Global Stock Market Drivers, Key Q3FY20 Results, and Top Cues in Focus Today

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On Wednesday, Indian share markets gave up early gains in the afternoon session and ended lower. Benchmark indices fell for the third day amid volatility in global markets and mixed December quarter results.

The BSE Sensex closed lower by 208 points to end the day at 41,115. ONGC and NTPC were among the top losers.

While the broader NSE Nifty ended down by 63 points to end at 12,107.

Among BSE sectoral indices, oil & gas stocks fell the most, followed by metal stocks and banking stocks.

Speaking of the Indian share markets, earnings and upcoming budget would play a critical role in shaping the investment trend.

In the below video, Tanushree Banerjee tells how you should react to the biggest economic event of the year - the Union Budget which is going to be announced in a few says.

Watch Now...

Top Stocks in Action Today

Axis Bank share price will be in focus today as the private lender has filed for Corporate Insolvency Resolution Process (CIRP) against Reliance Power's subsidiary - Vidarbha Industries Power for a claim of Rs 5.5 billion.

Allcargo Logistics share price will also be in focus today as the company has acquired about 13% stake in Gati. The company is on track to complete the process to acquire 44.5% stake in Gati. As part of preferential allotment process, Allcargo has already infused Rs 1 billion into Gati.

Market participants will also track Biocon share price, PVR share price, and HT Media share price as these companies will announce their December quarter (Q3FY20) results later today.

Results Corner

Granules India share price has reported over 2-fold jump in its net profit at Rs 884.7 million for Q3FY20 as compared to Rs 400.9 million for the same quarter in the previous year.

Polycab India share price has reported a rise of 13.3% in its net profit at Rs 2,161.6 million for the quarter under review as compared to Rs 1,907.6 million for the same quarter in the previous year.

The company's total income increased by 24.3% at Rs 25.1 billion for Q3FY20 as compared Rs 20.2 billion for the corresponding quarter previous year.

HDFC AMC share price has reported 44.9% rise in its net profit at Rs 3,525.5 million for the quarter under review as compared to Rs 2,432.6 million for the same quarter in the previous year.

Asian Paints share price reported an in-line net profit growth of 20.2% YoY at Rs 7.4 billion for the third quarter ending December 31, 2019. The company said while benign raw material prices worked in its favour, economic slowdown hurt volume growth.

Consolidated revenue from operations, which included accounts of subsidiaries and associates, rose 3% to Rs 54.2 billion from Rs 526.3 billion in the same quarter a year ago.

Havells India share price has reported a 2.8% increase in its consolidated net profit at Rs 2,002.2 million for the quarter ended December 31, 2019.

The company's standalone EBITDA stood at Rs 2,673 million in Q3FY20 as against Rs 2,946 million in Q3FY18. EBITDA margin grew to 11.8% in Q3FY19 from 11.6% in Q3FY18.

To know more about the company, you can read Havells India's latest result analysis on our website.

On a consolidated basis, Sasken Technologies share price has reported a rise of 29.8% in its net profit at Rs 234.5 million for the December quarter as compared to Rs 180.7 million for the same quarter in the previous year.

To know more, you can read Sasken Technologies' latest result analysis on our website.

Global Stock Market Drivers

Asian stock markets recovered ground on Wednesday as China's response to a virus outbreak tempered some fears of a global pandemic, although Shanghai shares initially slipped amid worries about a hit to domestic demand and tourism.

The outbreak has revived memories of the Severe Acute Respiratory Syndrome (SARS) epidemic in 2002-03, a coronavirus outbreak that killed nearly 800 people and hurt world travel.

China's National Health Commission said on Wednesday there were 440 cases of the new virus, with nine deaths so far. Measures are now in place to minimize public gatherings in the most-affected regions.

The Shanghai Composite recovered from an early 1.4% drop to end 0.3% higher. Japan's Nikkei rose 0.7% while Hong Kong's Hang Seng rose more than 1%.

In currencies, the safe-haven yen eased slightly from the one-week high it touched overnight, although the Yuan eased slightly in the onshore market to 6.8997 per dollar.

On the commodities front, crude oil prices dropped on Wednesday as the International Energy Agency's (IEA) forecast of a market surplus in the first half of this year was enough to cancel out concerns about military disruptions that have slashed Libya's crude output.

The head of the IEA, Fatih Birol, said he expects the market to be in surplus by a million barrels per day (bpd) in the first half of this year.

Libya's National Oil Corp on Monday declared force majeure on the loading of oil from two major oil fields after the latest development in a long-running military conflict.

Unless oil facilities quickly return to operation, Libya's oil output will be reduced from about 1.2 million barrels per day (bpd) to just 72,000 bpd.

We will keep you updated on the latest developments from this space. Stay tuned.

As per the economic schedule released by Vijay Bhambwani, editor of Weekly Cash Alerts, here are the important events due later today:

• Japan - Imports, Exports, Trade Balance December
• USA - Crude Oil Inventory
• EU - Interest Rate Decision

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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