Sensex, Nifty scale record high

Key benchmark indices are trading on a strong note in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up points 389.41 or 0.8% at 49,171.92. The Nifty 50 index was up 101 points or 0.7% at 14,448.25. The Sensex scaled record high above 49,000 mark in early trade. The Nifty also hit record high above 14,450 level.

The S&P BSE Mid-Cap index was up 0.25%. The S&P BSE Small-Cap index was up 0.57%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1532 shares rose and 704 shares fell. A total of 109 shares were unchanged.

Stocks in news:

TCS gained 1.92%. TCS reported 16.4% rise in consolidated net profit to Rs 8,701 crore on a 4.7% increase in revenue to Rs 42,015 crore in Q3 December 2020 (Q3 FY21) over Q2 September 2020 (Q2 FY20). The September quarter net profit had a post-tax one-time impact of Rs 958 crore due to provision for ongoing litigation with EPIC.

Tata Steel dropped 2.18%. Tata Steel said Indian operations crude steel production in 3QFY21 remained strong at 4.60 mn tons, registering a 3% YoY growth. Tata Steel saw strong sales momentum in 3QFY21, however, sales volumes were constrained by lower opening inventory post very strong sales in 2QFY21.

Vedanta fell 1.24% to Rs 179.80. Vedanta said its promoters has made voluntary open offer for the acquisition of up to 371,750,500 equity shares representing 10% of the fully diluted voting share capital of the company from the public shareholders. The offer is made at a price of Rs 160 per equity share.

Avenue Supermarts advanced 2.75%. Avenue Supermarts' consolidated total revenue for the quarter ended 31 December 2020 stood at Rs 7,542 crore, as compared to Rs. 6,809 crore in the same period last year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q3FY21 stood at Rs.689 crore, as compared to Rs. 597 crore in the corresponding quarter of last year. Net Profit stood at Rs. 447 crore for Q3FY21, as compared to Rs. 384 crore in the corresponding quarter of last year.

Narayana Hrudayalaya rose 0.91%. Narayana Hrudayalaya said the company has discontinued its operations of the Heart Centre which was operated in the premises of IQ City Hospital in Durgapur, West Bengal under an Agreement with IQ City Foundation (formerly known as SPS Synergy Foundation).

KEC International gained 3.09%. KEC International has secured new orders of Rs 1,024 crore across its various businesses.

Global Markets:

Overseas, Asian stocks are trading mixed on Monday, with South Korean stocks surging again on the back of big gains last week. Shares in South Korea's auto sector surged again on Monday following reports that Hyundai Motor and Apple are set to sign a partnership deal on autonomous electric cars. Markets in Japan are closed on Monday for a holiday.

In US, Wall Street scaled new highs on Friday as hopes of more stimulus from Washington were bolstered after U.S. President-elect Joe Biden said his economic package will be in the trillions of dollars.

In economic data, the US economy shed jobs for the first time in eight months in December. Nonfarm payrolls decreased by 140,000 jobs last month, the Labor Department said on Friday. Data for November was revised up to show 336,000 jobs added instead of 245,000 as previously reported.

Back home, the equity market ended with robust gains on Friday, mirroring strong global cues. The S&P BSE Sensex, jumped 689.19 points or 1.43% at 48,782.51. The Nifty 50 index rallied 209.9 points or 1.48% at 14,347.55.

Foreign portfolio investors (FPIs) bought shares worth Rs 6,029.83 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,372.54 crore in the Indian equity market on 8 January, provisional data showed.

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