Key equity barometers hit fresh intraday low in mid-afternoon trade. The Nifty breached its 50-day daily SMA placed at 12,104.88. Large-caps witnessed selling pressure due to concerns over stretched valuations. Investors also turned cautious ahead of the Union Budget on 1 February 2020.

At 14:28 IST, the S&P BSE Sensex, declined 235.21 points or 0.57% at 41,088.60. The Nifty 50 index fell 73 points or 0.60% at 12,096.85.

In the broader market, the S&P BSE Mid-Cap index was down 0.31% while the S&P BSE Small-Cap index fell 0.12%.

There were more sellers then buyers. On the BSE, 999 shares rose and 1404 shares fell. A total of 159 shares were unchanged. In Nifty 50 index, 16 stocks advanced while 34 stocks declined.

Stocks in Spotlight:

Gati rose 0.83% to Rs 66.90 after the company's board on Tuesday allotted 1.33 crore shares at Rs 75 a share to Allcargo Logistics through a preferential allotment. The preferential allotment, approved by the shareholders of Gati on 7 January 2020, takes Allcargo's stake in Gati to 13%. Allcargo paid Rs 100 crore for the shares.

UPL declined 2.30% to Rs 564.35 after the media reported that Income tax Department conduct searches at the company's offices and premises. According to media reports, the taxmen suspect tax evasion and account manipulation by the company. The BSE has sought clarification from UPL on the same and is awaiting a reply.

Hindustan Media Ventures surged 6.64% to Rs 83.50. Consolidated net profit rose 18.36% to Rs 32.68 crore on a 5.61% decline in revenue from operations to Rs 208.48 crore in Q3 December 2019 over Q3 December 2018. Profit before tax surged 41.86% to Rs 47.14 crore in Q3 December 2019 from Rs 33.23 crore in Q3 December 2018.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.634% at 14:27 IST compared with 6.633% in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was trading at 71.235, compared with its previous closing low of 71.21.

In the commodities market, Brent crude for March 2020 settlement was down 39 cents a barrel or 0.6% at $64.20 per barrel. The contract fell 26 cents or 0.4% to settle at $64.59 a barrel in Friday's session.

MCX Gold futures for 5 February 2019 settlement fell 0.02% to Rs 39,903.

The Sensex and the Nifty continued trading with modest losses in afternoon trade. Investors turned cautious ahead of the Union Budget on 1 February 2020. At 13:28 IST, the S&P BSE Sensex, declined 121.05 points or 0.29% at 41,202.76. The Nifty 50 index fell 39.35 points or 0.32% at 12,130.50.

The broader market traded mixed. The S&P BSE Mid-Cap index was down 0.07% while the S&P BSE Small-Cap index was up 0.15%.

The market breadth was negative. On the BSE, 1089 shares rose and 1225 shares fell. A total of 166 shares were unchanged. In Nifty 50 index, 28 stocks advanced while 22 stocks declined.

Stocks in Spotlight:

Grasim Industries (up 2.60%), Nestle India (up 1.70%), TCS (up 1.39%), HCL Technologies (up 1.36%) and Vedanta (up 0.81%) were the top gainers.

Coal India (down 4.40%), ONGC (down 4.15%), NTPC (down 3.80%), Tata Motors (down 3.21%) and Power Grid Corporation of India (down 2.54%) were the top losers.

Among Nifty stocks, Larsen & Toubro (down 0.39%), Asian Paints (down 0.69%) and Axis Bank (down 0.75%) will announce their Q3 earnings today.

Zee Entertainment Enterprises rose 0.23% to Rs 284.60 after consolidated net profit fell 37.87% to Rs 349.43 crore on 5.45% decline in net sales to Rs 2,048.65 crore in Q3 December 2019 over Q3 December 2018.

Bharti Airtel slipped 0.26% to Rs 510. The government approved increasing the limit of foreign investment upto 100% of the paid up capital of the company.

Foreign Markets:

European markets opened higher while Asian markets were trading mostly higher on Wednesday. Investors took stock of the spread of a new strain of coronavirus from China and weighed the possible consequences of a global pandemic.

The Bank of Korea said Wednesday the country's economy grew 1.2% on a seasonally adjusted basis in the fourth quarter as compared with three months earlier. That was the fastest expansion since the third quarter of 2017, beating an estimated 0.8% growth from a media poll.

U.S. stocks fell on Tuesday after the Centers for Disease Control confirmed the first U.S. case of a mysterious virus that has infected hundreds in China. Health officials have also confirmed cases in Thailand, South Korea, Japan and Taiwan.

Public health officials have confirmed more than 400 cases of the illness, which has evoked memories of the 2003 outbreak of severe acute respiratory syndrome, or SARS, in China. Health officials have also confirmed cases in Thailand, South Korea, Japan and Taiwan.

In other news, market focus in the region will continue to be on the World Economic Forum (WEF) in Davos, Switzerland. In a keynote speech Tuesday, U.S. President Donald Trump has reportedly urged other countries to “put their own citizens first.”

Key barometers extended losses and hit fresh intraday low in early afternoon trade. The Nifty descended toward 12,100 level. At 12:21 IST, the S&P BSE Sensex, declined 124.52 points or 0.30% at 41,207.22. The Nifty 50 index fell 42.03 points or 0.35% at 12,127.55.

Sentiment across global markets had taken a hit overnight amid concerns about the coronavirus that has killed 9 in China so far. Investors become cautious as any disease outbreak could depress consumer sentiment and spending, including tourism as well as travel and transport related business.

The broader market traded mixed. The S&P BSE Mid-Cap index was down 0.2% while the S&P BSE Small-Cap index was up 0.13%.

The market breadth, indicating the overall health of the market, was even. On the BSE, 1034 shares rose and 1178 shares fell. A total of 156 shares were unchanged. In Nifty 50 index, 22 stocks advanced while 28 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, spurted 2.23% to 16.2175. The Nifty January 2020 futures were trading at 12,162, a premium of 29.9 points compared with the spot at 12,132.10.

On the options front, the Nifty option chain for 30 January 2020 expiry showed maximum call open interest (OI) of 34.53 lakh contracts at the 12,500 strike price. Maximum call writing was witnessed at 12,200 strike price, which added 7.26 lakh contracts.

Maximum put OI of 34.49 lakh contracts was seen at 12,000 strike price. Maximum put writing was observed at 12,200 strike which added 1.48 lakh contracts.

The option chain indicates that the Nifty will hover between 12,000 and 12,500 level in January.

Q3 Results:

Tejas Networks slumped 6.32% to Rs 84.50 after the company reported a net loss of Rs 112.06 crore in Q3 December 2019 as against a net profit of Rs 32.84 crore in Q3 December 2018. The company recorded pre-tax loss of Rs 14.78 crore in Q3 December 2019 compared with pre-tax profit of Rs 24.91 crore in Q3 December 2019. In Q3 FY20, net sales declined 53% to Rs 86.66 crore on a year-on-year (YoY) basis. The weak revenue during the quarter was primarily due to sharp decline in revenues from India Government segment, which had a YoY decline of 86% for the nine months ended on 31 December 2019.

Hatson Agro Product jumped 3.66%. Net profit of the company rose 50.6% to Rs 27.89 crore in Q3 December 2019, from Rs 18.52 crore in Q3 December 2018. Profit before tax increased by 7.8% to Rs 29.89 crore in Q3 December 2019 from Rs 27.73 crore in Q3 December 2018. Net sales rose 16.1% to Rs 1340.18 crore YoY.

Stocks in Spotlight:

Power Mech Projects edged higher by 1.75% to Rs 730.55 after the company said it won two separate orders worth Rs 351 crore.

Mayur Uniquoters rose 3.62% to Rs 240.75 after the company announced commencement of commercial operation at polyurethane (PU) plant located at Morena in Madhya Pradesh on 21 January 2020.

