Sensex, Nifty strike 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 526.49 points or 1.02% at 52,070.79. The Nifty 50 index was up 134.10 points or 0.88% at 15,297.40. The Sensex scaled record high above 52,100 level in early trade. The Nifty also hit record high above 15,300 level.

The S&P BSE Mid-Cap index was up 0.52%. The S&P BSE Small-Cap index was up 0.39%.

The market breadth, indicating the overall health of the market, is positive. On the BSE, 1348 shares rose and 906 shares fell. A total of 107 shares were unchanged.

Stocks in news:

Bharti Airtel rose 1.48%. Bharti Airtel informed that the meeting of the board of directors of the company is scheduled on 17 February 2021 to discuss the future strategic plans and reorganization of shareholding framework of subsidiary company(ies) which may result in consolidation/ acquisition of shares of subsidiary company(ies), the consideration of which may be discharged through issuance of equity shares of the company on a preferential basis and/ or cash.

Tata Motors advanced 1.92%. Tata Motors said that Marc Llistosella has been appointed to the role of chief executive officer and managing director of the company effective 1 July 2021. Marc Llistosella will replace Guenter Butschek who informed his desire to relocate to Germany at the end of the contract for personal reasons. Butschek will continue to be a part of Tata Motors as the MD & CEO till 30 June 2021.

ONGC lost 1.13%. On a consolidated basis, ONGC's net profit dropped 31.06% to Rs 3,763.53 crore on 8.38% fall in revenue from operations at Rs 1,00,288.83 crore in Q3 December 2020 over Q3 December 2019.

Glenmark Pharmaceuticals dropped 2.17%. On a consolidated basis, Glenmark Pharmaceuticals' net profit jumped 30.05% to Rs 248.17 crore on 1.87% increase in total revenue from operations at Rs 2,786.76 crore in Q3 December 2020 over Q3 December 2019.

MOIL fell 0.98%. On a consolidated basis, MOIL posted a 7.4% decline in net profit to Rs 51.38 crore in Q3 FY21 as against Rs 55.46 crore in Q3 FY20. Net sales rose by 4.5% to Rs 267.7 crore in Q3 FY21 over Q3 FY20.

Siemens slipped 0.61%. Siemens reported 10.4% rise in standalone net profit to Rs 290 crore on a 15.9% increase in net sales to Rs 2858.20 crore in Q1 December 2020 over Q1 December 2019.

On the macro front, India's retail inflation, which is measured by the Consumer Price Index (CPI), eased to 4.06% in the month of January 2021. The retail inflation during the month of December 2020 was at 4.59%.

Separately, the country's factory output, measured in terms of the Index of Industrial Production (IIP), witnessed a growth of 1% in December 2020, two separate data released by the Ministry of Statistics & Programme Implementation (MoSPI) showed on Friday. The IIP had grown 0.4% in December 2019, the data showed.

Global Markets:

Overseas, Asian stocks are trading higher on Monday, with multiple markets in North Asia closed for Lunar New Year holidays. Markets in China, Hong Kong, Taiwan as well as the U.S. are closed on Monday for holidays.

Government data released Monday showed Japan's economy growing 12.7% on an annualized basis between October and December last year.

In US, all three major stock indexes closed at record highs Friday, as investors eyed the prospect of more financial aid from Washington to boost the economic recovery, while coronavirus cases are falling and vaccine distribution ramps up.

Stocks inched higher helped by optimism about another large fiscal stimulus package from Congress, as the coronavirus vaccination rollout picks up steam, and as quarterly corporate earnings reports impressed analysts.

Back home, domestic equity benchmarks ended near the flat line after a volatile day on Friday. The barometer index, the S&P BSE Sensex, rose 12.78 points or 0.02% to 51,544.30. The Nifty 50 index lost 10 points or 0.07% to 15,163.30.

Foreign portfolio investors (FPIs) sold shares worth Rs 37.33 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 597.62 crore in the Indian equity market on 12 February, provisional data showed.

Powered by Capital Market - Live News