Key equity barometers hit fresh record high levels in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, surged 504.46 points or 0.98% at 52,048.76. The Nifty 50 index soared 128.60 points or 0.85% at 15,291.90.
The BSE Sensex hit a new record high of 52,177.50 while the Nifty index touched 15,326.60 in afternoon trade.
In the broader market, the S&P BSE Mid-Cap index rose 1.49% while the S&P BSE Small-Cap index gained 0.53%.
The market breadth was almost even. On the BSE, 1,464 shares rose and 1,460 shares fell. A total of 159 shares were unchanged. In Nifty 50 index, 31 stocks advanced while 19 stocks declined.
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 2021, provisional data showed.
COVID-19 Update:
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Total COVID-19 confirmed cases worldwide stood at 10,88,12,222 with 23,99,793 deaths. India reported 1,39,637 active cases of COVID-19 infection and 1,55,732 deaths while 1,06,21,220 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
The rate of inflation, based on monthly wholesale Price Index (WPI), stood at (2.03%) (provisional) for the month of January 2021 (over January 2020) as compared to 3.52% during the corresponding month of the previous year. All commodities index stood at 2.03% in January 2021 as against 1.22% in December 2020 and 2.29% in November 2020. Food index was at (0.26%) in January 2021 from 0.92% in December 2020 and 4.79% in November 2020.
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.
Gainers & Losers:
Axis Bank (up 3.43%), Adani Ports & Special Economic Zones (APSEZ) (up 3.37%), Bajaj Finance (up 3.32%), ICICI Bank (up 3.17%) and IndusInd Bank (up 2.57%) were major gainers in Nifty 50 index.
SBI Life Insurance Company (down 1.81%), HDFC Life Insurance Company (down 1.73%), Dr Reddy's Laboratories (down 1.44%), Grasim Industries (down 1.33%) and TCS (down 1.06%) were major losers in Nifty 50 index.
Earnings Impact:
Edelweiss Financial Services slumped 4.29% after the company reported a consolidated net loss of Rs 69.72 crore in Q3 FY21 compared with net profit of Rs 16.71 crore in Q3 FY20. Total income during the quarter declined by 17.3% year-on-year (Y-o-Y) to Rs 2,191.34 crore. The NBFC's operation profit dropped by 91.9% to Rs 26.18 crore in the third quarter from Rs 321.46 crore in the same period last year.
Provisions and write-offs declined 51.9% to Rs 105.96 crore in Q3 December 2020 from Rs 220.48 crore in Q3 December 2019. The company recorded a pre-tax loss of Rs 135.17 crore in Q3 FY21 as against a pre-tax profit of Rs 51.50 crore in Q3 FY20. It wrote back current taxes aggregating to Rs 45.85 crore in the December 2020 quarter.
Vodafone Idea declined 2.47% after the company reported a consolidated net loss of Rs 4,532.10 crore in Q3 FY21 compared with net loss of Rs 6,438.80 crore in Q3 FY20. Net sales during the quarter fell by 1.7% year-on-year (Y-o-Y) to Rs 10,891.60 crore. The company recorded a net gain of Rs 1,696.5 crore during the quarter on sale of stake in Indus Towers. The company recorded a pre-tax loss of Rs 4,532.40 crore in Q3 December 2020 compared with pre-tax loss of Rs 6,421.40 crore in Q3 December 2019. It incurred a current tax expense of Rs 0.20 crore during the quarter.
On a sequential basis, the company's net loss has narrowed down significantly in Q3 FY21 from Rs 7,218.20 crore in Q2 FY21. Revenue for the quarter improved by 1% from Rs 10,788.20 crore in the second quarter, supported by higher 4G additions. EBITDA rose by 3.2% to Rs 4,286.2 crore in Q3 December 2020 from Rs 4,152.4 crore in Q2 September 2020. EBITDA margins was at 39.3% in Q3 FY21 as against 38.5% in Q2FY21. The teleco said that EBITDA was positively impacted due to the amortisation of subscriber acquisition cost over the average expected customer life. Additionally, EBITDA improvement was driven by higher revenue as well as incremental opex savings from our cost optimization initiatives.
Force Motors skid 3.20% after the commercial vehicle maker reported a consolidated net loss of Rs 18.98 crore in Q3 FY21 as against net profit of Rs 13.80 crore in Q3 FY20. Net sales tumbled 43.5% to Rs 491.18 crore in Q3 FY21 from Rs 869.11 crore in Q3 FY20. Force Motors said the impact of COVID-19 pandemic continued to be seen in current quarter and is expected to affect the operations of the company in forthcoming quarters.
Global Markets:
European markets opened higher on Monday, with successful vaccine rollouts fueling hopes of a global economic recovery. The U.K. has now issued a first COVID-19 vaccine dose to more than 15 million people across all four of its top priority categories, in what Prime Minister Boris Johnson described over the weekend as an extraordinary feat.
Asian stocks were 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.
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