Key benchmark indices traded in a narrow band with modest gains in mid-morning trade amid positive Asian cues. Investors continued to remain cautious ahead of Union Budget, 1 February 2020. At 11:25 IST, the S&P BSE Sensex, gained 295 points or 0.72% at 41,261.86. The Nifty 50 index surged 92.65 points or 0.77% at 12,148.45.
In the broader market, the S&P BSE Mid-Cap index was up 0.83% while the S&P BSE Small-Cap index was up 0.39%.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1311 shares rose and 738 shares fell. A total of 125 shares were unchanged. In Nifty 50 index, 42 stocks advanced while 8 stocks declined.
Buzzing Index:
The Nifty Metal index rose 2.04% to 2,696.25, snapping a two-day losing streak. The index tumbled 5.51% in past two trading sessions.
JSW Steel (up 2.98%), Steel Authority of India (up 2.66%), Tata Steel (up 2.57%), Jindal Steel & Power (up 2.11%), Hindalco Industries (up 2.04%), Vedanta (up 1.93%), Coal India (up 1.85%), National Aluminium Company (up 1.45%), Hindustan Zinc (up 1.23%) and NMDC (up 0.44%) were top gainers in metal segment.
Q3 Results:
Cummins India surged 4.33% to Rs 614.20 after consolidated net profit rose 1.2% to Rs 199.88 crore on 2.9% decline in net sales to Rs 1431.54 crore in Q3 December 2019 over Q3 December 2018. Profit before tax (PBT) declined 9.8% to Rs 258.05 crore in Q3 December 2019 from Rs 285.98 crore in Q3 December 2018. Total tax expenses for the December quarter stood at Rs 58.17 crore, down by 34.25% from Rs 88.48 crore in same period last year.
Tata Coffee jumped 5.45% to Rs 104.5. The coffee major reported a 121.7% jump in consolidated net profit to Rs 24.9 crore in Q3 2019 from net profit of Rs 11.23 crore in the year ago period. Net sales rose 7.7% to Rs 501.42 crore year on year (YoY).
JK Lakshmi Cement rose 2.89% to Rs 381.25 after consolidated net profit soared 452.7% to Rs 50.41 crore in Q3 December 2019 as against Rs 9.12 crore reported in Q3 December 2018. Net sales rose 3.8% to Rs 1077.92 crore in Q3 December 2019 over Q3 December 2018.
Central Bank of India rose 2.07% to Rs 19.75 after reporting a net profit of Rs 155.32 crore in Q3 December 2019 compared with a net loss of Rs 718.23 crore in Q3 December 2018. Net interest income stood at Rs 2022 crore in Q3 FY20, up 11.34% from Rs 1816 crore in Q3 FY19. Net interest margin rose to 2.92% in Q3 December 2019 from 2.74% in Q3 December 2018. Provisions and contingencies (excluding tax provisions) dropped 31.05% to Rs 1,249.21 crore in Q3 December 2019 over Q3 December 2018. Of this, provisions for NPAs fell 46.60% to Rs 1088.80 crore in Q3 December 2019 over Q3 December 2018.
Global Markets:
Most Asian markets were trading higher on Wednesday as better-than-expected Apple Inc. earnings drove some regional tech gains although broader confidence was capped by worries about the economic impact of China's virus outbreak.
In US, markets recovered some ground on Tuesday, after worries about the impact of China's coronavirus outbreak on global economic growth sparked the biggest one-day selloff since early October on Monday.
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