Key benchmark indices are trading lower in early trade on selling pressure in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 228.47 points or 0.47% at 48,806.20. The Nifty 50 index was down 70.15 points or 0.49% at 14,363.55.
The S&P BSE Mid-Cap index was down 1.49%. The S&P BSE Small-Cap index was down 0.89%.
The market breadth, indicating the overall health of the market, is weak. On the BSE, 825 shares rose and 1315 shares fell. A total of 109 shares were unchanged.
Stocks in news:
HDFC Bank rose 1.17%. HDFC Bank reported 18.1% rise in net profit to Rs 8,758.29 crore on 4.1% increase in total income to Rs 37,522.92 crore in Q3 FY21 over Q3 FY20. Net interest income for the quarter ended 31 December 2020 grew by 15.1% to 16,317.6 crore from 14,172.9 crore for the quarter ended 31 December 2019, driven by advances growth of 15.6%, and a core net interest margin for the quarter of 4.2%.
HDFC Bank said that the impact of COVID-19, including changes in customer behaviour and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activity, which may persist. While there has been a gradual pickup in economic activity since the easing of lockdown measures, the continued slowdown led to a decrease in loan originations, the sale of third-party products, the use of credit and debit cards by customers and the efficiency in collection efforts.
Dr. Reddy's Laboratories fell 1.18%. Dr. Reddy's Laboratories on Friday said that it received an approval from the Drugs Control General of India (DCGI) to conduct phase 3 clinical trial for the Sputnik V vaccine in India. The drug major said the phase 3 study of Sputnik V will be conducted on 1500 subjects as part of the randomized, doubleblind, parallel-group, placebo-controlled study in India.
Wipro rose 0.56%. Wipro on Friday announced that it has been chosen as a strategic technology services partner by Fiat Chrysler Automobiles (FCA) to establish its first Global Digital Hub in Hyderabad. As part of this engagement, Wipro said it will source and build a talent pool of more than 1000 skilled consultants and technologists for FCA ICT India who will help develop capabilities around futuristic technologies.
Apollo Pipes rose 1.52%. Apollo Pipes reported 145% jump in net profit to Rs 16.33 crore in Q3 FY21 as against Rs 6.66 crore in Q3 FY20. Revenue from operations during the quarter increased by 28% year-on-year (YoY) to Rs 128.1 crore.
JBM Auto surged 4.53%. JBM Auto said that the company has received orders for supply of 700 numbers of JBM 'CITYLIFE' fully air conditioned BS-VI CNG Low-Floor Buses from Delhi Transport Corporation (Government of NCT of Delhi).
Metropolis Healthcare gained 2.52% after the company announced that the board of directors has approved the acquisition of Dr. Ganesan's Hitech Diagnostic Centre Pvt. Ltd. (Hitech).
Global Markets:
Overseas, Asian stocks are trading mixed on Monday as investors in the region reacted to Chinese economic data releases, including the country's GDP print for the fourth quarter.
China reported GDP rose 2.3% last year as the world struggled to contain the coronavirus pandemic. Gross domestic product grew by 6.5% in the fourth quarter from a year ago, official data from National Bureau of Statistics showed. However, Chinese consumers remained reluctant to spend, as retail sales contracted 3.9% for the year. Retail sales for the fourth quarter rose 4.6% from a year ago.
Markets in the U.S. are closed on Monday for a holiday. US stocks fell on Friday as traders weighed President-elect Joe Biden's $1.9 trillion stimulus plan along with the latest earnings from some of the biggest U.S. banks.
The Dow Jones Industrial Average closed 177.26 points lower, or 0.6%, at 30,814.26. The S&P 500 dipped 0.7% to 3,768.25, and the Nasdaq Composite slid 0.9% to end the day at 12,998.50.
Among major banks, JPMorgan reported better-than-expected earnings. Wells Fargo and Citigroup posted earnings that beat analyst expectations.
Back home, domestic equity benchmarks declined sharply on Friday, led by broader selling pressure. The barometer index, the S&P BSE Sensex, dropped 549.49 points or 1.11% to 49,034.67. The Nifty 50 index lost 161.90 points or 1.11% at 14,433.70.
Foreign portfolio investors (FPIs) bought shares worth Rs 971.06 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 942.07 crore in the Indian equity market on 15 January, provisional data showed.
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