Amid initial volatility, the key benchmark indices are trading near flat line in early trade. At 9:25 IST, the barometer index, the S&P BSE Sensex, was down 9.26 points or 0.02% at 51,319.82. The Nifty 50 index was up 5.90 points or 0.04% at 15,115.20.
The S&P BSE Mid-Cap index was up 0.31%. The S&P BSE Small-Cap index was up 0.16%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1183 shares rose and 793 shares fell. A total of 103 shares were unchanged.
Stocks in news:
Tata Steel rose 1.59%. The company reported 54.03% drop in consolidated net profit to Rs 1,565.41 crore on 7.4% rise in total income to Rs 37,531.67 crore in Q3 December 2020 over Q3 December 2019.
Berger Paints India gained 1.92% after the company reported 50.7% surge in consolidated net profit to Rs 274.80 crore on 24.83% rise in total income to Rs 2,134.80 crore in Q3 December 2020 over Q3 December 2019.
Glenmark Pharmaceuticals rose 0.1%. The company said that the meeting of the board of directors of the company is scheduled on 12 February 2021, to consider repurchase of foreign currency debt.
The Phoenix Mills (PML) fell 0.22%. The Phoenix Mills (PML) said its wholly owned subsidiary Mindstone Mall Developers has announced acquisition of approximately 7.48 acres of prime land in Alipore, Kolkata for a total consideration of Rs 300 crore. The land parcel is strategically located on Diamond Harbour Road, Alipore, Kolkata.
Mahanagar Gas lost 3.1%. The company reported 16.75% rise in net profit to Rs 217.21 crore on 11.16% fall in total income to Rs 686.79 crore in Q3 December 2020 over Q3 December 2019.
Raymond declined 1.9% after the company reported 88.89% slide in consolidated net profit to Rs 21.69 crore on 37.12% fall in total income to Rs 1,297.82 crore in Q3 December 2020 over Q3 December 2019.
Global Markets:
Overseas, Asian stocks are trading mixed on Wednesday. China's consumer inflation declined in January, according to the country's National Bureau of Statistics which reported the consumer price index slipped 0.3% from a year ago. The NBS also reported the producer price index rose 0.3% year over year in January.
In US, Nasdaq extended their runs to fresh highs on Tuesday, as strong earnings and economic recovery prospects buoyed investor sentiment. The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors.
Lawmakers in Washington appear to be moving closer to another economic relief bill. House Democrats unveiled the details of a relief proposal that included $1,400 direct checks with faster phase-outs than previous bills.
President Joe Biden on Tuesday met with Treasury Secretary Janet Yellen and the chief executives of some of the country's largest businesses in the Oval Office to discuss his $1.9 trillion stimulus plan and the outlook for the economy.
Back home, domestic equity benchmarks reversed intraday gains and ended almost flat after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, fell 19.69 points or 0.04% to 51,329.08. The Nifty 50 index lost 6.50 points or 0.04% to 15,109.30.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,300.65 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,756.24 crore in the Indian equity market on 9 February, provisional data showed.
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