Key barometers snapped four-day rising streak on Wednesday, as weakness in other Asian stocks triggered profit selling in the domestic market. Asian stock markets came under selling pressure after US Treasury Secretary said that the United States would continue tariffs on Chinese goods until the completion of a second phase of a US-China trade agreement.
The barometer BSE S&P Sensex fell 56.47 points or 0.13% to 41,896.16, as per the provisional closing data. The Nifty 50 index lost 21.95 points or 0.18% to 12,340.35, as per the provisional closing data.
In the broader market, the S&P BSE Mid-Cap index rose 0.68% while the S&P BSE Small-Cap index gained 1.04%.
The market breadth favored the buyers. On the BSE, 1456 shares rose and 1058 shares fell. A total of 181 shares were unchanged. In Nifty 50 index, 26 stocks advanced while 23 stocks declined and 1 stock was unchanged.
The government will release India's trade data for December 2019 at 18:00 IST today, 15 Wednesday 2019.
India's trade deficit narrowed to $12.12 billion in November 2019 from $17.58 billion in the same month a year ago, as imports slumped 12.71% to $38.11 billion. Exports fell 0.34% to $25.98 billion.
Den Networks (up 3.58%), Sterlite Technologies (up 0.73%), Reliance Industrial Infrastructure (down 1.15%) and Tinplate Company (down 2.20%) will announce Q3 earnings today.
Mindtree jumped 2.66% to Rs 886.70. 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 3.52% to Rs 248.10. 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 sequential growth of 0.0% to 2.0%.
Tata Steel BSL added 0.16% to Rs 32 after the company reported a consolidated net loss of Rs 501.50 crore in Q3 December 2019 as against a net loss of Rs 239.67 crore in Q3 December 2018. Net sales rose 1.82 to Rs 4736.78 crore in Q3 December 2019 from Rs 4652.16 crore recorded in Q3 December 2018. The result was announced after market hours yesterday, 14 January 2020.
Larsen & Toubro Infotech advanced 2.49% to Rs 1925 after its consolidated net profit rose 4.6% to Rs 376.70 crore on 9.4% increase in revenue to Rs 2811.10 crore in Q3 December 2019 over Q2 September 2019. On year-on-year (YoY) basis, consolidated net profit inched up 0.32% while revenue expanded 13.68%.
Stocks in Spotlight:
Shares of Canara Bank rose 1.21% to Rs 218.05 while those of Can Fin Homes fell 2.95% to Rs 375. Canara Bank called-off the proposed divestment of its entire 30% stake in its housing finance subsidiary, Can Fin Homes, which was under progress.
Larsen & Toubro (L&T) slipped 0.17% to Rs 1323.75. The company said it won 'large' orders from various business across the country. L&T classifies large orders between value of Rs 2500 crore and Rs 5000 crore.
Sun Pharmaceutical Industries rose 0.55% to Rs 448.25. The drug major and Rockwell Medical entered into a licensing agreement for commercializing Triferic, a proprietary iron replacement and haemoglobin maintenance drug, for treating anaemia in hemodialysis patients in India.
Capacite Infraprojects gained 1.24% to Rs 196.35. The construction company has received order from integrated unit (P.W ) division for a contract value of Rs 407.16 crore for construction of multi-storey super specialty hospital building at Sir J J Hospital Campus on EPC (engineering, procurement and construction) mode at Byculla in Mumbai.
Most European shares were trading lower while Asian stocks fell across the board on Wednesday as investors awaited the signing of an initial US-China trade deal, with sentiment somewhat dented by comments from the US Treasury Secretary.
The United States will maintain tariffs on Chinese goods until the completion of a second phase of a U.S.-China trade agreement, US Treasury Secretary Steven Mnuchin said on Tuesday, a day before the two sides are to sign an interim deal. "If the president gets a Phase 2 in place quickly, he'll consider releasing tariffs as part of Phase 2," Mnuchin reportedly said.
Trump is slated to sign the Phase 1 trade agreement with Chinese Vice Premier Liu He at the White House on Wednesday at 22:00 IST (1630 GMT). All aspects of the Phase 1 trade deal with China would be made public on Wednesday, except a confidential annex that will detail US products and services to be purchased by China.
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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