Sensex, Nifty hit record high; NSE VIX tumbles 4%

The benchmark indices further extended gains and hit day's high in early afternoon trade. Global stocks were trading higher as investors hoped for more economic stimulus from U.S. President Joe Biden. At 12:20 IST, the barometer index, the S&P BSE Sensex, soared 346.87 points or 0.70% at 50,138.99. The Nifty 50 index jumped 102.20 points or 0.70% at 14,746.90.

The Sensex hit a record high of 50,162.05 and the Nifty hit an all-time high of 14,750.70 during intraday trade.

In the broader market, the S&P BSE Mid-Cap index rose 0.79% while the S&P BSE Small-Cap index gained 0.58%.

The market breadth was positive. On the BSE, 1,469 shares rose and 1,335 shares fell. A total of 159 shares were unchanged.

Coronavirus Update:

Total COVID-19 confirmed cases worldwide stood at 9,68,57,616 with 20,74,629 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.

Reports suggest that PM Narendra Modi and CMs are likely to get vaccinated in the second phase of inoculation drive.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, dropped 4.07% to 20.6725. The Nifty 28 January 2021 futures were trading at 14,746.90, at par with the spot at 14,746.90.

The Nifty option chain for 28 January 2021 expiry showed maximum Call OI of 33 lakh contracts at the 15,000 strike price. Maximum Put OI of 26.90 lakh contracts was seen at 14,000 strike price.

Buzzing Index:

The Nifty FMCG index gained 0.75% to 34,866.30. Britannia Industries (up 1.66%), Varun Beverages (up 1.17%), Dabur India (up 1.09%), Hindustan Unilever (up 1.08%) and Marico (up 0.92%) advanced.

Stocks in Spotlight:

UltraTech Cement gained 1.34% after the company announced that its board will consider a proposal for raising funds at its board meeting scheduled to be held on 23 January 2021.

GMM Pfaudler skid 3.25%. The company reported a 9.8% jump in consolidated net profit to Rs 23.11 crore on 29.4% rise in net sales to Rs 201.81 crore in Q3 December 2020 over Q3 December 2019. Consolidated profit before tax (PBT) soared 18.2% to Rs 31.96 crore in Q3 December 2020 as against Rs 27.05 crore in Q3 December 2019. Current tax expense for the quarter surged 21.1% to Rs 8.71 crore as against Rs 7.19 crore in Q3 December 2019. Consolidated EBITDA grew 38% to Rs 41.9 crore in Q3 December 2020 from Rs 30.4 crore in Q3 December 2019. EBITDA margin improved to 21% in Q3 FY21 from 20% in Q3 FY20.

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