Benchmark indices hit fresh intraday low in afternoon trade. Investors remained cautious ahead of the Union Budget on Monday. At 13:20 IST, the barometer index, the S&P BSE Sensex, tumbled 134.43 points or 0.29% at 46,739.93. The Nifty 50 index lost 36.90 points or 0.27% at 13,780.65.
The broader market traded higher. The S&P BSE Mid-Cap index rose 0.35%. The S&P BSE Small-Cap index gained 0.13%.
The market breadth was positive. On the BSE, 1,563 shares rose and 1,167 shares fell. A total of 141 shares were unchanged. In Nifty 50 index, 17 stocks advanced while 33 stocks declined.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,712.51 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,736.92 crore in the Indian equity market on 28 January 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 10,14,75,947 with 21,91,209 deaths. India reported 1,71,686 active cases of COVID-19 infection and 1,54,010 deaths while 1,03,94,352 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
A total of 28,47,608 beneficiaries have so far been vaccinated for COVID-19 through 52,667 sessions held till the evening of 28 January 2021, the thirteenth day of the immunisation drive, according to a provisional report of the Union Health Ministry.
Economy:
Finance minister Nirmala Sitharaman today (29 January 2021) will table the annual Economic Survey in Parliament for the growth projections for 2021-22. The Survey's gross domestic product (GDP) growth projections for 2021-22 and estimates for the current year (2020-21) will be watched.
Chief economic adviser Krishnamurthy Subramanian is scheduled to hold a press conference at 2.30 pm today to discuss the economic survey. The survey will include details and outcomes of the schemes and policies implemented by the government during the year under review. It may provide hints about what is in store for the economy in the coming days.
Market is awaiting key reforms that could push growth and kickstart the capex cycle in the economy. The Union Budget 2021-22 would be presented on 1 February 2021. The Parliament session starts from today, 29 January 2021, and would be held in two phases. Subject to exigencies of government business, the session is likely to conclude on 8 April 2021.
Gainers & Losers:
Indian Oil Corporation (up 2.92%), BPCL (up 1.56%), ICICI Bank (up 1.47%) and HDFC Bank (up 1.10%) were major gainers in Nifty 50 index.
Dr Reddy's Laboratories (down 4.09%), Maruti Suzuki India (down 3.38%), Tata Steel (down 2.84%), Bharti Airtel (down 2.31%) and Bajaj Auto (down 2.03%) were major losers in Nifty 50 index.
Nifty Results Today:
Cipla (down 1.19%), IndusInd Bank (up 5.10%), Sun Pharmaceutical Industries (down 1.52%), Tata Motors (up 0.28%), Tech Mahindra (down 0.82%) and UPL (down 0.03%) will announce its quarterly result today.
Earning Impact:
Aarti Industries gained 1.67% after the company's consolidated net profit jumped 18.5% to Rs 169.18 crore on 9.5% rise in net sales to Rs 1,186.78 crore in Q3 December 2020 over Q3 December 2019. Profit before tax (PBT) soared 17.1% to Rs 209.44 crore in Q3 December 2020 as against Rs 178.83 crore in Q3 December 2019. Tax expense for the quarter rose 1.4% to Rs 32.22 crore as against Rs 31.77 crore paid in Q3 December 2019.
Lupin fell 2.59%. On a consolidated basis, the drug major reported net profit of Rs 438.25 crore in Q3 FY21 as against a net loss of Rs 835 crore reported in Q3 FY20. Net sales increased by 5.4% to Rs 3,917.30 crore in Q3 FY21 from Rs 3,716.09 crore in Q3 FY20. Profit before tax stood at Rs 524.84 crore in Q3 FY21 compared with pre-tax loss of Rs 106.82 crore in the same period last year.
Total tax expense tumbled 89% to Rs 83.49 crore in Q3 FY21 over Q3 FY20. EBITDA jumped 53% to Rs 799.90 crore in Q3 FY21 from Rs 522.70 crore in Q3 FY20. On the segmental front, revenue from the formulations business was at Rs 3,573.50 crore (up 5.1% Y-o-Y) and revenue from the API business was at Rs 343.80 crore (up 8.4% Y-o-Y) in Q2 FY21.
Shriram Transport Finance Company surged 16.66%. On a consolidated basis, Shriram Transport Finance Company's net profit dropped 17.2% to Rs 727.72 crore on 5.2% rise in total income to Rs 4,443.12 crore in Q3 December 2020 over Q3 December 2019. Profit before tax (PBT) declined 16.6% to Rs 989 crore in Q3 December 2020 as against Rs 1,186.32 crore in Q3 December 2019. Current tax expense for the quarter fell 10.3% to Rs 263.70 crore as against Rs 293.97 crore in Q3 December 2019. On a standalone basis, net profit dropped 17.2% to Rs 727.72 crore on 5.2% rise in total income to Rs 4,443.12 crore in Q3 December 2020 over Q3 December 2019.
Global Markets:
European markets opened lower on Friday as market jitters persist over a retail trading frenzy that has rocked Wall Street. Tensions between vaccine maker AstraZeneca and the European Union continued on Thursday, with the bloc warning drug companies that it would wield all possible legal power to prevent exports unless they committed to supplying inoculations as promised.
Markets in Asia declined across the board on Friday. Japan's industrial output extended declines in December as factories struggled with a hit to demand from expanded COVID-19 lockdown measures globally. Official data released on Friday showed factory output declined 1.6% in December.
U.S. stocks closed higher on Thursday, bouncing from sharp losses in the prior session, thanks to a broad rally as earnings season got off to a strong start.
On the data front, gross domestic product in the U.S. grew at a 4% annualized pace in the fourth quarter. The annualized pace closed out a 2020 that saw GDP overall decline 3.5% for the full year and by 2.5% from the fourth quarter of 2019.
The number of Americans applying for unemployment benefits fell but remained at a historically high 847,000 last week, a sign that layoffs keep coming as the coronavirus pandemic continues to rage. Last week's claims fell by 67,000, from 914,000 the week before, the Labor Department said Thursday.
On the coronavirus front, biotech firm Novavax said that its vaccine was more than 89% effective in protecting against COVID-19. A study found that the vaccine appeared to be 85.6% effective against the U.K. variant. A separate phase two study in South Africa, however, showed the vaccine isn't nearly as effective against a new strain ravaging that country.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
