Key benchmark indices pared gains in mid-afternoon trade. At 13:28 IST, the S&P BSE Sensex, gained 171 points or 0.42% at 41,313.66. The Nifty 50 index was up 48.85 points or 0.40% at 12,138.
The undertone of the market continued to be strong after RBI estimated a 6% GDP growth rate for 2020-21 while projecting a 6.2% growth rate for Q3 December 2020. RBI revised the CPI inflation projection for Q4 March 2020 to 6.5% and 5.4-5% in the first six months of 2020-21 and 3.2% in the third quarter of 2020-21.
The broader market traded higher. The S&P BSE Mid-Cap index was up 0.95% while the S&P BSE Small-Cap index was up 0.56%.
The market breadth was positive. On the BSE, 1351 shares rose and 943 shares fell. A total of 142 shares were unchanged. In Nifty 50 index, 30 stocks advanced while 20 stocks declined.
Buzzing Index:
The Nifty Pharma index rose 1.04% to 8209.90, extending gains for the third straight sessions. The index has added 2.44% in three sessions from its recent closing low of 8013.75 recorded on 1 February 2020.
Piramal Enterprises (up 8.16%), Divi's Laboratories (up 2.2%), IPCA Laboratories (up 1.57%), Cadila Healthcare (up 0.66%), Dr Reddy's Laboratories (up 0.49%), Strides Shasun (up 0.28%), Aurobindo Pharma (up 0.25%), Sun Pharmaceutical Industries (up 0.2%) and Alkem Laboratories (up 0.18%) advanced.
Lupin gained 1.08% to Rs 730.15. The drug maker in an exchange filing after market hours yesterday said that it has received US Food and Drug Administration (USFDA) approval for its Leflunomide tablets USP, 10 mg and 20 mg. Leflunomide tablets are a generic equivalent of Arava tablets of Sanofi Aventis, used in treating active rheumatoid arthritis in adults. The product would be manufactured at Lupin's Pithampur (Unit 1) facility, India. According to IQVIA MAT December 2019, Leflunomide Tablets USP had annual sales of approximately $44 million in the US.
GlaxoSmithKline Pharmaceuticals (down 3.31%), Cipla (down 2.08%), Wockhardt (down 0.79%) and Glenmark Pharmaceuticals (down 0.25%) declined.
Stocks in Spotlight:
VST Tillers Tractors declined 1.18% to Rs 1358.35. The company, after market hours on yesterday, 5 February 2020, announced that its total auto sales remained flat at 2487 units in January 2020 as against 2503 units reported in January 2019. On sequential basis, total auto sales jumped 40% in January 2020 from 1776 units reported December 2019. Sale of power tillers rose 1.08% YoY to 1971 units in January 2020 over January 2019 while sale of tractors declined 6.69% to 516 units in January 2020.
V-Mart Retail soared 14.75% to Rs 2,419 after net profit jumped 39.7% to Rs 58.22 crore in Q3 December 2019 (Q3 FY20) as against Rs 41.68 crore reported in Q3 December 2018 (Q3 FY19). Net sales soared 20.7% year-on-year (Y-o-Y) to Rs 562.16 crore in Q3 FY20. Profit before tax climbed 14.8% to Rs 76.97 crore Y-o-Y. Current tax expenses declined 21% to Rs 20.46 crore during the period under review. The Q3 result was declared after market hours yesterday, 5 February 2020.
Adani Green (AGEL) hit 5% upper circuit at Rs 202.20 after the company, in an exchange filing made during market hours today, said that it has entered into a binding agreement with Total Gas & Power for an investment of approximately $510 million for acquisition of 50% stake in a Joint Venture Company (JVCo).
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 6.464% at 14:20 IST compared with 6.505% in the previous trading session.
In the foreign exchange market, the rupee appreciated against the dollar. The partially convertible rupee was trading at 71.225, compared with its previous closing low of 71.25.
In the commodities market, Brent crude for April 2020 settlement was up 73 cents at $56.01 a barrel. The contract rose $1.32 or 2.44% to settle at $55.28 a barrel in the previous trading session.
MCX Gold futures for 5 February 2019 settlement rose 0.03% to Rs 40,214.
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