In US, stocks posted a mixed finish on Tuesday as doubts about the extent of import tariff reductions in a trade deal with China saw equities retreat from fresh intraday records for the benchmark indexes.

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

First Published: Wed, January 15 2020. 09:24 IST