Benchmark indices hover near day's high in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, jumped 365.71 points or 0.71% at 51,714.48. The Nifty 50 index spurted 116.30 points or 0.77% at 15,232.10.
The Sensex hit a record high of 51,773.78 and the Nifty hit a record high of 15,244.20 in afternoon trade. Both the indices have gained over 11% in seven straight sessions.
Broader markets underperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.43%. The S&P BSE Small-Cap index gained 0.42%.
Buyers outnumbered sellers. On the BSE, 1,460 shares rose and 1,376 shares fell. A total of 171 shares were unchanged. In Nifty 50 index, 40 stocks advanced while 10 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,876.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 504.86 crore in the Indian equity market on 8 February 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 10,64,75,358 with 23,25,383 deaths. India reported 1,43,625 active cases of COVID-19 infection and 1,05,48,521 deaths while 1,55,158 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
Asian Paints (up 4.50%), SBI Life Insurance Company (up 3.90%), HDFC Life Insurance Company (up 3.48%), ONGC (up 3.01%) and IOC (up 2.38%) were major gainers in Nifty 50 index.
Mahindra & Mahindra (M&M) (down 2.79%), JSW Steel (down 1.36%), Bajaj Auto (down 1.28%), Tata Motors (down 1.18%) and Bajaj Finance (down 0.87%) were major losers in Nifty 50 index.
Nifty Result Today:
Adani Ports and Special Economic Zone (APSEZ) (down 0.14%) and Tata Steel (up 1.01%) will announce Q3 result today.
Earnings Impact:
Sun TV Network skid 3.23%. On a consolidated basis, Sun TV Network's net profit jumped 15.8% to Rs 445.41 crore on a 17.3% increase in net sales at Rs 994.14 crore in Q3 December 2020 over Q3 December 2019. Profit before tax (PBT) surged 16.7% to Rs 596.02 crore in Q3 December 2020 over Q3 December 2019. Current tax expense for the quarter soared 19.9% to Rs 147.14 crore as against Rs 122.68 crore in Q3 December 2019. Subscription revenues for the quarter grew 3% at Rs 424.05 crore as against Rs 411.85 crore for the corresponding quarter ended 31 December 2019. The company declared an interim dividend of Rs 5 per equity share.
EID Parry (India) dropped 3.09% after the company's consolidated net profit fell 6.1% to Rs 245.37 crore on a 15.2% increase in net sales at Rs 4,701.19 crore in Q3 December 2020 over Q3 December 2019. Profit before tax (PBT) slipped 2% to Rs 330.04 crore in Q3 December 2020 as against Rs 336.91 crore in Q3 December 2019. Current tax expenses for the quarter soared 19% to Rs 109.57 crore as against Rs 92.11 crore in Q3 December 2019. Earnings before depreciation, interest and taxes (EBITDA) and before exceptional item for the quarter ended 31 December 2020 stood at Rs 559 crore, registering an increase of 10% on comparison to the corresponding quarter of previous year of Rs 509 crore.
Stock in Spotlight:
Alembic Pharmaceuticals gained 0.18%. Umbralisib, a novel next generation inhibitor of PI3K delta & CK1 epsilon, was discovered by Rhizen Pharmaceuticals and subsequently licensed to TG Therapeutics, which led the asset's clinical development.
Rhizen Pharmaceuticals, a clinical-stage oncology-focused biopharmaceutical company, announced that its novel next generation PI3K-delta inhibitor, Umbralisib, which was licensed to TG Therapeutics, has secured USFDA accelerated approval for the treatment of adult patients with relapsed or refractory marginal zone lymphoma (MZL) who have received at least one prior anti-CD20 based regimen; and adult patients with relapsed or refractory follicular lymphoma (FL) who have received at least three prior lines of systemic therapy.
Rhizen and its affiliate Alembic Pharma will support TG Therapeutics towards UKONIQ's commercialization as its manufacturing & supply partner; Rhizenplans to register and commercialize Umbralisib in India.
Global Markets:
European stocks were almost flat on Tuesday despite a global rally on Monday that saw U.S. stocks hit record highs. Most Asian stocks advanced.
In US, Wall Street reached all-time closing highs on Monday as investor optimism was stoked by prospects of a speedier economic recovery from the global health crisis, driven by increased stimulus and an accelerated vaccine rollout.
Biden has set a goal to administer at least 100 million COVID vaccine doses during his first 100 days in office, but he warned it will be very difficult to achieve herd immunity in the U.S. by the end of summer.
Commodities prices pointed to renewed optimism in the global economic recovery. Brent oil extended an advance above $60 a barrel on signs the global market is tightening and demand is improving. Bitcoin jumped to a record after Tesla Inc. bought $1.5 billion of the cryptocurrency.
Investors are taking comfort from vaccine rollouts and signs of progress on stimulus, though worries remain about stretched valuations.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
