Indices log modest gains; strong market breadth

The key equity indices are trading with modest gains in early trade. The Nifty was trading above the 18,300 mark.

At 09:24 IST, the barometer index, the S&P BSE Sensex, was up 140.27 points or 0.23% to 61,449.18. The Nifty 50 index advanced 28.85 points or 0.16% to 18,336.95.

Sun Pharma (up 1.64%), ITC (up 1.16%), Coal India (up 1.04%) and Indian Oil Corporation (up 0.93%) were the top index gainers.

Eicher Motors (down 2.76%), Ultratech Cement (down 1.80%), Maruti Suzuki (down 1.66%) and Shree Cement (down 1%) were the top index losers.

In the broader market, the S&P BSE Mid-Cap index rose 0.38% while the S&P BSE Small-Cap index added 0.36%.

Buyers outpaced sellers. On the BSE, 1970 shares rose and 833 shares fell. A total of 86 shares were unchanged.

Stocks in Spotlight:

Tech Mahindra rose 1.17% to Rs 1741.75. The IT major announced 100% acquisition of Com Tec Co IT (CTC) for 310 million euros, including earnouts and synergy linked payouts. Tech Mahindra is also investing a cumulative amount of 20 million euros, in SWFT and Surance, for a 25% ownership in each of these two InsurTech ventures funded by the same founding group as CTC.

Tata Power advanced 0.87% to Rs 250. Tata Power Renewable Energy (TPREL), wholly owned subsidiary of the company, has announced commissioning of two Solar Power projects of 50 MW each at Prayagraj, and Banda in Uttar Pradesh.

Angel One added 2.70% to Rs 1393.70. The company reported consolidated profit at Rs 164.6 crore in Q3FY22 against Rs 73.2 crore in Q3FY21. Total income surged 92.4% to Rs 607.10 crore from Rs 315.6 crore YoY.

Global markets:

Asian stocks are mostly up on Tuesday, with investors continuing to monitor the global economic recovery from COVID-19.

Chinese President Xi Jinping cautioned against a rapid rise in interest rates on Monday that could derail the global recovery from the coronavirus pandemic.

U.S. markets remained closed on Monday for Martin Luther King Jr. Day.

Meanwhile, the Organization of the Petroleum Exporting Countries, or OPEC, is due to release its monthly oil market report on Tuesday where traders are likely to watch for signs that global oil demand has been affected by the surge in Covid cases around the world.

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