Sensex Nifty scale record high

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 586.86 points or 1.16% at 51,318.49. The Nifty 50 index was up 174.45 points or 1.17% at 15,098.70. The Sensex scaled record high above 51,300 level in early trade. The Nifty also hit record high above 15,100 level.

The S&P BSE Mid-Cap index was up 1.27%. The S&P BSE Small-Cap index was up 1.05%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1473 shares rose and 571 shares fell. A total of 101 shares were unchanged.

Stocks in news:

Britannia Industries fell 1.2%. The company reported 22.31% rise in consolidated net profit to Rs 455.75 crore on 6.56% increase in total income to Rs 3,248.19 crore in Q3 December 2020 over Q3 December 2019.

Maruti Suzuki India rose 0.95%%. The company's total production declined by 10.12% to 160,975 units in January 2021 from 179,103 units produced in January 2020.

Adani Enterprises jumped 5.03%. Adani Enterprises said its wholly owned subsidiary Adani Airport Holdings (AAHL) has acquired 23.5% equity stake i.e. 28.20 crore shares of Mumbai International Airport (MIAL) from ACSA Global (ACSA) and Bid Services Division (Mauritius) (Bidvest) for Rs 1685.25 crore.

Jindal Saw fell 2.45% after the company reported 26.56% fall in consolidated net profit to Rs 65.77 crore on 3.26% fall in total income to Rs 2,912.62 crore in Q3 December 2020 over Q3 December 2019.

Punjab National Bank rose 0.62%. The bank reported net profit of Rs 506.03 crore in Q3 December 2020 as compared to net profit of Rs 492.28 crore in Q3 December 2019. Total income rose 45.91% to Rs 23,298.53 crore in Q3 December 2020 over Q3 December 2019.

Mrs Bectors Food Specialities rose 1.46% after the company reported 85.38% jump in consolidated net profit to Rs 20.67 crore on 11.29% increase in total income to Rs 226.97 crore in Q3 December 2020 over Q3 December 2019.

Global Markets:

Overseas, Asian stocks are trading mixed on Monday, as investors are expected to monitor shares of China's tech giants following the release of new anti-monopoly guidelines over the weekend.

Investors will be watching Hong Kong listed shares of Chinese tech giants Alibaba, Tencent and JD.com on Monday. That comes after China's State Administration for Market Regulation released a new set of rules that are set to put pressure on leading internet services in the country such as Alibaba's Taobao or Tencent's WeChat Pay.

In US, the Nasdaq and S&P 500 hit all-time highs on Friday on stronger-than-expected corporate results in the fourth quarter.

The Senate and House each passed a budget resolution on Friday, starting the reconciliation process that would allow President Joe Biden's $1.9 trillion rescue package to get through the Democratic-held Senate with a simple majority. The package includes $1,400 stimulus checks, supplemental jobless benefits and Covid-19 vaccine and testing funds.

Meanwhile, U.S. President Joe Biden said his administration was prepared for extreme competition with China, though his approach would be different than his predecessor. Biden also said during the interview that he had not spoken to Chinese President Xi Jinping yet since he was sworn in last month.

On the coronavirus front, more contagious variants continue to spread throughout the U.S. On Friday Virginia health officials reported the state's first case of the strain first identified in South Africa. On Sunday South Africa halted distribution of AstraZeneca's vaccine given its minimal efficacy against the strain first identified in the country.

Back home, benchmark indices advanced for fifth trading session on Friday, following Reserve Bank of India (RBI)'s decision to keep repo rates unchanged. Global shares were positive on progress in vaccine distribution and expectations of a large stimulus by US President Joe Biden's administration. The Sensex added 117.34 points or 0.23% to 50,731.63. The Nifty 50 gained 28.60 points or 0.19% to 14,924.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,461.71 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,418.65 crore in the Indian equity market on 5 February, provisional data showed.

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