Sensex, Nifty hit day's high

Key equity barometers reversed losses and hit fresh intraday high in mid-afternoon trade. At 14:23 IST, the barometer index, the S&P BSE Sensex, was up 75.90 points or 0.16% at 46,329.36. The Nifty 50 index added 28.65 points or 0.21% at 13,586.80.

In the broader market, the S&P BSE Mid-Cap index gained 0.18%. The S&P BSE Small-Cap index rose 0.17%.

Buyers outpaced the sellers. On the BSE, 1499 shares rose and 1393 shares fell. A total of 172 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 7,28,50,994 with 16,21,159 deaths.

India reported 3,39,820 active cases of COVID-19 infection and 1,43,709 deaths while 94,22,636 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

India's retail inflation declined to 6.93% in the month of November 2020 even though it remained above the Reserve Bank of India's (RBI) upper margin of 6%, data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed. The retail inflation, which is measured by the Consumer Price Index (CPI), for the month of October was 7.61%.

Buzzing Index:

The Nifty Media index rose 1.006% to 1,709.75. The index has added 3.86% in three sessions.

Zee Entertainment (up 4.11%), Dish TV India (up 1.70%) and Sun TV Network (up 1.57%) advanced.

Inox Leisure (down 1.50%), PVR (down 1.40%), TV18 Broadcast (down 0.79%), D.B.Corp (down 0.69%), T.V.Today Network (down 0.58%) and Jagran Prakashan (down 0.43%) declined.

Stocks in Spotlight:

Cyient rose 0.44% to Rs 536.20. The IT company announced that it signed a pact with Perth-based Decipher to support the global rollout of key cloud mining platform. Decipher provides a cloud monitoring and governance platform for tailing storage facilities. As per the MoU, Cyient will support Decipher with the global rollout of their cloud mining platform for tailings and rehabilitation monitoring.

Kalpataru Power Transmission (KPTL) lost 1.28% at Rs 315.70. KPTL said it has secured new orders or notification of award of about Rs 1,300 crore. The company said that the orders from India and overseas market in the transmission and distribution (T&D) business. It further said that the it had received engineering, procurement, and construction (EPC) orders for pipeline laying and associated works in India.

Kalpataru said that the order for railway electrification has been awarded by the Central Organization for Railway Electrification (CORE). The company's international subsidiary has also secured new T&D projects in Europe.

Numbers to Track:

In the foreign exchange market, the partially convertible rupee edged lower to 73.66 as compared to its previous closing of 73.555.

The yield on 10-year benchmark federal paper rose to 5.943% compared with its closing of 5.946% in the previous trading session.

MCX Gold futures for 5 February 2021 settlement added 0.84% to Rs 49,350.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, added 0.10% to 90.80.

In the commodities market, Brent crude for February 2020 settlement lost 16 cents to $50.13 a barrel. The contract gained 32 cents or 0.32% to settle at $50.27 in the previous trading session.

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