Key benchmarks traded near the day's low in mid-morning trade. The Nifty slipped below 12,150 level. At 11:24 IST, the S&P BSE Sensex, was down 116.59 points or 0.28% at 41,207.22. The Nifty 50 index was down 34.05 points or 0.28% at 12,135.35.

Sentiment across global markets had taken a hit overnight amid concerns about the coronavirus that has killed 9 in China so far. Investors become cautious as any disease outbreak could depress consumer sentiment and spending, including tourism as well as travel and transport related business.

In the broader market, the S&P BSE Mid-Cap index was down 0.07% while the S&P BSE Small-Cap index was up 0.2%.

The market breadth was even. On the BSE, 1027 shares rose and 1016 shares fell. A total of 140 shares were unchanged. In Nifty 50 index, 24 stocks advanced while 26 stocks declined.

Q3 Results:

Zee Entertainment Enterprises fell 3.54% to Rs 273.90 after consolidated net profit fell 37.87% to Rs 349.43 crore on 5.45% decline in net sales to Rs 2,048.65 crore in Q3 December 2019 over Q3 December 2018.

HDFC Asset Management Company rose 0.80% to Rs 3,204.25 after net profit rose 44.90% to Rs 352.55 crore on 11.1% rise in total income to Rs 591.99 crore in Q3 December 2019 over Q3 December 2018.

Jay Bharat Maruti fell 3.94% to Rs 250 after consolidated net profit fell 39.21% to Rs 6.79 crore on 12.1% decline in net sales to Rs 402.74 crore in Q3 December 2019 over Q3 December 2018.

Stocks in Spotlight:

Glenmark Pharmaceuticals rose 0.80% to Rs 353.60. Private equity firm True North has agreed to acquire Glenmark Pharmaceuticals' gynaecology business in India and Nepal for Rs 115 crore in cash. The business accounts for less than 1% of Glenmark's total revenue. True North is making the acquisition through portfolio company Integrace, Glenmark said in a stock-exchange filing. The transaction is likely to be completed by the end of March 2020.

Bharti Airtel down 0.29%. The government approved increasing the limit of foreign investment upto 100% of the paid up capital of the company.

Foreign Markets:

Asian markets were trading mixed on Wednesday as investors took stock of the spread of a new strain of coronavirus from China and weighed the possible consequences of a global pandemic. Public health officials have confirmed more than 400 cases of the illness. Health officials have also confirmed cases in Thailand, South Korea, Japan and Taiwan.

US benchmark stock indexes finished lower on Tuesday after the media reported that a traveler from China was diagnosed with the first U.S. case of coronavirus in Seattle.

Key benchmark indices reversed early gains and slipped into negative terrain in morning trade. The Nifty fell below 12,150 level. At 10:23 IST, the S&P BSE Sensex, was down 76.81 points or 0.19% at 41,247. The Nifty 50 index was down 29.05 points or 0.24% at 12,140.80.

The broader market was mixed. The S&P BSE Mid-Cap index was down 0.26% while the S&P BSE Small-Cap index was up 0.11%.

The market breadth was positive. On the BSE, 940 shares rose and 865 shares fell. A total of 109 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.

Q3 Earnings Today:

Among Nifty stocks, Larsen & Toubro (up 0.34%), Asian Paints (down 1.32%) and Axis Bank (down 0.34%) will announce their Q3 earnings today.

Raymond (up 2.62%), VST Industries (up 2.28%), Ujjivan Small Finance Bank (up 1.3%), Agro Tech Foods (up 1.02%), Syngene International (up 0.82%), SBI Life Insurance (up 0.48%), Alembic Pharmaceuticals (up 0.43%), CreditAccess Grameen (up 0.43%), Motilal Oswal Financial Services (up 0.34%), Tata Communications (up 0.22%), CEAT (down 0.03%),RBL Bank (down 0.06%), AU Small Finance Bank (down 0.25%) and IIFL Wealth Management (down 3.33%) are some of the companies that will announce their Q3 2019 earnings today.

Q3 Results:

Polycab India rose 3.74% to Rs 1122.95 after consolidated net profit jumped 13.16% to Rs 218.78 crore on 23.83% increase in net sales to Rs 2,507.31 crore in Q3 December 2019 over Q3 December 2018, driven by healthy growth across segments. Profit before tax (PBT) fell 0.13% to Rs 289.97 crore in Q3 December 2019 as compared to Rs 290.36 crore in Q3 December 2018. Total tax expense fell 29.13% to Rs 68.56 crore in Q3 December 2019 over Q3 December 2018. The result was unveiled after market hours yesterday, 21 January 2020.

Havells India declined 0.96% to Rs 611 after the company reported a 2.8% rise in net profit to Rs 201.22 crore in Q3 December 2019 as against Rs 195.72 crore in Q3 December 2018. Net sales tumbled 10% to Rs 2273.29 crore in Q3 December 2019 over Q3 December 2018. Profit before Tax (PBT) declined 20% to Rs 233.79 crore in Q3 December 2019 over Q3 December 2018.

IndiaMART InterMESH jumped 13.7% to Rs 2373.30 after consolidated net profit surged 123.82% to Rs 62 crore on 23.42% rise in net sales to Rs 164.90 crore in Q3 December 2019 over Q3 December 2018. Profit before tax (PBT) jumped 34% to Rs 53 crore year-on-year (YoY). EBITDA jumped 58% to Rs 44 crore in Q3 December 2019 (Q3FY20) over Q3 December 2018 (Q3FY19). EBITDA margin stood at 26% in Q3FY20 over Q3FY19 partly due to increase in revenues and adoption of IndAS 116. Total revenue from operations grew 23% YoY primarily due to increase in number of paying subscribers as well as higher realization from existing customers. Consolidated deferred revenue grew by 26% YoY to Rs 649 crore in Q3FY20 crore leading to much better visibility for revenues in future. The result was unveiled after market hours yesterday, 21 January 2020.

Key indices were trading higher on buying in selective index stocks. At 9:18 IST, the barometer index, the S&P BSE Sensex, was up 201.36 points or 0.49% at 41,525.17. The Nifty 50 index was up 41.25 points or 0.34% at 12,211.10.

The S&P BSE Mid-Cap index was up 0.37%. The S&P BSE Small-Cap index was up 0.42%. Both these indices underperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 659 shares rose and 163 shares fell. A total of 26 shares were unchanged.

Among stocks, Bharti Airtel rose 1.07%. Bharti Airtel said the department of telecommunications accepted its application to increase the limit of foreign investment of up to 100% in the company. This will allow foreign portfolio investors and foreign institutional investors to invest up to 74% of the paid up capital of the company.

Zee Entertainment Enterprises fell 1.22%. Zee Entertainment Enterprises reported 37.87% fall in consolidated net profit to Rs 349.43 crore on 5.92% fall in total income to Rs 2119.60 crore in Q3 December 2019 over Q3 December 2018. During the quarter television network had an all-India viewership share of 18.2%. While regional portfolio increased its viewership share, share in the Hindi speaking markets declined. Digital business recorded a peak DAU (Daily Active Users) base of 11.4 million in December 2019.

HDFC Asset Management Company advanced 1.81%. HDFC Asset Management Company reported 44.93% rise in net profit to Rs 352.55 crore on 11.13% rise in total income to Rs 591.99 crore in Q3 December 2019 over Q3 December 2018. Strong and growing order book in the form of long tenure SIP book provides predictable flows.

Allahabad Bank fell 0.27%. Allahabad Bank informed that that a meeting of board of directors of the bank will meet on 24 January 2020, to consider and approve a proposal for raising equity capital of the Bank by an amount aggregating upto Rs 2153 crore (including premium) by way of preferential allotment of new equity shares of the bank to the Government of India.

