Sensex regains 49,000

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 268.11 points or 0.55% at 49,146.65. The Nifty 50 index was up 79.75 points or 0.55% at 14,451.65. The Sensex regained psychological 49,000 mark in early trade.

The S&P BSE Mid-Cap index was up 0.23%. The S&P BSE Small-Cap index was up 0.2%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1225 shares rose and 715 shares fell. A total of 91 shares were unchanged.

Stocks in news:

Reliance Industries (RIL) dropped 2.36%. On a consolidated basis, RIL on Friday reported 12.5% rise in net profit to Rs 13,101 crore on 23.12% decline in net sales to Rs 117,860 crore in Q3 December 2020 (Q3 FY21) over Q3 December 2019 (Q3 FY20). The net revenue increased 5.95% sequentially primarily due to higher price realizations and higher volumes in O2C segment, higher ARPU and FTTH expansion in digital services business. The result was announced after trading hours on Friday (22 January 2021).

Tata Motors fell 0.57%. Tata Motors has announced that it will hike prices of its passenger vehicle range, effective 22 January 2021. Rising input costs and material costs of steel, precious metals and semiconductors have compelled the company to pass on a part of the cost to customers. Tata Motors has marginally increased prices from 0 to Rs 26,000, depending on the variant.

UltraTech Cement jumped 4.09%. UltraTech Cement reported 141.04% jump in consolidated net profit to Rs 1,550.28 crore on a 19.21% rise in total income to Rs 12,092.25 crore in Q3 December 2020 over Q3 December 2019.

Grasim Industries surged 4.87%. Grasim Industries said its board of directors has approved a foray into the paints business. The company's board has approved an investment of up to Rs 5,000 crore over the next 3 years, primarily towards capital expenditure.

Zydus Cadila shed 0.1%. The company has received final approval from the USFDA to market Liothyronine Sodium Tablets USP, 5 mcg, 25 mcg, and 50 mcg.

Tata Power rose 1.51%. Tata Power said its wholly-owned subsidiary Tata Power Solar Systems (Tata Power Solar) has received a Letter of Award (LoA) to build 320MW of ground mounted Solar PV project for NTPC. The order value of the project is approx Rs 1200 crore ($162 Million). The commercial operation date for this project is set for May 2022.

Yes Bank rose 0.29%. Yes Bank reported net profit of Rs 150.71 crore in Q3 December 2020 as compared to net loss of Rs 18,560.31 crore in Q3 December 2019. Total income rose 3.99% to Rs 6,518.37 crore in Q3 December 2020 over Q3 December 2019.

Global Markets:

Overseas, Asian stocks were mixed in Monday trade as investors continue to monitor the situation surrounding the coronavirus pandemic.

Amid the pandemic, China surpassed the U.S. as the world's largest recipient of foreign direct investment, according to a report released Sunday from the United Nations Conference on Trade and Development. China brought in $163 billion in inflows last year, compared to $134 billion attracted by the U.S., according to the report.

Developments around Covid-19 are likely to be watched by investors, as the world races to adapt against the mutating coronavirus which has produced a number of potentially more infectious variants.

In US, stocks finished mixed on Friday the S&P 500 and Dow finished in the red while the Nasdaq Composite closed at a record high. The Dow and S&P 500 ended modestly lower on Friday, dragged down by losses in blue-chip technology stalwarts Intel and IBM following their quarterly results.

Back home, domestic shares slumped on Friday, led by steep selling in banks stocks. Global stocks corrected as investors locked profits after a recent rally that was driven by hopes of a massive US economic stimulus plan by incoming President Joe Biden. The S&P BSE Sensex, tumbled 746.22 points or 1.5% at 48,878.54. The Nifty 50 index dropped 218.45 points or 1.5% at 14,371.90.

Foreign portfolio investors (FPIs) sold shares worth Rs 635.69 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,290.35 crore in the Indian equity market on 22 January, provisional data showed.

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