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Market sharply pares gains; Asian shares advance

Capital Market 

The key equity indices sharply pared gains in mid-morning trade. At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 28.06 points or 0.06% to 49,489.05. The Nifty 50 index added 13.90 points or 0.10% to 14,577.35.

Investors monitored the developments on the US political front as the US House of Representatives is expected to vote on an impeachment motion against President Trump today.

In the broader market, the S&P BSE Mid-Cap index shed 0.10% while the S&P BSE Small-Cap index rose 0.12%.

The market breadth was almost even. On the BSE, 1398 shares rose and 1379 shares fell. A total of 159 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 571.47 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,334.50 crore in the Indian equity market on 12 January, provisional data showed.

COVID-19 update:

Total COVID-19 confirmed cases worldwide stood at 91,577,327 with 1,962,017 deaths. India reported 214,507 active cases of COVID-19 infection and 151,529 deaths, according to the data from the Ministry of Health and Family Welfare, Government of India.

Buzzing Index:

The Nifty FMCG index rose 0.69% to 34,726.35. The index lost 0.56% in the previous session.

ITC (up 2.06%), United Breweries (up 1.29%), Godrej Consumer (up 1.04%), Nestle India (up 0.67%), United Spirits (up 0.64%) and Hindustan Unilever (up 0.52%) advanced.

Jubilant Foodworks (down 1.22%), Varun Beverages (down 0.66%) and Britannia Industries (down 0.33%) declined.

Stocks in Spotlight:

Adani Green Energy tumbled 1.85% to Rs 908.08. The counter clocked a volume of 193.23 lakh shares, a 247.73 fold spurt over two-week average daily volume of 0.78 lakh shares.

Larsen & Toubro (L&T) rose 0.39% to Rs 1355 after the company said its construction arm secured 'significant' orders for its various businesses. As per L&T's classification, the valuation of the 'significant' contract lies between Rs 1000 crore to Rs 2500 crore.

Bharti Airtel added 3.79% to Rs 587.20. The telecom operator said that it has received approvals for its relevant downstream investments and it is initiating process to revise its foreign investment limit to 100% with an immediate effect.

Global Markets:

Asian stocks were trading higher on Wednesday morning trade as investors watch for developments on the coronavirus front.

The Japanese government is set to expand the state of emergency to more areas on Wednesday, as per reports. That comes after Japanese Prime Minister Yoshihide Suga recently declared a state of emergency in Tokyo and three other areas in a bid to stem a rise in coronavirus infections.

Meanwhile, local Chinese authorities in regions near Beijing are reportedly stepping up restrictions on social activity following a rise in new coronavirus cases.

In US, stocks closed along the flatline on Tuesday as traders weighed higher rates, possible stimulus and political turmoil.

Investors will watch for developments from Washington, with the U.S. House set to push ahead with efforts to remove President Donald Trump from office over his role in sparking last week's deadly attack on the Capitol. U.S.

As per reports, Vice President Mike Pence told House Speaker Nancy Pelosi on Tuesday that he does not support invoking the 25th Amendment against President Donald Trump.

Pence's letter came as the House is preparing to vote on a resolution calling on Pence to "convene and mobilize" Trump's cabinet to remove the president from power, using the powers granted by the amendment, the reports added.

House Democrats reportedly are moving forward with efforts to remove Trump from office following last week's riot at the U.S. Capitol, which they charge he incited. An impeachment vote is reportedly expected on Wednesday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Wed, January 13 2021. 11:28 IST