Indian markets were moderately lower today, tracking declines in Asian markets. The Sensex was down about 30 points while Nifty also traded lower at 12,122. In previous four sessions, the Sensex had surged about 1,500 points. Among the Sensex stocks, Hero MotoCorp rose 3% after the motorcycle maker reported a 14.5% growth in its December quarter profit, largely driven by sharp fall in tax expenses.
“Revenue from operations fell 11% year-on-year (YoY) to ₹6,996.7 crore for the three months to December 2019, hit by 14.3% decline in total sales volume, but offset by higher realisation of 2.8%. Hero sold 15.4 lakh units during the quarter under review as against more than 17.98 lakh in the same period last year. The company expects to see a turnaround in the second half of 2020-21,” HDFC Securities said in a note.
Asian markets were moderately lower today after a week-long rally as investors took profits and assess developments in China’s deadly coronavirus crisis. Strong US data and China’s stimulus measures have provided a boost to equities after last week’s sell-off. Also cheering the mood was China’s decision on Thursday to halve tariffs on $75 billion of US goods.
Stocks in China were slightly lower, having recovered the majority of its near 8% drop suffered on Monday. Overnight, stocks closed higher on Wall Street, extending the market’s solid rebound and delivering another round of record highs for the major indexes. (With Agency Inputs)