Key barometers were trading with small gains in early afternoon trade. At 12:20 IST, the barometer index, the S&P BSE Sensex, rose 54.57 points or 0.11% at 48,231.37. The Nifty 50 index gained 7.55 points or 0.05% at 14,140.45.
The S&P BSE Sensex hit a record high at 48,274.84 and the Nifty hit a record high of 14,151.85 in mid-morning trade.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.56% while the S&P BSE Small-Cap index gained 0.55%.
The market breadth was positive. On the BSE, 1,610 shares rose and 1,218 shares fell. A total of 173 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.57% to 20.3450. The Nifty January 2021 futures were trading at 14,152.20, at a premium of 23.60 point compared with the spot at 14,128.60.
The Nifty option chain for 28 January 2021 expiry showed maximum Call OI of 20.94 lakh contracts at the 14,000 strike price. Maximum Put OI of 24.51 lakh contracts was seen at 13,000 strike price.
Economy:
The Ministry of Finance has released the 10th weekly installment of Rs 6,000 crore to the states to meet the GST compensation shortfall. Now, more than 50% of the estimated GST compensation shortfall has been released to the States and UTs with the Legislative Assembly. The government had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of implementation of GST. The borrowings are being done through this window by the Central Government on behalf of the States and UTs. The amount released this week was the 10th installment of such funds provided to the States. The amount has been borrowed this week at an interest rate of 4.1526%. So far, an amount of Rs 60,000 crore has been borrowed by the central government.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 8,56,72,034 with 18,53,334 deaths. India reported 2,31,036 active cases of COVID-19 infection and 1,49,850 deaths while 99,75,958 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
A total of 38 people have tested positive for the new UK variant of SARS-CoV-2 in India so far, the Union Health Ministry said on Monday. These include the 29 cases which were announced till Friday.
The new variant of coronavirus disease - B.1.1.7 - has been dubbed as highly infectious by scientists and medical experts as the UK government has confirmed that the infection rates have increased faster than expected in the affected areas.
Buzzing Index:
The Nifty Auto index fell 0.55% to 9,366.35 on profit selling. The index rose 4.14% in the past four sessions.
Tata Motors (down 1.88%), Mahindra & Mahindra (down 1.25%), Exide Industries (down 1.17%), Bajaj Auto (down 0.81%) and Maruti Suzuki India (down 0.67%) declined.
Stocks in Spotlight:
Sun Pharmaceutical Industries rose 0.28%. The drug major announced that it has initiated Phase 2 clinical trial for SCD-044 in patients with moderate to severe plaque psoriasis. The Phase 2 study is a randomized, double-blind, placebo-controlled study to assess the efficacy and safety of SCD-044 in the treatment of moderate to severe plaque psoriasis. The study will enroll approximately 240 subjects and topline results are expected in 2022.
SCD-044 is also being evaluated in other autoimmune disorders and Phase 2 studies for other indications like atopic dermatitis, are also expected to be initiated soon. SCD-044 is a novel orally bioavailable S1P receptor 1 agonist for the treatment of inflammatory diseases such as atopic dermatitis and psoriasis.
MOIL gained 1.41% after the state-run corporation announced resources base of 7.65 million tonnes of manganese established in Gujarat under MoU with GMDC. MOIL had signed Memorandum of Understanding (MoU) in October 2019 with Gujarat Mineral Development Corporation (GMDC), an undertaking of Government of Gujarat, to take up project of joint exploration of manganese bearing areas, exploring its feasibility and to conduct mining operations as well as to set up value addition plant in joint venture in Gujarat. For exploration and analysis of manganese ore body, a tripartite MoU has also been signed amongst MOIL, GMDC and Mineral Exploration Corporation (MECL).
IIFL Securities rallied 4.48% after the company said its insurance unit received the regulatory approval to undertake insurance e-commerce activities. IIFL Insurance Brokers, a wholly-owned subsidiary of IIFL Securities, received permission from Insurance Regulatory Development Authority (IRDA) for undertaking insurance e-commerce activities (i.e. online sale and service of insurance policies) in India through Insurance Self Networking Platform (ISNP).
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
