Indian markets were lower today but off the day’s lows. The Sensex was down about 60 points at 41,463 after falling over 200 points in early trade. The broader Nifty also pared losses and held above 12,200. The global cues were weak. Asian markets were mostly lower today as investors struggled to find fresh catalysts to continue a long-running rally fuelled by the China-US trade pact, lowered Brexit tensions, central bank easing and an improving global outlook.
Shares of Federal Bank were up 2% today, extending Monday’s gains today after the lender’s Q3 earnings impressed the Street. Federal Bank on Monday posted a 32% in its December quarter net profit to ₹440 crore, helped by a reduction in provisions for bad assets.
Zomato on Tuesday announced that it has acquired Uber’s Food Delivery Business in India in an all-stock deal. Shares of Zomato’s top shareholder Info Edge today gained over 2%.
Among the Sensex stocks, HDFC Bank, Kotak Mahindra Bank were both down about 0.6% each while Tata Steel, M&M, Hero MotoCorp and Asian Paints fell between 1% and 2%.
Elsewhere, shares of Vodafone Idea surged 15% today.
Ahead of the January 23 deadline, Bharti Airtel, Vodafone Idea and Tata Teleservices have approached the Supreme Court seeking modification in its verdict in the Adjusted Gross Revenue (AGR) matter where they have sought court permission to negotiate with DoT on the payment schedule.
Hong Kong stocks tumbled Tuesday after Moody’s downgraded the city’s credit rating over its response to months of sometimes violent protests. Observers warned of a growing concern about a SARS-like virus that has spread beyond China and which is now believed to be transmitted between humans.