Indiamart Intermesh jumped 12.25%. Indiamart Intermesh reported 123.83% rise in consolidated net profit to Rs 62.00 crore on 23.47% rise in total income to Rs 181.50 crore in Q3 December 2019 over Q3 December 2018. The company generated consolidated cash flow from operations of Rs 71 crore leading to Cash and Investments of Rs 859 crore as on 31 December 2019 compared to 574 crore on 31 December 2018, up 50%.

Polycab India gained 2.55%. Polycab India reported 13.16% rise in consolidated net profit to Rs 18.78 crore on 22.29% rise in total income to Rs 2507.65 crore in Q3 December 2019 over Q3 December 2018. Revenue growth was driven by healthy growth across segments.

Overseas, Asian stocks were trading mixed on Wednesday as investors took stock of the spread of a new strain of coronavirus from China and weighed the possible consequences of a global pandemic.

In US, benchmark stock indexes finished lower on Tuesday after news that the Chinese coronavirus had spread to the US raising fears of a pandemic that might affect global economic growth.

Key equity barometers trimmed losses after hitting fresh intraday low in mid-afternoon trade. The Nifty slipped below the 12,200 mark. Market sentiment was affected by the International Monetary Fund (IMF) lowering India's growth forecast. Subdued quarterly results by key index constituents and negative global cues also put pressure on domestic shares.

At 14:28 IST, the S&P BSE Sensex, declined 177.25 points or 0.43% at 41,351.66. The Nifty 50 index was down 55.05 points or 0.45% at 12,169.50.

In the broader market, the S&P BSE Mid-Cap index was down 0.23% while the S&P BSE Small-Cap index slipped 0.09%.

The market breadth was weak. On the BSE, 994 shares rose and 1405 shares fell. A total of 178 shares were unchanged. In Nifty 50 index, 11 stocks advanced while 39 stocks declined.

Buzzing Index:

The Nifty Auto index fell 1.06% to 8,263.80, underperforming the benchmark Nifty Index.

TVS Motor Company (down 2.13%), Mahindra & Mahindra (down 2.12%), Maruti Suzuki India (down 1.41%), Eicher Motors (down 1.3%), Tata Motors (down 1.26%), Escorts (down 1.25%), Hero MotoCorp (down 0.97%) and Bajaj Auto (down 0.25%) declined. Ashok Leyland was up 1.18%.

The Federation of Automobile Dealers Associations (FADA) announced vehicle registration data for December 2019. FADA said that after two months of positive sales during the Festive Period in October and its spillover effect in November, Auto Sales fell once again in December. Despite robust inquiries and with offers and discounts at its peak, customers did not conclude on their purchase as expected, showing continued weakness in consumer sentiment.

On a YoY basis, overall vehicle registrations fell by 15%. Two-wheeler was down by 16%, passenger vehicle was down by 9% and commercial vehicle registrations de-grew by 21%. Only three-wheeler registrations were up by a mere percent.

With the December de-growth being the highest in this Fiscal Year, FADA shares its concern on falling auto sales and shifts its stance to very cautious for the near and mid-term as we inch towards BS VI transition.

Stocks in Spotlight:

ICICI Prudential Life Insurance Company advanced 0.20% to Rs 489.40. Consolidated net profit rose 1.80% to Rs 301.77 crore in Q3 December 2019 as against Rs 296.43 crore in Q3 December 2018. Net premium earned rose 8.66% to Rs 8,131 crore in Q3 December 2019 from Rs 7,482.95 crore in Q3 December 2018.

Pharma major Granules India rose 1.05% to Rs 148.70 after consolidated net profit rose 6.15% to Rs 64.02 crore on 11.42% increase in net sales to Rs 703.95 crore in Q3 December 2019 as against Q3 December 2018. The consolidated profit before tax rose 2.45% to Rs 88.90 crore in Q3 December 2019 over Rs 86.77 crore in Q3 December 2018.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.630% at 14:23 IST compared with 6.639% in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was trading at 71.21, compared with its previous closing low of 71.11.

In the commodities market, Brent crude for March 2020 settlement was down 27 cents a barrel at $64.85 per barrel. The contract rose 23 cents or 0.35% to settle at $64.85 a barrel in Friday's session.

MCX Gold futures for 5 February 2019 settlement fell 0.16% to Rs 39,884.

Domestic shares continued to display weakness in in afternoon trade. The Nifty hovered around the 12,200 mark. At 13:27 IST, the S&P BSE Sensex, declined 121.94 points or 0.29% at 41,406.97. The Nifty 50 index was down 32.75 points or 0.27% at 12,191.80.

Market sentiment was affected by the International Monetary Fund (IMF) lowering India's growth forecast. Subdued quarterly results by key index constituents and negative global cues also put pressure on domestic shares.

In the broader market, the S&P BSE Mid-Cap index was down 0.01% while the S&P BSE Small-Cap index was up 0.12%.

The market breadth was negative. On the BSE, 1005 shares rose and 1302 shares fell. A total of 171 shares were unchanged. In Nifty 50 index, 16 stocks advanced while 34 stocks declined.

Economy:

IMF on Monday (20 January) said global growth, estimated at 2.9% in 2019, is projected to increase to 3.3% in 2020 and inch up further to 3.4% in 2021. Compared to the October World Economic Outlook (WEO) forecast, the estimate for 2019 and the projection for 2020 represent 0.1% reductions for each year while that for 2021 is 0.2% lower. A more subdued growth forecast for India accounts for the lion's share of the downward revisions.

India's growth is estimated at 4.8% in 2019, projected to improve to 5.8% in 2020 and 6.5% in 2021 (1.2% and 0.9% lower than the October forecast), supported by monetary and fiscal stimulus as well as subdued oil prices. India's domestic demand has slowed more sharply than expected amid stress in the non bank financial sector and a decline in credit growth, IMF said.

Stocks in Spotlight:

Bharti Infratel (up 7.03%), Zee Entertainment Enterprises (up 3.90%), Coal India (up 1.49%), BPCL (up 1.26%) and HDFC (up 1.21%) were the top gainers.

Asian Paints (down 2.79%), Power Grid Corporation of India (down 2.25%), Tata Steel (down 1.94%), Indian Oil Corporation (down 1.66%) and JSW Steel (down 1.40%) were the top losers.

Bharti Airtel rose 0.05%. The telecom major and Google Cloud announced a partnership to serve the evolving needs of millions of Indian businesses in a rapidly digitizing economy. Bharti Airtel will offer G Suite to small and medium sized businesses (SMBs) in India as part of its integrated Information and communications technology (ICT) portfolio. The agreement will provide a platform for both companies to tap growth opportunities in India.

Larsen & Toubro advanced 0.07% to Rs 1310.50. The company proposed the issue of rated, listed, unsecured, redeemable non-convertible debentures aggregating upto Rs. 1000 crore, on private placement basis.

Spencer Retail spurted 19.84% to Rs 89.40 after well-known investor and D-Mart promoter Radhakishan Damani's name appeared in latest shareholding pattern of the company.

The latest shareholding pattern of Spencer Retail showed Radhakishan S Damani holding 16,61,324 equity shares, or 2.09% equity, in the quarter ended December 2019.

Foreign Markets:

Shares in Europe opened lower while most Asian stocks were trading lower on Tuesday after the International Monetary Fund cut its global growth forecasts, primarily due to a sharp slowdown in India and other emerging markets.

Investors in Asia were also concerned about the economic impact of a Chinese disease outbreak rose. Officials in China are racing to contain the spread of a new coronavirus that has left at least four people dead and sickened hundreds after it was confirmed the infection can spread between humans. Beyond China, the outbreak has so far spread as far as Thailand, Japan and South Korea.

Meanwhile, Japan's central bank left its key interest rate unchanged and revised up its economic growth outlook. The Bank of Japan left its policy rate at -0.1% and reaffirmed its commitment to increase holdings of government bonds. Board members raised their projection of economic growth in the year that starts in April to 0.9% from 0.7%.

