Benchmarks trade with strong gains, Nifty above 13,850

The key equity barometers continued to trade with string gains in mid-afternoon trade. At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 334.54 points or 0.71% to 47,308.08. The Nifty 50 index added 105.85 points or 0.77% to 13,855.10.

Investor sentiment was upbeat after President Trump signed a $2.3 trillion pandemic aid while the U.K. and the E.U. struck a a Brexit trade deal last week.

The broader market traded with decent gains as well. The S&P BSE Mid-Cap index rose 0.78% while the S&P BSE Small-Cap index rallied 1.44%.

The market breadth was strong. On the BSE, 1932 shares rose and 972 shares fell. A total of 184 shares were unchanged.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged higher to 73.5725 as compared to its previous closing of 73.55.

The yield on 10-year benchmark federal paper fell to 5.922% compared with its closing of 5.929% in the previous trading session.

MCX Gold futures for 5 February 2021 settlement added 0.41% to Rs 50,279.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.32% to 90.04.

In the commodities market, Brent crude for February 2020 settlement rose 23 cents to $51.52 a barrel. The contract rose 0.18% to settle at $51.29 in the previous trading session.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 80,762,012 with 1,764,317 deaths. India reported 277,301 active cases of COVID-19 infection and 147,901 deaths while 9,782,669 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Stocks in Spotlight:

Paisalo Digital surged 15.31% to Rs 601.70. As per the bulk deal data on the NSE, SBI Life Insurance Company on Thursday (24 December 2020) bought 38,00,000 shares (8.98% of equity) of Paisalo Digital at average price of Rs 490 per share.

Meanwhile, Antara India Evergreen Fund (sold 3.54%), Davos International Fund (sold 0.68%), Elara India Opportunities Fund (sold 2.6%) and Heshika Growth Fund (sold 1.89%) pared their stake in the company at average price of Rs 490.

Tips Industries surged 14.99% to Rs 331. The music record label company has reportedly announced a global deal with social media giant Facebook to license its music for videos and other social experiences across Facebook and Instagram. With the move, Facebook and Instagram users will be able to add Tips' music catalogue to their posts and stories.

Dixon Technologies (India) jumped 6.76% to Rs 13582.70. The company's wholly-owned subsidiary, Padget Electronics, has signed an agreement with Motorola for manufacturing of smartphones. The products will be manufactured at Padget's manufacturing facility situated at Noida, Uttar Pradesh.

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