Local stocks eked out small gains on last trading day of the week. Reliance Industries advanced after declaring good Q3 result. Shares of Sun Pharmaceutical Industries dropped sharply. Global stocks rose Friday amid optimism for progress in US-China trade talks.

The barometer index, the S&P BSE Sensex, rose 12.53 points or 0.03% to settle at 36,386.61. The index hit high of 36,469.98 and low of 36,218.33 in intraday trade.

The Nifty 50 index rose 1.75 points or 0.02% to settle at 10,906.95. The index hit high of 10,928.20 and low of 10,852.20 in intraday trade.

Volatility struck bourses in early trade as the key indices reversed initial gains and sink in negative zone. Key indices extended losses in morning trade. Stocks cut losses in mid-morning trade. Indices continued hovering in negative zone in early afternoon trade. Key equity indices trimmed losses in afternoon trade. Indices cut losses in mid-afternoon trade as European stocks opened higher. Stocks gyrated in positive and negative zone in late trade.

The S&P BSE Mid-Cap index fell 0.79%. The S&P BSE Small-Cap index fell 0.73%.

The market breadth, indicating the overall health of the market, was weak. On the BSE, 896 shares rose and 1650 shares fell. A total of 165 shares were unchanged.

Among sectoral indices on BSE, the S&P BSE Energy index (up 2.69%), the S&P BSE Oil & Gas index (up 0.36%) and the S&P BSE IT index (up 0.14%), outperformed the Sensex. The S&P BSE Telecom index (down 3.83%), the S&P BSE Healthcare index (down 2%) and the S&P BSE Capital Goods index (down 1.42%), underperformed the Sensex.

Kotak Mahindra Bank (up 1.41%), HCL Technologies (up 1.02%), ONGC (up 0.79%), Asian Paints (up 0.68%) and Vedanta (up 0.43%) were the major Sensex gainers.

Bharti Airtel (down 6.42%), Larsen & Toubro (down 2.07%), Axis Bank (down 1.77%), Yes Bank (down 1.59%) and ITC (down 0.95%) were the major Sensex losers.

Reliance Industries (RIL) advanced 4.34%. On a consolidated basis, RIL's net profit increased 8.82% to Rs 10251 crore on 56.69% increase in net sales to Rs 156397 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 17 January 2018.

Increase in revenue is primarily on account of higher price realizations and volumes for petrochemical and refining businesses along with continuing strong growth momentum in consumer businesses. Product prices for the refining and petrochemicals business increased in line with 10.4% higher average Brent crude oil price. The higher volumes in petrochemical business are on account of stabilization and ramp-up of new petrochemical facilities. Retail business and digital services business recorded an increase of 89% and 51% in revenue during the quarter compared to the corresponding quarter of the previous year.

Commenting on the results, chairman and managing director, Mukesh Ambani said in its new-age consumer businesses, RIL maintained robust growth momentum across retail and Jio platforms and the share of consumer businesses is steadily increasing its contribution to the overall profitability of the company. In wireless business, RIL's customer-centric offerings and strong ubiquitous network are helping to digitalise India at an unprecedented rate.

Hindustan Unilever (HUL) shed 0.37%. HUL's net profit rose 8.9% to Rs 1444 crore on 12.4% increase in net sales to Rs 9357 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 17 January 2018.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 22% to Rs 2046 crore in Q3 December 2018 over Q3 December 2017. Prudent management of volatility in costs (crude and currency led) along with improved mix and operating leverage has driven margin improvement, the company said.

Sanjiv Mehta, chairman and managing director, said that that company has delivered another strong performance in the quarter, with double digit volume growth and improvement in margins. HUL's focus on strengthening the core and leading market development by tapping into emerging trends has been yielding results across categories. In the near term, demand is likely to be stable. The company will keep a close watch on the macro-economic environment and respond with agility. HUL remains focused on its strategic agenda of delivering consistent, competitive, profitable and responsible growth.

Sun Pharmaceutical Industries lost 8.52%. Sun Pharmaceutical Industries during market hours today, 18 January 2019 clarified that it has not received the alleged 172-page whistle blower complaint. One of the company's 100% subsidiary has voluntarily recalled certain batches of Vecuronium Bromide Injection in the US market at hospital level due to identification of particulate matter identified as glass. This product has a negligible contribution to our company's consolidated revenues and hence this recall will not have any material impact on financials.

Aurobindo Pharma rose 0.23%. Aurobindo Pharma announced the signing of a definitive agreement to acquire a portfolio of seven branded oncology injectable products from Spectrum pharmaceuticals Inc. The acquisition also brings-in an experienced branded commercial infrastructure in the US.

Acrotech Biopharma LLC (Acrotech), a wholly-owned subsidiary of Aurobindo Pharma USA Inc., which in turn a wholly-owned subsidiary of Aurobindo Pharma, will be acquiring the portfolio on a debt free and cash free basis. This acquisition is in line with the company's strategy to commercialize innovative proprietary medications. The acquisition will help Aurobindo Group to enter the branded oncology market with a range of products which are well recognized by the oncology community. Aurobindo Group will also acquire a well-established and experienced branded commercial infrastructure to continue commercializing these brands. The announcement was made after market hours yesterday, 17 January 2018.

Rallis India dropped 4.62% after consolidated net profit fell 44.83% to Rs 13.76 crore on 6.97% increase in net sales to Rs 417.35 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 17 January 2018.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 71.0975, compared with its close of 71.0325 during the previous trading session.

In the global commodities markets, Brent for March 2019 settlement was up 63 cents at $61.81 a barrel. The contract fell 14 cents, or 0.23% to settle at $61.18 a barrel during the previous trading session.

Overseas, Asian and European stocks rose Friday amid optimism for progress in US-China trade talks. China reportedly announced its economy czar, Vice Premier Liu He, will go to Washington for talks Jan. 30-31 aimed at ending the tariff war sparked by US complaints about Beijing's technology ambitions.

Meanwhile, investors awaited the next steps for the UK after Theresa May's government narrowly survived a no-confidence vote as she attempts to forge a path forward for the country's exit from the European Union.

US stocks advanced on Thursday as a published report that the United States was considering lifting tariffs on Chinese imports lifted investor sentiment. U.S. officials are reportedly considering lifting some tariffs on Chinese products in an effort to elicit more concessions from China for a bilateral trade deal and to stabilize the financial markets.

On the data front, the Federal Reserve Bank of Philadelphia's manufacturing index rose to 17.0 in January, up from 9.1 in December, the bank reported Thursday. The index reflects the health of the manufacturing sector in Pennsylvania, Delaware and New Jersey.

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