The European central bank also is due to make an interest rate decision this week.

Key barometers came continued trading with modest losses in early afternoon trade. The Nifty hovered around the 12,200 mark. At 12:27 IST, the S&P BSE Sensex, declined 116.61 points or 0.28% at 41,412.30. The Nifty 50 index was down 33.85 points or 0.28% at 12,190.70.

In the broader market, the S&P BSE Mid-Cap index was down 0.07% while the S&P BSE Small-Cap index inched 0.13% higher.

The market breadth, indicating the overall health of the market, was negative. On the BSE, 959 shares rose and 1252 shares fell. A total of 169 shares were unchanged. In Nifty 50 index, 20 stocks advanced while 30 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, spurted 2.38% to 15.7775. The Nifty January 2020 futures were trading at 12,218.25, a premium of 19.9 points compared with the spot at 12,198.35.

On the options front, the Nifty option chain for 30 January 2020 expiry showed maximum call open interest (OI) of 35.25 lakh contracts at the 12,500 strike price. Maximum call writing was witnessed at 12,300 strike price, which added 3.96 lakh contracts.

Maximum put OI of 36.17 lakh contracts was seen at 12,000 strike price. Maximum put unwinding was seen at 12,300 strike price which shed 1.25 lakh contracts.

The option chain indicates that the Nifty will hover between 12,000 and 12,500 level in January.

Buzzing Index:

Shares of three telecom firms were in action after the Supreme Court on Tuesday agreed to hear the modification plea filed by telecom operators on giving them more time to pay off adjusted gross revenue (AGR) related dues.

Vodafone Idea (up 15.43%) and Bharti Infratel (up 6.92%) advanced. Telecom major Bharti Airtel slipped 0.19%.

The telecom operators had filed the modification plea in the Supreme Court on Monday (20 January), seeking more time to pay AGR dues to the government. The deadline to pay off AGR dues is 23 January.

The media reported that the development will allow telecom operators to negotiate a sustainable payment schedule for AGR dues. The Cellular Operators Association of India had earlier sought a 14-year period to pay off these dues.

The apex court last week dismissed pleas of these operators to review its earlier judgement that had asked telecom operators to pay more than Rs 1 lakh crore in AGR dues.

According to reports, Bharti Airtel has to pay Rs 35,586 crore to the government while Vodafone Idea owes Rs 50,000 crore

Stocks in Spotlight:

Balrampur Chini Mills fell 0.56% after the company informed about an explosion at its distillery unit in Balrampur, Uttar Pradesh. The accident damaged the pipelines/pumps/some electrical and mechanical installations of two incineration boilers. There has been no loss or injury to human life whatsoever. The company is in the process of ascertaining the loss and intimate the same to the insurance company.

Key benchmarks extended fall in mid-morning trade. At 11:27 IST, the S&P BSE Sensex, fell 165.34 points or 0.39% at 41,367.57. The Nifty 50 index was down 47.7 points or 0.39% at 12,176.85.

Market sentiment was affected by the International Monetary Fund (IMF) lowering India's growth forecast. Subdued quarterly results by key index constituents and negative global cues also put pressure on domestic shares.

The broader market also faced selling pressure. The S&P BSE Mid-Cap index was down 0.31% while the S&P BSE Small-Cap index inched 0.09% lower.

The market breadth, indicating the overall health of the market, turned negative. On the BSE, 824 shares rose and 1261 shares fell. A total of 154 shares were unchanged. In Nifty 50 index,16 stocks advanced while 34 stocks declined.

Q3 Results:

Monnet Ispat & Energy was locked in a 5% lower circuit at Rs 14.23 after the company reported net loss of to Rs 137.15 crore in Q3 December 2019, higher than net loss of Rs 77.66 crore in Q3 December 2018. Net sales rose 16% to Rs 570.17 crore in Q3 December 2019 over Q3 December 2018. Total expenditure rose 28.4% to Rs 607.98 crore in Q3 December 2019 over Q3 December 2018, primarily on account of sharp rise in inventories as they stood at Rs 74.44 crore as on 31 December 2019.

HFCL declined 1.73% to Rs 17.05 after consolidated net profit fell 31.8% to Rs 46.08 crore on 30.1% decrease in net sales to Rs 853.47 crore in Q3 December 2019 over Q3 December 2018. Consolidated profit before tax witnessed a 27.3% drop to Rs 69.78 crore in Q3 December 2019 as against Rs 95.97 crore in Q3 December 2018. Tax expense slipped 29% to Rs 11.98 crore in Q3 December 2019 over Q3 December 2018. The Q3 earnings was declared after trading hours yesterday, 20 January 2020

Can Fin Homes advanced 4.29% to Rs 406.05. The housing financier's net profit surged 40.6% to Rs 106.61 crore in Q3 December 2019 as compared to Rs 75.82 crore reported in Q3 December 2018. The company reported profit before tax (PBT) of Rs 145.57 crore in Q3 December 2019, up by 20.4% from Rs 120.89 crore in Q3 December 2018. Net Interest Income (NII) increased to Rs 168.63 crore in Q3 December 2019 from Rs 156.11 crore in Q2 September 2019 and Rs 136.11 crore in Q3 December 2018. Net interest income is difference between interest earned and interest expended.

Stocks in Spotlight:

Info Edge surged 1.39% to Rs 2625 after food delivery major Zomato signed a purchase agreement with Uber Eats India. Info Edge has a 22% stake in Zomato. Uber Eats India is Uber's food delivery business.

NBCC (India) gained 1.20%. The firm said it received a letter of acceptance from Central Coalfield (CCL) to provide project management consultancy services for construction of smart township/colony roads, network and other road, services buildings and other allied jobs related to mines for Magadh and Amrapali area, Jharkhand. The estimated project cost is Rs 720.32 crore.

Economy:

The International Monetary Fund (IMF) on Monday (20 January) said global growth, estimated at 2.9% in 2019, is projected to increase to 3.3% in 2020 and inch up further to 3.4% in 2021. Compared to the October World Economic Outlook (WEO) forecast, the estimate for 2019 and the projection for 2020 represent 0.1% reductions for each year while that for 2021 is 0.2% lower. A more subdued growth forecast for India accounts for the lion's share of the downward revisions.

India's growth is estimated at 4.8% in 2019, projected to improve to 5.8% in 2020 and 6.5% in 2021 (1.2 and 0.9 percentage point lower than in the October WEO), supported by monetary and fiscal stimulus as well as subdued oil prices. India's domestic demand has slowed more sharply than expected amid stress in the non bank financial sector and a decline in credit growth, IMF said.

Foreign Markets:

Most Asian stocks were trading lower on Tuesday after IMF cut its global growth forecasts, primarily due to a sharp slowdown in emerging markets.

In US, markets were closed for a holiday in observance of Martin Luther King Jr. Day.

Key benchmarks were trading lower in early trade on weak global cues. Market sentiment was affected by the International Monetary Fund (IMF) lowering India's growth forecast. Uninspiring Q3 numbers from index majors also triggered selling. The Nifty struggled to hold 12,200 level. At 10:25 IST, the S&P BSE Sensex, was down 116.96 points or 0.28% at 41,411.95. The Nifty 50 index was down 22.65 points or 0.19% at 12,201.90.

The broader market traded near the flat line. The S&P BSE Mid-Cap index was unchanged while the S&P BSE Small-Cap index was up 0.12%.

The market breadth, indicating the overall health of the market, was almost even. On the BSE, 919 shares rose and 925 shares fell. A total of 41 shares were unchanged. In Nifty 50 index, 24 stocks advanced while 26 stocks declined.

Economy:

The International Monetary Fund (IMF) on Monday (20 January) said global growth, estimated at 2.9% in 2019, is projected to increase to 3.3% in 2020 and inch up further to 3.4% in 2021. Compared to the October World Economic Outlook (WEO) forecast, the estimate for 2019 and the projection for 2020 represent 0.1% reductions for each year while that for 2021 is 0.2% lower. A more subdued growth forecast for India accounts for the lion's share of the downward revisions.

