Indices trade with modest losses; breadth negative

The barometer indices were trading with modest losses in afternoon trade. Investors booked profits after recent steep gains. At 13:20 IST, the barometer index, the S&P BSE Sensex, tumbled 233.55 points or 0.46% at 51,095.53. The Nifty 50 index skid 48.45 points or 0.32% at 15,060.85.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.31%. The S&P BSE Small-Cap index gained 0.16%.

Sellers outpaced buyers. On the BSE, 1,299 shares rose and 1,530 shares fell. A total of 163 shares were unchanged. In Nifty 50 index, 18 stocks advanced while 32 stocks declined.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,300.65 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,756.24 crore in the Indian equity market on 9 February 2021, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 10,69,03,452 with 23,41,010 deaths. India reported 1,41,511 active cases of COVID-19 infection and 1,05,61,608 deaths while 1,55,252 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Gainers & Losers:

Bajaj Finserv (up 3.27%), HDFC Life Insurance Company (up 2.39%), SBI Life Insurance Company (up 2.19%) and Mahindra & Mahindra (M&M) (up 1.64%) were major gainers in Nifty 50 index.

Adani Ports & Special Economic Zone (APSEZ) (down 2.27%), Larsen & Toubro (L&T) (down 1.81%), Bharti Airtel (down 1.66%) and Axis Bank (down 1.50%) were major losers in Nifty 50 index.

Nifty Result Today:

Eicher Motors (up 0.78%), GAIL (India) (up 1.64%), Hindalco Industries (up 0.92%) and Titan Company (down 1.38%) will announce Q3 result today.

Earnings Impact:

Akzo Nobel India fell 0.62%. On a consolidated basis, Akzo Nobel India's net profit jumped 13.5% to Rs 87.37 crore on a 6.5% rise in net sales at Rs 774.64 crore in Q3 December 2020 over Q3 December 2019. The board has recommended an interim dividend of Rs 20 per equity share.

Aster DM Healthcare declined 3.29% after the company's consolidated net profit dropped 29% to Rs 107.45 crore on a 2.7% decline in net sales at Rs 2,258.87 crore in Q3 December 2020 over Q3 December 2019. Profit before tax (PBT) skid 27.8% to Rs 115.23 crore in Q3 December 2020 over Q3 December 2019.

Spandana Sphoorty Financial slumped 6.27% after the microfinance lender reported a consolidated net loss of Rs 29.72 crore in Q3 FY21 compared with net profit of Rs 129.53 crore in Q3 FY20. Total income fell 4% year-on-year (YoY) to Rs 344.26 crore during the quarter. Impairment charge on financial instruments and other provisions stood at Rs 199.93 crore in Q3 December 2020, steeply higher than Rs 41.54 crore in Q3 December 2019. The company reported a pre-tax loss of Rs 36.56 crore in Q3 FY21 as against a pre-tax profit of Rs 175.80 crore in Q3 FY20. Current tax outgo declined by 87.5% YoY to Rs 3.23 crore during the period under review.

Global Markets:

Shares Europe and Asia advanced on Wednesday as traders digest a slew of new corporate earnings. The advancement in COVID-19 vaccination efforts and a slowdown in new coronavirus cases across the globe lifted the investor sentiment. However, rising global inflationary expectations rekindled concerns over the possibility of a reflation trade in bonds, which could dampen the sentiment for global equities.

China's consumer inflation declined in January, according to the country's National Bureau of Statistics which reported the consumer price index slipped 0.3% from a year ago. The NBS also reported the producer price index rose 0.3% year over year in January.

In US, Nasdaq extended their runs to fresh highs on Tuesday, as strong earnings and economic recovery prospects buoyed investor sentiment. The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors.

Lawmakers in Washington appear to be moving closer to another economic relief bill. House Democrats unveiled the details of a relief proposal that included $1,400 direct checks with faster phase-outs than previous bills.

President Joe Biden on Tuesday met with Treasury Secretary Janet Yellen and the chief executives of some of the country's largest businesses in the Oval Office to discuss his $1.9 trillion stimulus plan and the outlook for the economy.

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