Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:28 IST, the barometer index, the S&P BSE Sensex, was up 345.75 points or 0.68% at 50,960.04. The Nifty 50 index was up 95.20 points or 0.64% at 14,990.85. The Sensex scaled record high above 51,000 level in early trade. The Nifty also hit record high above 15,000 level.
The S&P BSE Mid-Cap index was up 0.42%. The S&P BSE Small-Cap index was up 0.55%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1382 shares rose and 670 shares fell. A total of 101 shares were unchanged.
RBI policy:
The Monetary Policy Committee (MPC), headed by RBI Governor, will announce its interest rate decision today, 5 February 2021.
Stocks in news:
Hero MotoCorp rose 0.85%. The company's consolidated net profit rose 13.01% to Rs 1,019.18 crore on 37.73% rise in total income to Rs 10,032.61 crore in Q3 December 2020 over Q3 December 2019.
Vedanta gained 0.74%. The company said its sub-committee of board of directors of the company approved the expansion of Lanjigarh Alumina Refinery from existing capacity of 2 MTPA to 5 MTPA at a cost of Rs 3,779 crore approx. Completion of this project will place Lanjigarh Alumina Refinery as one of the world's largest single-location alumina refinery complex.
Biocon fell 1.01%. The company's subsidiary Biocon Biologics has signed an agreement with the Clinton Health Access Initiative (CHAI) to expand access to lifesaving cancer biosimilars in over 30 countries in Africa and Asia as a part of the Cancer Access Partnership (CAP). The partnership is a significant step in delivering advanced cancer therapies to patients who need them the most and ensuring equitable access to high-quality biosimilars in low- and middle-income countries (LMICs).
Bharat Electronics fell 0.07%. The company entered into an Offset Contract under invest in kind with Joint Stock Company Rosoboronexport, Russia, for setting up industrial facilities for the manufacture of a wide range of aviation hoses at BEL Optronic Devices Limited, Pune, a subsidiary of BEL.
Tata Power Company lost 3.51%. The company's consolidated net profit rose 28.39% to Rs 248.21 crore on 8.77% rise in total income to Rs 8,082.55 crore in Q3 December 2020 over Q3 December 2019.
Godrej Agrovet shed 0.63%. The company's consolidated net profit rose 19.38% to Rs 61.60 crore on 13.84% fall in total income to Rs 1,549.12 crore in Q3 December 2020 over Q3 December 2019.
Global Markets:
Overseas, Asian stocks rose on Friday after overnight gains stateside that saw the S&P 500 and Nasdaq posting record closing highs.
U.S. stocks jumped on Thursday, extending the rally into a fourth straight day as investors assessed a new batch of corporate earnings and solid economic data. The S&P 500 and Nasdaq posted record closing highs.
On the stimulus front, Democrats are moving forward with President Joe Biden's $1.9 trillion Covid-19 relief proposal. Republicans have countered with a more modest $618 billion package, which includes new stimulus checks of $1,000 per person.
Domestic markets:
Back home, the benchmark indices surged to record high levels on Thursday, as euphoria surrounding the Union Budget continued for fourth trading session. The S&P BSE Sensex, added 358.54 points or 0.71% at 50,614.29. The Nifty 50 index surged 105.70 points or 0.71% at 14,895.65.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,936.74 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 768.55 crore in the Indian equity market on 4 February, provisional data showed.
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