Volatility ruled the roost in early trade as the key benchmark indices regained positive zone soon after sinking in negative zone. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 91.94 points or 0.18% at 49,889.66. The Nifty 50 index was up 37.90 points or 0.26% at 14,685.75. The Sensex scaled record high above 50,200 level in early trade. The Nifty also hit record high a tad above 14,750 level.
The S&P BSE Mid-Cap index was up 0.94%. The S&P BSE Small-Cap index was up 0.75%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1303 shares rose and 604 shares fell. A total of 86 shares were unchanged.
Stocks in news:
Tata Consumer Products rose 0.01%. The company's consolidated net profit rose 29% to Rs 237 crore on 23% rise in revenue from operations to Rs 3070 crore in Q3 December 2020 over Q3 December 2019.
Ajanta Pharma jumped 6.58%. Ajanta Pharma's consolidated net profit jumped 64.23% to Rs 176.63 crore on 13.27% rise in total income to Rs 754.22 crore in Q3 December 2020 over Q3 December 2019.
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Adani Enterprises rose 0.7%. Adani Enterprises informed that the company has incorporated a wholly owned subsidiary namely, Azhiyur Vengalam Road, on 1st February 2021 to carry out the development, maintenance and management of the project in Kerala.
Ratnamani Metals & Tubes drop 3.47%. The company's consolidated net profit dropped 40.46% to Rs 60.15 crore on 41.07% fall in total income to Rs 454.37 crore in Q3 December 2020 over Q3 December 2019.
PNC Infratech rose 2.16%. PNC Infratech said its wholly owned subsidiary PNC Unnao Highways received financial closure for one of highway projects in Uttar Pradesh on hybrid annuity mode.
On the macro front, India's exports grew 5.37% YoY to $27.24 billion in January 2021, according to provisional data of the commerce ministry. Imports in January 2021 rose 2% to $42 billion. The trade deficit during the month narrowed to $14.75 billion from $15.3 billion in January 2020.
Global Markets:
Overseas, Asian stocks are trading higher on Wednesday following an overnight surge on Wall Street.
Japan's services sector shrank at the fastest pace in five months in January. The final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) dropped to a seasonally adjusted 46.1 from the prior month's 47.7, marking the lowest reading since August.
US stocks finished sharply higher for a second straight day on Tuesday, helped by gains in Amazon.com and Google-parent Alphabet ahead of their results and by optimism over progress on a US pandemic relief package.
Meanwhile, investors will be following stimulus negotiations in Washington, after congressional Republicans made a counteroffer to President Joe Biden's $1.9 trillion stimulus plan on Sunday.
Biden met with those lawmakers on Monday as congressional Democrats moved toward passing a reconciliation bill without bipartisan support. White House Press Secretary Jen Psaki described the meeting as substantive and productive.
Back home, benchmark indices rallied for the second day on Tuesday, as investors cheered the Union Budget announcements. Positive global cues also lifted the sentiment. The barometer index, the S&P BSE Sensex, soared 1,197.11 points or 2.46% at 49,797.72. The Nifty 50 index surged 366.65 points or 2.57% at 14,647.85.
Foreign portfolio investors (FPIs) bought shares worth Rs 6,181.56 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,035.20 crore in the Indian equity market on 2 February, provisional data showed.
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