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Market slips in early trade; Sensex falls below 41,000 mark

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Key indices opened in the green but soon slipped into the red on weak Asian cues. At 9:23 IST, the barometer index, the S&P BSE Sensex, was down 173.23 points or 0.42% at 40,968.62. The Nifty 50 index was down 51.45 points or 0.43% at 12,046.90.

The S&P BSE Mid-Cap index was down 0.23%. The S&P BSE Small-Cap index was up 0.0.3%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 570 shares rose and 425 shares fell. A total of 58 shares were unchanged.

Q3 earnings impact:

Among stocks, Mahindra & Mahindra fell 1.37%. Mahindra & Mahindra 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.

Britannia Industries was down 0.32. Britannia Industries 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.

Tata Steel fell 2.97%. Tata Steel 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.

NTPC shed 0.95%. NTPC reported 22.37% rise in consolidated net profit to Rs 3179.06 crore on 5.16% rise in total income to Rs 27,635.39 crore in Q3 December 2019 over Q3 December 2018.

Stocks in news:

Cipla rose 1.11%. Cipla 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 0.19%. Dr Reddy's Laboratories 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.

Yes Bank gained 4.13%. Yes Bank received shareholders' approval to increase authorised share capital to Rs 1,100 crore from Rs 800 crore. Shareholders also approved raising up to Rs 10,000 crore via issuance of equity shares or other convertible securities. Last week, the bank had appointed global investment bank Cantor Fitzgerald and two domestic entities to execute its fundraising plans of $2 billion.

Hindustan Aeronautics advanced 0.13%. Hindustan Aeronautics (HAL) said the company and JSC Rosoboronexport signed an MoU during the ongoing DefExpo 2020. The MoU envisages export of spares and services to friendly countries for which license has been given to HAL. The scope will include Su-30 MKI, AL 31 FP engine, RD33 engines, accessories etc.

Ashok Leyland fell 0.66%. Ashok Leyland said the company, along with other investors, has entered into a Supplemental Share Purchase Agreement with Everfin Holdings, shareholder of Hinduja Leyland Finance to acquire 7% stake at Rs 119 per share.

Global Markets:

Overseas, most Asian stocks were trading lower on Monday as the death toll from a coronavirus outbreak surpassed the SARS epidemic, raising alarm bells about its severity.

In US, stocks 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. 09:26 IST