December Quarter Results, Global Stock Market Drivers, and Top Cues in Focus Today

Wed, 12 Feb Pre-Open

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On Tuesday, Indian share markets traded on a positive note throughout the day and ended higher, tracking strong cues from global equities.

The BSE Sensex closed higher by 237 points to end the day at 41,216. NTPC and Maruti Suzuki were among the top gainers.

While the broader NSE Nifty ended up by 76 points to end at 12,108.

Among BSE sectoral indices, metal stocks gained the most, followed by power stocks and banking stocks.

Top Stocks in Action Today

Bharat Heavy Electricals (BHEL) share price will be in focus today as the company has successfully commissioned two units of 4x150 MW Kameng Hydroelectric Project (HEP) in Arunachal Pradesh.

Avenue Supermarts share price will also be in focus today as its board has allotted 20,000,000 equity shares of face value Rs 10 each to eligible qualified institutional buyers at the issue price of Rs 2,049 per equity share, aggregating to Rs 41 billion.

Market participants will also track Ashok Leyland share price, Hindalco share price, and IRCTC share price as these companies will announce their December quarter results later today.

December Quarter Results

Indiabulls Real Estate reported a 75.7% decline in consolidated net profit at Rs 492.7 million for the quarter ended December 2019, mainly due to higher expenses.

The company had reported a profit after tax (PAT) of Rs 2,049 million in the corresponding quarter last fiscal.

Total income for Q3FY20 increased marginally by 2.3% to Rs 13,177 million as compared to Rs 12,875.9 million in Q3FY19.

To know more, you can read Indiabulls Real Estate's Q3FY20 result analysis on our website.

Bajaj Consumer Care has reported its standalone net profit at Rs 500.8 million, a 16.7% decline, due to lower operational revenue.

It had posted a net profit of Rs 600.9 million in the October-December quarter a year ago.

The FMCG firm's operational revenues during the quarter fell 7.8% to Rs 2,115 million as against Rs 2,296 million in the corresponding quarter a year ago.

The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) fell 23.7% to Rs 543 million while margin declined to 27.1% from 32.6%, YoY.

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

From the Mutual Funds Space...

Net inflows into equity mutual funds (MFs) were at a five-month high of Rs 79.3 billion in January, up 73% from December, according to data released by the Association of Mutual Funds in India (Amfi).

The asset size of the MF industry at the end of January stood at Rs 27.85 trillion.

Investor flows to small and midcap funds improved 154% and 126%, respectively, over the previous month. Small-cap funds garnered Rs 10.7 billion in January, while midcap funds collected Rs 18 billion.

Equity mutual funds have seen steady inflows for the last two months. Retail monthly systematic investment plan (SIP) contribution was at an all-time high at Rs 85.3 billion.

Equity MF redemptions also softened to Rs 134.4 billion in January, against the previous month's Rs 154.4 billion.

On the debt side, investor flows stood at Rs 1.09 trillion, contributed largely by liquid and overnight schemes. For liquid schemes, investor flows stood at Rs 596.8 billion, while overnight schemes garnered Rs 226.5 billion.

At the beginning of the current financial year, overnight schemes accounted for Rs 113.1 billion of investor assets. At the end of January, the size of the category stood at Rs 545.8 billion.

At the end of January, equity assets stood at Rs 7.89 trillion, while assets managed by debt schemes stood at Rs 12.41 trillion.

Global Stock Market Updates

Global stock markets rose to record highs on Tuesday and the dollar reached a four-month high as China's top medical advisor said the coronavirus epidemic may plateau in the next few weeks.

China's factories were struggling to re-open after an extended break and analysts warned that investors might be underestimating the economic damage, but the mood remained strong after another Wall Street surge overnight.

The death toll in mainland China climbed past 1,000 but the number of new confirmed cases fell. Zhong Nanshan, an epidemiologist who helped fight the SARS epidemic in 2003, said the situation in some provinces was already improving.

On the commodities front, crude oil prices rose to US$ 54 a barrel, recovering from a 13-month low.

Investors remain wary that China's oil demand could take a further hit if the coronavirus cannot be contained and if OPEC and its allies, known as OPEC+, fail to agree on further steps to support prices.

The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia are restraining output by 1.7 million bpd in 2020 to support the market, and have been weighing a further curb to stem fallout from the virus.

An OPEC+ advisory panel proposed an additional cut of 600,000 bpd last week, but Russia has delayed delivering its official stance, frustrating some OPEC members.

In another development, US crude inventories are expected to rise for a third straight week, by 2.9 million barrels in the week ended on February 7, a Reuters poll showed.

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:

• India - CPI, Manufacturing Output & Industrial Production
• US - Fed Chair Powell Speaks
• US - Crude Oil Inventory

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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