At 11:30 IST, the barometer index, the S&P BSE Sensex, was down 40.93 points or 0.08% at 50,214.66. The Nifty 50 index was up 9.3 points or 0.06% at 14,799.95.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index was up 1.31% while the S&P BSE Small-Cap index gained 1.37%.
The market breadth was strong. On the BSE, 1745 shares rose and 921 shares fell. A total of 125 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 104,366,626 with 22,67,910 deaths. India reported 155,025 active cases of COVID-19 infection and 154,703 deaths while 104,80,455 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
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The Nifty Auto gained 1.61% to 10,922.15, extending its winning run to fourth consecutive trading session. The auto index added 11.3% in four trading session.
Finance minister Nirmala Sitharaman announced in her Union Budget 2021 speech that the government intends to go ahead with a 'Vehicle Scrappage Policy'. The new vehicle scrappage policy and its details will be shared with the public within the next 15 days. The policy will allow owners to scrap their 20-year old vehicles and avail incentives on the purchase of new personal vehicles. For commercial vehicles, the scrappage policy will be applicable for 15-year old commercial vehicles without a fitness certificate.
Mahindra & Mahindra (up 4.48%), Escorts (up 3.55%), Maruti Suzuki (up 1.47%), Tata Motors (up 0.53%), Ashok Leyland (up 2.38%), TVS Motor Company (up 1.05%) and Bajaj Auto (up 0.41%) were top gainers.
Hero MotoCorp (up 1.36%) will announce its quarterly results today.
Earnings Impact:
Astral Poly Technik fell 0.56%. The company's consolidated net profit jumped 82.5% to Rs 123.90 crore on 35.1% increase in net sales to Rs 897.50 crore in Q3 December 2020 over Q3 December 2019. Consolidated profit before tax (PBT) soared 89.2% to Rs 165.20 crore in Q3 December 2020 as against Rs 87.30 crore in Q3 December 2019. Consolidated EBITDA grew 64.36% to Rs 196.90 crore in Q3 December 2020 over Rs 119.80 crore in Q3 December 2019. Consolidated EBITDA margin improved to 21.94% in Q3 FY21 as against 18.04% in Q3 FY20. Consolidated profit margin was at 13.81% in Q3 FY21 as compared to 10.22% in Q3 FY20.
Prince Pipes and Fittings surged 13.46% after the company's net profit surged 175% to Rs 66.79 crore in Q3 FY21 from Rs 24.28 crore in Q3 FY20. Net sales during the quarter increased by 38.7% year-on-year (YoY) to Rs 549.01 crore. Sales volume increased by 18% at 36,711 MT in Q3 FY21 compared to 31,122 MT in Q3 FY20. EBITDA was at Rs 103 crore in the third quarter as compared to Rs 53 crore, registering a YoY growth of 93%. EBITDA margins was at 18.8% as on 31 December 2020 as against 13.5% as on 31 December 2019.
Global Markets:
Asian stocks were trading lower on Thursday. In US, the Dow and S&P 500 rose slightly on Wednesday, registering a third straight session of gains, with Alphabet Inc's shares hitting a record high following its strong quarterly results.
The House passed a budget resolution Wednesday, a key step as Democrats push toward a vote on a $1.9 trillion coronavirus relief package. Approval of the measure allows Congress to move forward with reconciliation, through which Democrats can pass an aid bill without Republican support. The Senate is expected to approve a resolution later this week.
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