India's growth is estimated at 4.8% in 2019, projected to improve to 5.8% in 2020 and 6.5% in 2021 (1.2 and 0.9 percentage point lower than in the October WEO), supported by monetary and fiscal stimulus as well as subdued oil prices. India's domestic demand has slowed more sharply than expected amid stress in the non bank financial sector and a decline in credit growth, IMF said.

Q3 Earnings:

Media firm Zee Entertainment Enterprises was up 2.84%. The firm will announce its Q3 result today, 21 January 2020.

Jay Bharat Maruti (up 9.03%), Sasken Technologies (up 2.3%), Granules India (up 1.12%), Hatsun Agro (up 1%), Polycab (up 0.66%), Havells India (up 0.32%), Indiamart Intermesh (up 0.18%), HDFC AMC (down 0.49%), Rane (Madras) (down 0.49%), Mahindra EPC Irrigation (down 0.49%) and ICICI Prudential Life Insurance Company (down 0.79%) are some of the companies that will announce their Q3 2019 Earnings today.

Q3 Results:

Just Dial was up 0.04%%. The company announced its Q3 December 2019 result after market hours yesterday. On consolidated basis, net profit rose 8.2% to Rs 62.03 in Q3 December 2019 as against Rs 57.33 in Q3 December 2018. Net sales stood at Rs 235.42 in Q3 2019 as against Rs 226.78 in Q3 2018, registering a marginal rise of 3.8%. Profit before Tax declined 3.3% to Rs 78.06 crore in Q3 December 2019 over Q3 December 2018.

ICICI Securities rose 0.88% to Rs 428.3 after its consolidated net profit rose 35.64% to Rs 137.23 crore on 4.42% increase in total income to Rs 422.67 crore in Q3 December 2019 over Q3 December 2018. On a consolidated basis, its profit before tax jumped 17.10% to Rs 185.10 crore in Q3 December 2019 over Rs 158.07 crore in Q3 December 2018, supported by growth in retail equities and allied business. On an annual basis, its retail equities and allied revenue went up 5% at Rs 228 crore in Q3 December 2019 as compared with Q3 December 2018 and blended equity broking market share also witnessed an improvement of 80 bps to 8.9% in Q3 December 2019 over Q3 December 2018. About 1.4 million active clients currently work with the company and 94,000 new clients were added during the quarter. The firm's return on equity (RoE) stood at 51%.

Key indices were trading lower in early trade on weak Asian cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was down 164.76 points or 0.40% at 41,364.15. The Nifty 50 index was down 37.95 points or 0.31% at 12,186.60.

The S&P BSE Mid-Cap index was down 0.24%. The S&P BSE Small-Cap index was down 0.29%. Both these indices outperformed the BSE Sensex.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 277 shares rose and 518 shares fell. A total of 41 shares were unchanged.

Among stocks, Bharti Airtel rose 0.05%. Bharti Airtel and Google Cloud announced a partnership to serve the evolving needs of millions of Indian businesses in a rapidly digitizing economy. Bharti Airtel will offer G Suite to small and medium sized businesses (SMBs) in India as part of its integrated Information and communications technology (ICT) portfolio. The agreement will provide a platform for both companies to tap growth opportunities in India.

NBCC (India) gained 1.20%. NBCC (India) said that the company has received a letter of acceptance from Central Coalfield (CCL) to provide project management consultancy services for construction of smart township/colony roads, network and other road, services buildings and other allied jobs related to mines for Magadh and Amrapali area, Jharkhand. The estimated project cost is Rs 720.32 crore.

KEI Industries jumped 3.93%. KEI Industries reported 50.39% rise in consolidated net profit to Rs 72.52 crore on 21.07% rise in total income to Rs 1314.09 crore in Q3 December 2019 over Q3 December 2018. Total Institutional sales stood at Rs 743 crore in Q3 December 2019 as compared to Rs 530 crore in last Q3 December 2018. Pending order is approx. Rs 4173 crore plus the company is L1 for Rs 316 crore worth of orders.

Zee Entertainment Enterprises advanced 2.70%. Media conglomerate, Zee Entertainment Enterprises, will announce its Q3 result today, 21 January 2020.

Balrampur Chini fell 1.34%. Balrampur Chini Mills said that an explosion occurred in a CO2 tanker at incineration plant which damaged the pipelines/ pumps /some electrical and mechanical installations of two incineration boilers at its Distillery Unit, Balrampur on 16 January 2020. The company is in the process of ascertaining the loss. The accident would not cause any production loss on an annual basis.

Srei Infrastructure Finance jumped 9.95%. Srei Infrastructure Finance said the board will meet on 14 February 2020 to consider raising Rs 3000 crore by way of public issue of redeemable, non-convertible debentures (NCDs) and commercial papers.

Overseas, most Asian stocks were trading lower on Tuesday after the International Monetary Fund cut its global growth forecasts, primarily due to a sharp slowdown in India and other emerging markets.

In US, markets were closed for a holiday in observance of Martin Luther King Jr. Day.

The Sensex and the Nifty further extended fall in mid-afternoon trade. The Nifty was trading below the 12,250 mark. Profit selling emerged as firmness in crude oil prices affected market sentiment. At 14:26 IST, the S&P BSE Sensex, was down 366 points or 0.87% at 41,579.37. The Nifty 50 index was down 107.30 points or 0.87% at 12,245.05.

Selling was wide spread. The S&P BSE Mid-Cap index was down 0.59% while the S&P BSE Small-Cap index lost 0.28%.

The market breadth was negative. On the BSE, 899 shares rose and 1538 shares fell. A total of 178 shares were unchanged. In Nifty 50 index, 13 stocks advanced while 37 stocks declined.

Stocks in Spotlight:

Kotak Mahindra Bank fell 4.29% to Rs 1624.95. The bank reported a net profit of Rs 1595.90 crore in Q3 December 2019 as against Rs 1290.93 crore in Q3 December 2018, registering a rise of 23.62%. PBT (profit before tax) fell 1.35% to Rs 1944.07 crore in Q3 December 2019 as against Rs 1970.71 crore in Q3 December 2018. Total income rose 12% to Rs 8077.03 crore in Q3 December 2019 over Q3 December 2018.

Loan disbursement rose 10.36% to Rs 216,774 crore year-on-year. The bank saw its asset quality deteriorate slightly in December quarter. Provisions and contingencies (excluding tax provisions) rose 8.84% to Rs 444 crore in Q3 December 2019 over Q2 September 2019.

SMS Pharmaceuticals rose 1.04% to Rs 48.70. The United States Food and Drug Administration (USFDA) conducted a cGMP inspection at the company's Kandivalasa, Vizianagaram, Andhra Pradesh API manufacturing facility from 13th January 2020 to 17th January 2020. The inspection ended with two observations which are procedural in nature and correctable which company believes are minor in nature and no data integrity issues were observed in the inspection.

Prestige Estates Projects surged 10.48% to Rs 413.70 after the company said its subsidiary acquired 50% stake in Lokhandwala DB Realty LLP.

Prestige Falcon Realty Ventures, a wholly-owned subsidiary of Prestige Estates Projects, has invested in Lokhandwala DB Realty LLP by way of capital account contribution and admitted as a partner of the LLP with 50% economic and voting rights, the company said in a regulatory filing.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.633% at 14:08 IST compared with 6.622% in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was trading at 71.085, compared with its previous closing low of 70.08.

In the commodities market, Brent crude for March 2020 settlement was up 63 cents a barrel at $65.48 per barrel. The contract rose 23 cents or 0.35% to settle at $64.85 a barrel in Friday's session.

Oil prices spiked on Monday after two large crude production bases in Libya shut down due to a military blockade. This could curtail crude flows from Libya to a trickle.

