At 13:27 IST, the S&P BSE Sensex, was up 328.74 points or 0.80% at 41,308.36. The Nifty 50 index was up 106.75 points or 0.89% at 12,138.25.
In the broader market, the S&P BSE Mid-Cap index was up 0.39% while the S&P BSE Small-Cap index was up 0.08%.
The market breadth was even. On the BSE, 1143 shares rose and 1175 shares fell. A total of 169 shares were unchanged.
Delhi Election 2020:
Ongoing trend suggested a clean sweep for Arvind Kejriwal-led Aam Aadmi Party (AAP) in Delhi. Counting of votes for the Delhi Assembly Election is underway, with the incumbent AAP leading in 57 and BJP in 13.
This would be a hat-trick win for AAP party, which managed to win 67 seats in the 2015 polls. Meanwhile, this will be the third straight electoral setback for the BJP, which earlier failed to form state governments in Jharkhand and Maharashtra last year.
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Stocks in Spotlight:
Coal India (down 0.36%) will announce its third quarter earnings today.
GAIL (India) (up 6.03%), JSW Steel (up 4.89%), Bharti Infratel (up 3.52%), NTPC (up 3.13%) and Tata Motors (up 2.87%) advanced.
Yes Bank (down 1.46%), Nestle India (down 0.77%), Britannia Industries (down 0.59%), TCS (down 0.34%) and Sun Pharmaceutical Industries (down 0.26%) declined.
Shares of Infosys were trading 0.02% higher at Rs 773.40. The IT major on Monday announced a definitive agreement to acquire Simplus, one of the fastest growing Salesforce Platinum Partners in the USA and Australia. The acquisition is expected to close during the fourth quarter of fiscal 2020, subject to customary closing conditions, Infosys said in a statement after market hours yesterday, 10 February 2020. According to a regulatory filing, the cost of acquisition is $200 million including contingent consideration to be paid for the acquisition of shares subject to closing adjustments. In addition, there are employee incentives and retention payments amounting up to $50 million on meeting certain performance conditions over three years, it added.
Cipla rose 1.20%. The drug major said its wholly-owned subsidiary, Cipla Medpro South Africa, has concluded an exclusive agreement securing originator and authorized generic brands of an atypical anti-psychotic drug, Quetiapine. The agreement involves AstraZeneca Pharmaceuticals, the originator of the medicine, and Luye Pharma Hong Kong, which acquired the assets and rights to the medicine in select territories. The transaction allows Cipla Medpro to market and distribute the Medicine in South Africa and neighboring countries, Cipla said in a statement after market hours on Monday (10 February).
Mahindra & Mahindra (M&M) rose 0.88% to Rs 532.70 after the Competition Commission of India (CCI) approved the formation of joint venture (JV) between M&M and Ford Motor.
Global Markets:
European stocks opened higher while most Asian markets were trading higher on Tuesday as investors continued to weigh the economic impact of the ongoing coronavirus outbreak which has already taken more than 1,000 lives.
Investors watched for developments on the ongoing coronavirus outbreak in China, where uncertainty remains over when work can resume at factories in China.
The new strain of coronavirus, which originated in the Chinese city of Wuhan, has infected 42,638 people and killed 1,016 across mainland China, the country's health authority said on Tuesday.
In US, the Nasdaq Composite and S&P 500 clinched closing records on Monday as investors took heart in mostly solid US fourth-quarter corporate earnings and looked beyond concerns about the coronavirus outbreak's potential disruption to global supply chains.
Expectations for the Federal Reserve to prop up the economy with easy financial conditions if the coronavirus spills over into the US, also helped to support stocks.
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