Key indices wiped off early gains to end with modest losses in a volatile session. The Sensex regained the psychological 36,000 after sliding below that level in intraday trade. The Nifty ended below 10,800 mark. State-run oil marketing companies tumbled amid firming crude oil prices.
The Sensex fell 119.51 points or 0.33% to settle at 36,034.11, its lowest closing level since 30 January 2019. The index rose 222.18 points, or 0.61% at the day's high of 36,375.80. The index fell 190.94 points, or 0.53% at the day's low of 35,962.68.
The Nifty 50 index fell 37.75 points or 0.35% to settle at 10,793.65, its lowest closing level since 30 January 2019. The index rose 60.25 points, or 0.56% at the day's high of 10,891.65. The index fell 59.30 points, or 0.55% at the day's low of 10,772.10.
Domestic stocks edged higher in early trade boosted by improved industrial production data for December. Stocks trimmed gains in morning trade. Key indices hovered with modest gains in mid-morning trade. The market was trading in a narrow range in afternoon trade. Volatility struck bourses in mid-afternoon trade as the key indices regained positive zone soon after sinking in negative zone. Fresh selling pulled the key indices to day's low in late trade.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 982 shares rose and 1556 shares fell. A total of 133 shares were unchanged.
Among the sectoral indices on BSE, the S&P BSE Oil & Gas index (down 2.11%), the S&P BSE Capital Goods index (down 1.76%) and the S&P BSE Power index (down 1.46%), underperformed the Sensex. The S&P BSE IT index (up 0.67%) and the S&P BSE Realty index (up 0.32%), outperformed the Sensex.
Shares of the state-run oil marketing companies declined after Brent crude prices firmed up in international market. HPCL (down 3.51%), BPCL (down 3.10%) and Indian Oil Corporation (IOCL) (down 3.27%) declined. Higher crude oil prices could increase under-recoveries of PSU OMCs on domestic sale of LPG and kerosene at controlled prices. The government has already freed pricing of petrol and diesel.
Bata India rose 6.93% to Rs 1271.40 after net profit rose 51.4% to Rs 103.18 crore on 15.5% increase in net sales to Rs 778.70 crore in Q3 December 2018 over Q3 December 2017. Revenues were buoyed by robust festive sales, well-received consumer campaigns and the expansion of 50 new red-concept stores, the company said. The result was announced after market hours yesterday, 12 February 2019.
Oil India rose 1.71% to Rs 172.75 after net profit rose 74.9% to Rs 1,233.45 crore on 23.2% increase in net sales to Rs 3,514.03 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 12 February 2019.
Sun Pharmaceutical Industries lost 1.28% to Rs 431.15. Consolidated net profit rose 310% to Rs 1461.03 crore on 16.04% increase in net sales to Rs 7656.71 crore in Q3 December 2018 over Q3 December 2017. The company said that net profit for Q3 last year was adversely impacted by one-time deferred tax adjustment of Rs 513 crore related to changes in US tax rates. The result was announced after market hours yesterday, 12 February 2019.
EBITDA was reported at Rs 2,069 crore in Q3 December 2018, up by 48% over Q3 December 2017, with resulting EBITDA margin of 27%. Margins were partly driven by forex gains, the company said.
Sale of branded formulations in India in Q3 was Rs 2,235 crore, up by 7% and accounted for 29% of total sales. Sales in the US were $362 million for the quarter, a growth of 10% over same period last year and accounted for 34% of total sales. Sales in emerging markets were at $203 million in Q3, up 7% over same quarter last year and accounted for 19% of total sales. Formulation sales in Rest of World (ROW) markets excluding US and Emerging Markets were $125 million in Q3, a growth of 4% over Q3 last year and accounted for approximately 12% of revenues.
Coal India fell 1.19% to Rs 220.30. The company's consolidated net profit rose 50.09% to Rs 4566.81 crore on 12.58% rise in net sales to Rs 23385.43 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 12 February 2019.
During the quarter ended 31 December 2018, the government further divested 3.19%, 2.21% and 0.01% of total equity share capital equivalent to 33,59,97,714 number of equity shares by way of placement of shares in Bharat 22 ETF, CPSE ETF and OFS, respectively, and post such divestment, the Centre holds 72.91% of equity share capital, Coal India said.
L&T dropped 2% to Rs 1219.80. L&T Construction said that Buildings and Factories business has secured a design and build order for the construction of hospitals from a private developer in India. The project that will feature 37 linear accelerator bunkers has to be completed within stringent timelines of 30 months. The business has also secured another order for the construction of a hospital in Udupi, Karnataka. The announcement was made during market hours today, 13 February 2019.
Infosys rose 0.61%. Infosys during market hours today said that the company has inaugurated its Digital Innovation and Design Center in Providence and announced a partnership with the Community College of Rhode Island (CCRI) to build and launch the Digital Economy Aspirations Lab (DEAL) to enable and develop students for the digital jobs of the future. The Providence Center will help close the gap for design and human-centric skills in technology fields and enhance Infosys' ability to provide digital technologies and breakthrough innovations at the intersection of industry and design for its clients.
CG Power and Industrial Solutions fell 29.63% to Rs 23.75 after reporting consolidated net loss of Rs 150.18 crore in Q3 December 2018, higher than net loss of Rs 28.23 crore in Q3 December 2017. The company reported exceptional loss of Rs 116.64 crore in Q3 December 2018. Consolidated revenue from operations rose 11.9% to Rs 1719.52 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 12 February 2019.
On the macro front, India's industrial production (base year 2011-12=100) increased at improved pace of 2.4% in December 2018, compared with 0.3% growth recorded in November 2018. The industrial production growth for November 2018 has been revised downwards from 0.5% increase reported provisionally. The data was released by government after market hours yesterday, 12 February 2019.
The all-India general CPI inflation eased to 2.05% in January 2019 (new base 2012=100), compared with 2.11% in December 2018. The corresponding provisional inflation rate for rural area was 1.29% and urban area 2.91% in January 2019 as against 1.50% and 2.91% in December 2018. The core CPI inflation eased to 5.36% in January 2019 compared with 5.66% in December 2018. The data was released by government after market hours yesterday, 12 February 2019.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 70.765, compared with its close of 70.70 during the previous trading session.
In the global commodities markets, Brent for April 2019 settlement was up 94 cents at $63.36 a barrel. The contract rose 91 cents, or 1.48% to settle at $62.42 a barrel during the previous trading session.
Overseas, European shares edged up on Wednesday as optimism towards Washington and Beijing trade talks lifted global markets and data showed earnings growth forecasts for Europe were no longer falling for the fourth quarter after steep downward revisions.
Asian stocks nudged higher on Wednesday, lifted by optimism that the United States and China might be able to hammer out a deal to resolve their nearly year-long trade dispute. US stock indexes closed at their highest levels for 2019 on Tuesday after lawmakers reached a tentative deal to prevent a government shutdown and as optimism grew over a potential trade deal between the U.S. and China.
Democratic and Republican lawmakers reached a deal late Monday to avert another government closure after GOP negotiators agreed to a border-security deal that will involve far less money for an extension of the southern U.S. border wall than President Donald Trump has been demanding.
Bilateral trade negotiations entered a second day in Beijing, with Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer due to arrive Thursday for more high-level discussions.
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