MCX Gold futures for 5 February 2019 settlement rose 0.02% to Rs 39,953.

Key benchmark indices extended decline and hit fresh intraday low in afternoon trade. The Nifty was trading a tad above 12,250 mark. Investors locked profits after crude oil prices firmed up overseas. At 13:24 IST, the S&P BSE Sensex, was down 335.63 points or 0.80% at 41,609.74. The Nifty 50 index was down 100.75 points or 0.82% at 12,251.60.

The S&P BSE Mid-Cap index was down 0.39% while the S&P BSE Small-Cap index lost 0.25%. The fall in both these indices was lesser than the fall in the main stock indexes.

The market breadth was weak. On the BSE, 901 shares rose and 1468 shares fell. A total of 166 shares were unchanged. In Nifty 50 index, 15 stocks advanced while 35 stocks declined.

Q3 Result:

Kotak Mahindra Bank was down 2.11%. The bank will announce Q3 result today.

Reliance Industries fell 2.35% to Rs 1543.45. RIL, on consolidated basis, reported 13.55% increase in net profit to Rs 11,640 crore on 2.52% decrease in net sales to Rs 152,939 crore in Q3 December 2019 over Q3 December 2018. The revenue decreased primarily due to 10.6% decline in order-to-cash (O2C) business revenues, with lower product price realization and 6.6% fall in Brent crude price. This was partially offset by continuing growth momentum in consumer businesses. Digital services and retail business recorded an increase of 36.2% and 27.4% respectively, in revenue during the quarter. RIL's gross refining margin (GRM), or what it makes from turning every barrel of crude to fuel, came in at $9.2 per barrel from $8.8 per barrel.

According to reports, RIL's proposed deal with Saudi Aramco will miss the planned March 31 timeline. RIL proposed to sell 20% stake its oil and chemicals business for an estimated $15 billion to Saudi Aramco.

HDFC Bank fell 1.72% to Rs 1255.90 after the bank reported sharp spike in the provisions in Q3 December 2019. HDFC Bank reported a 32.77% rise in net profit to Rs 7416.48 crore in Q3 December 2019 from Rs 5585.9 crore in Q3 December 2018. Profit before tax (PBT) for Q3 December 2019 was at Rs 9,901.90 crore. Adjusting for one-off credit items, the core PBT at Rs 10,401.90 crore, grew by approximately 21%.

Provisions and contingencies (excluding tax provisions) grew 37.62% on YoY basis to Rs 3043.56 crore in Q3 December 2019.

Stocks in Spotlight:

Power Grid Corporation of India (PGCIL) jumped 3.29% to Rs 203.90 after its southern subsidiary commissioned a power transmission project in Tamil Nadu.

Mahindra & Mahindra (M&M) fell 0.35% to Rs 567. The automaker's arm has signed an agreement to acquire a 100% stake in Fifth Gear Ventures for Rs 30.45 crore. The company is in the business of operating an e-commerce platform.

Foreign Markets:

European shares opened higher while most shares in Asia were trading higher on Monday. The moves came as the People's Bank of China kept the one year and five year loan prime rates unchanged for January.

Oil prices were higher, with international benchmark Brent crude futures up 1.14% to $65.47 per barrel. Oil prices spiked on Monday after two large crude production bases in Libya shut down due to a military blockade. This could curtail crude flows from Libya to a trickle.

In US, stocks closed higher on Friday, ending the week at new record high, helped by data suggesting the economy and corporate profits are in good health.

The rally this week has also been supported by at least a partial resolution of the US-China trade dispute and the passage of the US, Mexico, Canada trade deal by Congress.

Sentiment was boosted by data on US December housing starts that showed home constructing rising 16.9%, to annual rate of 1.608 million units, to the fastest pace since 2006. In other US economic data, the Federal Reserve reported that industrial production fell 0.3% in December.

Key equity barometers continued trading in a narrow band near the day's low in early afternoon trade. The Nifty struggled to regain the crucial 12,300 mark. Profit selling emerged as firmness in crude oil prices affected market sentiment. At 12:27 IST, the S&P BSE Sensex, was down 175.87 points or 0.42% at 41,769.52. The Nifty 50 index was down 0.5% at 12,291.15.

The S&P BSE Mid-Cap index was down 0.19% while the S&P BSE Small-Cap index was down 0.09%.

The market breadth was negative. On the BSE, 924 shares rose and 1340 shares fell. A total of 159 shares were unchanged. In Nifty 50 index, 16 stocks advanced while 34 stocks declined.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, spurted 6.88% to 15.10. The Nifty January 2020 futures were trading at 12,313, a premium of 17.15 points compared with the spot at 12,295.85.

On the options front, the Nifty option chain for 30 January 2020 expiry showed maximum call open interest (OI) of 31.42 lakh contracts at the 12,500 strike price. Call writing was witnessed at 12,300 strike price, which added 6.43 lakh contracts.

Maximum put OI of 37.15 lakh contracts was seen at 12,000 strike price.

The option chain indicates that the Nifty will hover between 12,000 and 12,500 level in January.

Buzzing Segment:

Shares of six public sector undertakings (PSUs) were in action after the NSE announced changes in the Nifty CPSE (Central Public Sector Enterprises) index on Friday, 17 January 2020.

Earlier, stocks having more than 51.5% government holding under promoter category were eligible for inclusion in the index. As per the revised norms, stocks having more than 51% government holding under promoter category would be eligible for inclusion in the index.

Accordingly, Power Finance Corporation (down 6.68%) and Indian Oil Corporation (down 3.63%) were excluded from the Nifty CPSE Index. While NHPC (up 10.54%), NMDC (up 5.01%), Power Grid Corporation of India (up 3.65%) and Cochin Shipyard (up 3.58%) were included in the index.

The total number of constituents forming part of NIFTY CPSE index will change from 10 to 12. These changes shall become effective from 24 January 2020 (close of 23 January 2020), the exchange said in a press release.

Q3 Result:

L&T Finance Holdings fell 6.05% to Rs 119.55 after consolidated net profit rose 1.9% to Rs 591.03 crore on 8.44% increase in total income to Rs 3,735.79 crore in Q3 December 2019 over Q3 December 2018. Consolidated profit before tax (PBT) slipped 6.5% to Rs 725.22 crore in Q3 December 2019 as against Rs 775.81 in Q3 December 2018. The result was announced after market hours on Friday, 17 January 2020.

GNA Axles slumped 12.34% to Rs 278.8 after the company announced a dismal Q3 2019 result on 18 January 2020. On consolidated basis, net profit slumped 57.5% to Rs 7.63 crore in Q3 December 2019 as against Rs 17.95 crore in Q3 December 2018. Net sales for Q3 2019 stood at Rs 214.14 crore as against Rs 246.25 crore in Q3 2018, registering a fall of 13%.

Foreign Markets:

Most shares in Asia were trading higher on Monday. The moves came as the People's Bank of China kept the one year and five year loan prime rates unchanged for January.

Oil prices were higher, with international benchmark Brent crude futures up 1.19% to $65.62 per barrel.

In US, stocks closed higher on Friday, ending the week at new record high, helped by data suggesting the economy and corporate profits are in good health.

The rally this week has also been supported by at least a partial resolution of the US-China trade dispute and the passage of the US, Mexico, Canada trade deal by Congress.

Sentiment was boosted by data on US December housing starts that showed home constructing rising 16.9%, to annual rate of 1.608 million units, to the fastest pace since 2006. In other US economic data, the Federal Reserve reported that industrial production fell 0.3% in December.

Selling was broad based. The S&P BSE Mid-Cap index was down 0.21% while the S&P BSE Small-Cap index was down 0.14%.

The market breadth was negative. On the BSE, 870 shares rose and 1287 shares fell. A total of 128 shares were unchanged. In Nifty 50 index, 15 stocks advanced while 35 stocks declined.

