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Shares turn range bound; European stocks mostly higher

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Key equity barometers continued trading near the day's low in afternoon trade. At 13:25 IST, the S&P BSE Sensex, fell 232.18 points or 0.55% and traded at 41,720.45. The Nifty 50 index was down 63.20 points or 0.51% at 12,299.10.

Investors locked profits after other Asian stock markets came under selling pressure. Sentiment took a hit after US Treasury Secretary said 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 the broader market, the S&P BSE Mid-Cap index was up 0.28% while the S&P BSE Small-Cap index rose 0.69%. Both these indices outperformed the benchmarks.

The market breadth was positive. On the BSE, 1237 shares rose and 1072 shares fell. A total of 185 shares were unchanged. In Nifty 50 index, 22 stocks advanced while 28 stocks declined.

Economy:

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.

Stocks in Spotlight:

Tata Motors (up 2.63%), Hero MotoCorp (up 1.57%), Titan Company (up 1.15%) and Hindalco Industries (up 0.97%) were the top gainers.

IndusInd Bank (down 4.75%), Infosys (down 1.30%), Dr. Reddy's Laboratories (down 1.22%), HDFC (down 1.10%) and ICICI Bank (down 1.01%) were the top losers.

Yes Bank was up 4.93% on bargain hunting after a steep selling in the past three sessions. Shares of Yes Bank tumbled 18.50% in three sessions to Rs 38.55 on 14 January 2020, from its closing high of Rs 47.30 on 9 January 2020.

Yes Bank announced post trading hours on Tuesday, 14 January 2020, that it will hold extraordinary general meeting on 7 February to seek shareholders' nod to raise Rs 10,000 crore via combination of equity and debt.

Meanwhile, Yes Bank after market hours on Tuesday, 14 January 2020, said that it acquired 12,73,21,500 equity shares, or 29.97% equity, of Rosa Power Supply Company, a wholly owned subsidiary of Reliance Power, pursuant to invocation of pledge of shares.

The Rosa thermal plant (1,200 MW) at Shahjahanpur in Uttar Pradesh, owned by the Rosa Power Supply Company generated 4341 million units in the year ended 31 March 2019.

Wipro fell 1.89%. On consolidated basis, the company 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.

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 dull sequential growth of 0.0% to 2.0%.

Sun Pharmaceutical Industries was up 0.3%. 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.

Shares of L&T were trading 0.51% higher at Rs 1332.75. 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.

Foreign Markets:

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

First Published: Wed, January 15 2020. 13:26 IST
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