Sensex Flat, Nifty Volatile ahead Of Expiry;HDFC Slips 1.5%

The market has opened marginally lower ahead of expiry of January derivative contracts. The 30-share BSE Sensex fell 5.68 points to 24486.71 and the 50-share NSE Nifty declined 3.45 points to 7434.30. ICICI Bank, GAIL, Lupin, Adani Ports, NTPC, Power Grid Corporation, Cairn India and Vedanta were early gainers while losers were HDFC, Bharti Airtel, Maruti Suzuki, L&T, Sun Pharma, Asian Paints, Coal India and NTPC. The Indian rupee opened lower by 10 paise at 68.15 per dollar today against previous close of 68.05. 

the S&P BSE Sensex is down 8 points to trade at 24,484 and the Nifty50 has shed 4 points to trade at 7,434. In the broader market, BSE Mid cap index is down 0.2% and BSE Small cap index is up 0.2%.

GLOBAL MARKETS

Asian shares recouped early losses and were trading flat with positive bias. Japanese benchmark Nikkei was flat while Shanghai Composite was down 0.5%. Meanwhile Straits Times was up 0.3% and Hang Seng gained 0.1%.

US stocks ended over 1% lower after the US Federal Reserve kept interest rates unchanged citing growth concerns and said that it was "closely monitoring" global economic and financial developments. The Dow Jones industrial average ended down 1.4% at 15,944. The broader S&P 500 ended down 1.1% at 1,883 and tech-laden Nasdaq Composite ended down 2.2% at 4,468.

RESULT REACTION

Power Grid Corporation of India is trading 2% higher after reporting a 31% jump in its standalone net profit at Rs 1,613.12 crore for the quarter ended December 31, 2015 on account of increase in revenue from transmission business.

IDFC Bank is up 25 after  it reported a net profit of Rs 242.2 crore in the October-December quarter. Net interest income, the difference between interest earned and interest expended, for the quarter stood at Rs 404.2 crore. Other income for the quarter ended December stood at Rs 200 crore.

Neyveli Lignite Corporation slumped 5% after the net profit dropped 85% to Rs 47.61 crore for the quarter ended December 31, 2015. The company had reported a net profit of Rs 309.47 crore in the year-ago period.

SKS Microfinance is up 0.5% after it posted nearly twofold increase in net profit at Rs 79,4 crore for the third quarter ended December 31. The microfinance company had a net profit of Rs 41 crore in the similar quarter of the previous fiscal. 

Just Dial cracked 9% after it reported 8.03% increase in net profit at Rs 32.14 crore for the quarter ended December 31, 2014. The company had reported a net profit of Rs 29.75 crore in the corresponding quarter a year ago.

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