Q3 Results:

Contraceptive maker Cupid jumped 3.46% to Rs 258.65. On standalone basis, net profit surged 400.5% to Rs 10.21 crore in Q3 December 2019 as against Rs 2.04 crore in Q3 December 2018. Net sales advanced 326.6% to Rs 42.96 crore in Q3 December 2019 over Q3 December 2018.

Chennai Petroleum Corporation jumped 7.48% to Rs 156.60 after reporting standalone net profit of Rs 6.37 crore in Q3 December 2019 as aginst net loss of Rs 367.10 crore in Q3 December 2019. Standalone profit before tax (PBT) stood at Rs 9.09 crore in Q3 December 2019 as against net loss of Rs 555.34 crore in Q3 December 2018. Net sales fell 7.3% to Rs 9,146.67 crore in Q3 December 2019 from Rs 9,865.83 crore in Q3 December 2018.

Goa Carbon advanced 3.84% to Rs 291 after the company announced Q3 results on Saturday, 18 January 2020. On a standalone basis, Goa Carbon reported a net loss of Rs 4.12 crore in Q3 December 2019, lower than net loss of Rs 4.91 crore in Q3 December 2018. Net sales rose 13.4% to Rs 106.88 crore in Q3 December 2019 over Q3 December 2018. The company reported pre-tax loss of Rs 4.12 crore in Q3 December 2019, lower than a pre-tax loss of Rs 7.54 crore in Q3 December 2018.

Stocks in Spotlight:

Reliance Industries fell 2.05% to Rs 1548.20 after a senior company executive reportedly said RIL's proposed deal with Saudi Aramco will miss the planned March 31 timeline. Reliance Industries proposed to sell 20% stake its oil and chemicals business for an estimated $15 billion to Saudi Aramco.

Meanwhile, RIL announced Q3 results post trading hours on Friday, 17 January 2020. On a consolidated basis, RIL reported 13.55% increase in net profit to Rs 11,640 crore on 2.52% decrease in net sales to Rs 152,939 crore in Q3 December 2019 over Q3 December 2018. PBT (profit before tax) rose 3.58% year-on-year (YoY) to Rs 14,962 crore in Q3 December 2019, RIL said in a statement after market hours on Friday, 17 January 2020.

Shares of Strides Pharma Science were trading 0.83% higher at Rs 390. The company's step-down subsidiary, Strides Pharma Inc. (SPI), has received an Establishment Inspection Report (EIR) from the USFDA for its facility in Riviera Beach, Florida, US. The EIR was issued as an outcome of the USFDA's inspection of the facility in December 2019. This facility is one of the very few manufacturing facilities in the US with a soft gel capsule (SGC) manufacturing suite for formulations with containment needs.

At 10:20 IST, the S&P BSE Sensex, was down 111.34 points or 0.27% at 41,834.03. The Nifty 50 index was down 38.2 points or 0.31% at 12,314.15.

The broader market traded near the flat line. The S&P BSE Mid-Cap index was up 0.01% while the S&P BSE Small-Cap index was down 0.02%.

The market breadth turned negative. On the BSE, 876 shares rose and 1009 shares fell. A total of 113 shares were unchanged. In Nifty 50 index, 19 stocks advanced while 31 stocks declined.

Q3 Earnings:

Kotak Mahindra Bank was down 0.93%. The bank will announce Q3 result today.

Federal Bank (up 0.22%), Hindustan Zinc (up 2.3%), ICICI Securities (up 0.21%), Bank of Maharashtra (down 0.22%) Just Dial (down 1.61%), Sagarsoft (India) (up 11.5%), KEI Industries (up 1.24%), Can Fin Homes (up 0.73%), HFCL (up 0.58%) and Monnet Ispat & Energy (down 3.44%) will also announce Q3 result today.

Q3 Results:

Blue Dart Express slumped 3.51% to Rs 2572.3 after the company reported consolidated net loss of Rs 31.92 crore in Q3 December 2019 as against net profit of Rs 32.02 crore in Q3 December 2018. Consolidated pre-tax loss was at Rs 37.53 crore in Q3 December 2019. PBT (profit before tax) was Rs 49.09 crore in the corresponding period last year. The company accounted an exceptional item of Rs 64.11 crore during the quarter. With an intention to create long term value for its stakeholders, management of the company conducted an organisation right sizing exercise which has a impact of Rs 46.09 crore on the Q3 result. The management further decided to discontinue certain business activities and change the operating software for certain business function and accordingly the net book value of related assets aggregating to Rs 18.02 crore has been written down.

L&T Technology Services (LTTS) were trading 0.29% lower at Rs 1630. LTTS' consolidated net profit fell 0.8% to Rs 204.10 crore on 1.5% rise in revenue to Rs 1,423 crore in Q3 December 2019 over Q2 September 2019. Consolidated PBT (profit before tax) fell 0.75% to Rs 274.50 crore in Q3 December 2019 (Q3FY20) as against Rs 276.60 in Q2 September 2019 (Q2FY20). On a year-on-year (YoY) basis, consolidated net profit grew 10% while net sales increased 8% in Q3FY20. The result was announced after market hours on Friday, 17 January 2020.

ICICI Lombard General Insurance Company fell 1.74% to Rs 1386.85. ICICI Lombard General Insurance Company's net profit grew 23% to Rs 294 crore in Q3 December 2019 (Q3FY20) from Rs 239 crore in Q3 December 2018 (Q3FY2019). Profit before tax (PBT) increased 8.1% to Rs 390 crore in Q3FY20 from Rs 361 crore in Q3FY2019. Total income rose 15.6% to Rs 2914.89 crore in Q3FY20 over Q3FY19. Total tax expense fell 21.2% to Rs 95.81 crore in Q3FY20 from Rs 121.53 crore in Q3FY19. The result was announced after market hours on Friday, 17 January 2020. Ahead of the result, shares of ICICI Lombard fell 0.17% to end at Rs 1411.35 on Friday.

Stocks in Spotlight:

Power Grid Corporation of India (PGCIL) advanced 4.33% to Rs 205.95 after its southern subsidiary commissioned a power transmission project in Tamil Nadu. In an exchange filing made after market hours on Friday, PGCIL said that its wholly-owned unit, Power Grid Southern lnterconnector Transmission System, secured through tariff based competitive bidding (TBCB) comprising elements viz. Vemagiri-11 - Chilakaluripeta 765kV DIC line, Chilakaluripeta - Cuddapah 765kV DIC line, Chilakaluripeta - Narsaraopeta (Sattenapalli) 400kV (quad) DIC line, Cuddapah - Madhugiri 400kV (quad) DIC line, Srikaukulam Pooling Station - Garividi 400 kV (Quad) DIC line and 765/400 kV substation at Chilakaluripeta on build, own, operate and maintain (BOOM) basis, has been successfully commissioned progressively on 17 January 2020.

Lupin declined 2.83% to Rs 744.60 after the company's Vizag facility received five 483 observations from US drug regulator. Pharma major Lupin on Saturday (18 January) announced the completion of an inspection carried out by the United States Food and Drug Administration (USFDA) at its Vizag API (active pharmaceutical ingredient) manufacturing facility. The inspection was carried out between 13 and 17 January 2020. The inspection for the API facility at Vizag closed with five 483 observations.

Key indices were trading higher on positive Asian cues. At 9:20 IST, the barometer index, the S&P BSE Sensex, was up 188.3 points or 0.45% at 42,133.40. The Nifty 50 index was up 36.55 points or 0.30% at 12,388.90.

The S&P BSE Mid-Cap index was up 0.44%. The S&P BSE Small-Cap index was up 0.48%.

The market breadth, indicating the overall health of the market, was positive. On the BSE, 744 shares rose and 290 shares fell. A total of 66 shares were unchanged.

