Market spurts in early trade

Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 426.35 points or 0.88% at 48,990.62. The Nifty 50 index was up 115.10 points or 0.81% at 14,396.40.

The S&P BSE Mid-Cap index was up 1.25%. The S&P BSE Small-Cap index was up 1.29%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1586 shares rose and 365 shares fell. A total of 53 shares were unchanged.

Stocks in news:

Maruti Suzuki India rose 1.03%. The company is increasing the price for select models owing to increase in various input costs. The price change varies across models and ranges upto Rs 34,000 (ex-showroom - Delhi). The new prices are effective from 18 January 2021.

Mindtree gained 4.03%. On consolidated basis, Mindtree's net profit rose 28.7% to Rs 326.5 crore on 5% increase in revenue to Rs 2,023.7 crore in Q3 December 2020 (Q3 FY21) over Q2 September 2020 (Q2 FY21).

L&T Finance Holdings rose 3.88%. The company said its board has approved rights issue of 46.13 crore shares for amount aggregating to Rs 2,998.61 crore. The rights issue price is Rs 65 per share.

Indiabulls Real Estate jumped 6.53%. The company reported 63.8% jump in consolidated net profit to Rs 80.59 crore on 42.57% fall in total income to Rs 756.81 crore in Q3 December 2020 over Q3 December 2019.

IndiaMART InterMESH rose 0.32% after the company reported 29.35% rise in consolidated net profit to Rs 80.20 crore on 9.2% rise in total income to Rs 198.20 crore in Q3 December 2020 over Q3 December 2019.

IRB Infrastructure Developers rose 1.8%. The company reported 56.5% slide in consolidated net profit to Rs 69.48 crore on 10.91% fall in total income to Rs 1,594.81 crore in Q3 December 2020 over Q3 December 2019.

Global Markets:

Overseas, Asian stocks traded mixed on Tuesday as investors await remarks from U.S. President-elect Joe Biden's nominee for Treasury secretary, Janet Yellen.

On the coronavirus front, the head of the World Health Organization warned Monday of a catastrophic moral failure due to unfair vaccine rollouts.

The U.S. stock market was closed on Monday in honor of Martin Luther King Jr. Day.

Back home, benchmark indices ended with steep losses on Monday, extending fall for the second straight session. Rising coronavirus cases across US, Europe and China weighed on investors' sentiment. The barometer index, the S&P BSE Sensex, dropped 470.40 points or 0.96% to 48,564.27. The Nifty 50 index lost 152.40 points or 1.06% at 14,281.30.

Foreign portfolio investors (FPIs) bought shares worth Rs 650.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 42.51 crore in the Indian equity market on 18 January, provisional data showed.

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