Indices at day's high; auto shares zoom

Domestic indices surged to record high level in morning trade. The BSE Sensex traded above the 50,000 mark while the Nifty scaled 14,700 level. Buying was seen in auto and FMCG stocks.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 274.87 points or 0.55% at 50,066.25. The Nifty 50 index was up 79.85 points or 0.55% at 14,724.65. The Sensex scaled record high above 50,100 level in early trade while the Nifty scaled an all time high of 14,738.30.

In broader market, the S&P BSE Mid-Cap index was up 0.72% while the S&P BSE Small-Cap index gained 0.49%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1518 shares rose and 1011 shares fell. A total of 123 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 96,829,359 with 2,073,938 deaths. India reported 1,92,308 active cases of COVID-19 infection and 1,52,869 deaths while 1,02,65,706 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Results Today:

Asian Paints (up 0.24%) and Bajaj Auto (up 1.78%) are two Nifty companies that will announce their quarterly results today.

AAVAS Financiers (up 0.03%), MCX India (up 1.05%), SBI Cards and Payment Services (up 0.76%), Bandhan Bank (up 1.31%), Biocon (up 0.03%), Cyient (up 2.9%), Indian Energy Exchange (down 0.71%), IIFL Securities (up 1.96%), Jindal Steel & Power (down 0.3%), JK Tyre & Industries (up 11.9%), Kajaria Ceramics (up 1.05%), Mphasis (up 0.02%), SRF (up 0.43%), Westlife Development (down 0.1%) and Zensar Technologies (up 0.59%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty Auto index surged 1.31% to 10,505.45. The index added 5.46% in three trading session.

Tata Motors (up 3.22%), Eicher Motors (up 1.97%), Bajaj Auto (up 1.78%), Hero MotoCorp (up 1.75%), Ashok Leyland (up 1.15%), Amara Raja Batteries (up 0.87%), Maruti Suzuki India (up 0.87%) and TVS Motor Company (up 0.63%) were top gainers in auto segment.

Stocks in Spotlight:

Axis Bank gained 2.11% while shares of Max Financial Services surged 2.65%. Competition Commission of India (CCI) on Wednesday (20 January 2021) said it has approved the stake acquisition in Max Life Insurance Company (Max Life) by Axis Bank, Axis Capital and Axis Securities. As per the combination notice filed with CCI, the shareholding of Axis Bank in Max Life will increase to approximately 9.9%. In April 2020, Axis Bank and Max Financial Services (MFS) announced the signing definitive agreements to become joint venture partners in Max Life. The bank would hold 30% stake in Max Life post transaction closure. In August 2020, Axis Bank announced tweaks insurance joint venture pact with MAX Life. As per the revised deal, Axis Bank would acquire 17.002% of the equity share capital of Max Life, resulting in total ownership of 18% post the transaction.

VST Industries fell 2% after the cigarette maker reported a 9.54% fall in net profit to Rs 73.71 crore on 16.55% fall in total income to Rs 296.08 crore in Q3 December 2020 over Q3 December 2019. Standalone profit before tax (PBT) slipped 8.6% to Rs 99.73 crore in Q3 December 2020 as against Rs 109.16 crore in Q3 December 2019. Current tax expense for the quarter declined 6.9% to Rs 26.31 crore as against Rs 28.26 crore in Q3 December 2019.

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