Among stocks, Reliance Industries rose 0.27%. Reliance Industries (RIL), on consolidated basis, reported 13.55% increase in net profit to Rs 11,640 crore on 2.52% decrease in net sales to Rs 152,939 crore in Q3 December 2019 over Q3 December 2018. The revenue decreased primarily due to 10.6% decline in order-to-cash (O2C) business revenues, with lower product price realization and 6.6% fall in Brent crude price. This was partially offset by continuing growth momentum in consumer businesses. Digital services and retail business recorded an increase of 36.2% and 27.4% respectively, in revenue during the quarter. RIL's gross refining margin (GRM), or what it makes from turning every barrel of crude to fuel, came in at $9.2 per barrel from $8.8 per barrel.

HDFC Bank was up 0.03%. HDFC Bank reported a 32.77% rise in net profit to Rs 7416.48 crore in Q3 December 2019 from Rs 5585.9 crore in Q3 December 2018. Profit before tax (PBT) for Q3 December 2019 was at Rs 9,901.90 crore. Adjusting for one-off credit items, the core PBT at Rs 10,401.90 crore, grew by approximately 21%. The bank's net revenues (net interest income plus other income) increased by 19.1% to 20,842.20 crore for the quarter ended 31 December 2019 over the corresponding quarter of the previous year. Net interest income (interest earned less interest expended) for Q3 December 2019 grew 12.69% to Rs 14,172.90 crore from Rs 12,576.80 crore for Q3 December 2018, driven by growth in advances of 19.9%, and a growth in deposits of 25.2%. The net interest margin for the quarter remained stable at 4.2%.

L&T Technology Services was down 0.74%. L&T Technology Services (LTTS)'s consolidated net profit fell 0.8% to Rs 204.10 crore on 1.5% rise in revenue to Rs 1,423 crore in Q3 December 2019 over Q2 September 2019. On a year-on-year (YoY) basis, consolidated net profit grew 10% while net sales increased 8% in Q3FY20. The company bagged 9 multi-million dollar deals across all major industry segments including two deals worth $30 million each. On a YoY basis, LTTS increased its $20 million clients by 2 and its $10 million clients by 4. At the end of the third quarter, the patents portfolio of LTTS stood at 472, out of which 352 are co-authored with its customers and the rest are filed by LTTS.

ICICI Lombard General Insurance Company's fell 0.88%. ICICI Lombard General Insurance Company's net profit grew 23% to Rs 294 crore in Q3 December 2019 from Rs 239 crore in Q3 December 2018. Total income rose 15.6% to Rs 2914.89 crore in Q3FY20 over Q3FY19. GDPI (gross direct premium income) remained flat at Rs 3693 crore in Q3FY20 compared to Rs 3699 crore in Q3FY19. Direct premiums written represent the growth of a company's insurance business during a given period.

Maruti Suzuki shed 0.09%. Maruti Suzuki informed that the company launched the BS6 variant of country's best-selling multi-purpose van Eeco. The revised Ex-showroom price in Delhi and NCR region shall vary from Rs 3,80,800 to Rs 6,84,000 and in Rest of India from Rs 3,90,800 to Rs 6,94,000. Eeco will now have improved mileage, powerful performance and low cost of maintenance. The price revision is effective from 17 January 2020.

Overseas, Asian stocks were trading higher on Monday as Wall Street extended its run of record peaks on solid US economic data and lashes of liquidity from the Federal Reserve.

In US, stocks closed higher on Friday, ending the week at new record high, helped by data suggesting the economy and corporate profits are in good health.

The rally this week has also been supported by at least a partial resolution of the US - China trade dispute and the passage of the US, Mexico, Canada trade deal by Congress.

Sentiment was boosted by data on US December housing starts that showed home constructing rising 16.9%, to annual rate of 1.608 million units, to the fastest pace since 2006.

In other US economic data, the Federal Reserve reported that industrial production fell 0.3% in December.

Key equity benchmarks traded near the flat line in mid-afternoon trade. At 14:27 IST, the S&P BSE Sensex, was up 35.90 points or 0.09% at 41,968.46. The Nifty 50 index was down 2.80 points or 0.02% at 12,352.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index was up 0.39%. Both these indices outperformed the benchmarks.

The market breadth was positive. On the BSE, 1308 shares rose and 1132 shares fell. A total of 176 shares were unchanged. In Nifty 50 index, 24 stocks gained while 26 stocks declined.

Buzzing Index

The Nifty Private Bank index fell 0.67% to 17,467.10, declining the most among the other sectoral indices on the NSE.

IndusInd Bank (down 2.65%), Yes Bank (down 2.63%), Federal Bank (down 0.81%), HDFC Bank (down 0.68%), City Union Bank (down 0.41%), RBL Bank (down 0.26%), Kotak Mahindra Bank (down 0.25%), ICICI Bank (down 0.15%) declined. Axis Bank was up 0.56%.

Stocks in Spotlight:

Piramal Enterprises (PEL) surged 5.50% to Rs 1632. The company said its wholly-owned subsidiary, PEL DRG Dutch HoldCo BV, will sell its healthcare insights and analytics business to NYSE-listed Clarivate Analytics Plc for $950 million. The deal includes $900 million on closing and $50 million to be received at the end of 12 months thereon. The transaction is subject to shareholder approval and is expected to be completed by end of next month, PEL said in a release.

Jay Shree Tea & Industries surged 7.24% to Rs 57.75 after the company decided to sell stake in two of its tea estates in Africa. The company has entered into a definitive agreement with Grand Lacs Trading SA, Belgium, to sale stake in Mata and Gisakura tea estates in Rwanda. The sale is expected to be completed by 14 February 2020.

Numbers to Track:

The yield on 10-year benchmark federal paper rose to 6.623% at 14:21 IST compared with 6.598% in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was trading at 71.0725, compared with its previous closing low of 70.93.

In the commodities market, Brent crude for March 2020 settlement was up 26 cents a barrel at $64.88 per barrel. The contract rose 62 cents or 0.96% to settle at $64.20 a barrel in Friday's session.

MCX Gold futures for 5 February 2019 settlement rose 0.22% to Rs 39,774.

In the broader market, the S&P BSE Mid-Cap index rose 0.63% while the S&P BSE Small-Cap index was up 0.45%. Both these indices outperformed the main stock indices.

The market breadth continued to favor the buyers. On the BSE, 1316 shares rose and 1055 shares fell. A total of 160 shares were unchanged. In Nifty 50 index, 24 stocks gained while 26 stocks declined.

Stocks in Spotlight:

Reliance Industries (up 2.64%), HCL Technologies (down 0.07%) and TCS (down 0.24%) will announce their Q3 earnings today.

Bharti Airtel (up 5.19%), Dr. Reddy's Laboratories (up 1.99%), Grasim Industries (up 1.61%), Hero MotoCorp (up 1.21%) and Sun Pharmaceutical Industries (up 0.71%) were the top gainers.

Bharti Infratel (down 8.37%), IndusInd Bank (down 2.44%), Yes Bank (down 2.25%), GAIL (India) (down 2.21%) and Vedanta (down 1.36%) were the top losers.

Wipro rose 0.26% to Rs 250.90. The IT major said that Wipro Ventures announced the closing of its $150 million Fund ll. Buoyed by the success of its first $100 million fund launched in 2015, Wipro Ventures will continue to invest in early to mid-stage companies building innovative enterprise software solutions across key areas, including cybersecurity, application development, analytics, cloud infrastructure, test automation, and AI.

Foreign Markets:

Shares in Europe opened in the green while most Asian markets were trading higher on Friday after global stock indexes and Wall Street posted more records, with strong corporate earnings and upbeat US economic data adding to optimism after China and the US signed a partial trade deal.

In US, stocks rallied again on Thursday, with all three benchmark indexes closing at new records, following the signing of a trade truce between the US and China on Wednesday and Senate approval of a new trade deal between the US, Mexico and Canada on Thursday.