Sensex, Nifty trade in narrow range

The market continued trading in a narrow range near the day's high in mid-afternoon trade. At 14:26 IST, the S&P BSE Sensex, surged 339.67 points or 0.83% at 41,234.05. The Nifty 50 index was up 107.70 points or 0.90% at 12,100.20.

Buying was supported by positive global shares. Sentiment also improved after the finance minister said the government would unveil measures to limit the impact of the coronavirus outbreak.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 1.08% while the S&P BSE Small-Cap index surged 1.43%.

The market breadth was strong. On the BSE, 1450 shares rose and 965 shares fell. A total of 171 shares were unchanged. In Nifty 50 index, 36 stocks advanced while 12 stocks declined. 2 stocks remained unchanged.

Stocks in Spotlight:

Man Industries (India) surged 5.20% to Rs 57.65. The company has received new export order of approximately Rs 300 crore from MENA Region. With this the total unexecuted order book of the company stands at approximately Rs 1,600 crore.

Mishra Dhatu Nigam (MIDHANI) slipped 0.46% to Rs 218.10. Since the announcement of its Q3 earnings, the stock has risen 32.54% in the past four sessions from its recent closing low of Rs 165.30 on 12 February 2020.

MIDHANI reported 257.8% jump in consolidated net profit to Rs 60.50 crore in Q3 December 2019 as against Rs 16.91 crore in Q3 December 2018. Net sales in the December quarter stood at Rs 206.02 crore, up by 36% from Rs 151.48 crore reported in the same period last year. Profit before tax (PBT) during the Q3FY 20 stood at Rs 58.45 crore, up by 155.4% from Rs 22.89 crore recorded in the corresponding period of the previous year. The order book position of the company as on 1 January 2020 stood at Rs 1776 crore.

Trigyn Technologies added 2.68% to Rs 45.90. Ontario Education Collaborative Marketplace (OECM) awarded a deal to Trigyn Technologies to provide IT technical resource augmentation services in the East and West of Ontario, Canada. The services will be provided to OECM customers, which include Ontario's publicly funded education institutions, and broader public sector organizations, including municipalities, hospitals, community care access centers, developmental services organizations, crown corporations, as well as not-for-profit organizations. The award is for a period of three years, with an option to extend for an additional two years, bringing the potential term to five years.

Numbers to Track:

In the commodities market, Brent crude for April 2020 settlement was up 37 cents at $58.12 a barrel. The contract rose 43 cents or 0.75% to settle at $57.75 a barrel on Tuesday's trading session.

MCX Gold futures for 5 February 2019 settlement rose 0.23% to Rs 41,515.

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