The benchmark indices were trading with minor gains in mid-morning trade. Metal shares witnessed some bit of value buying. At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 95.95 points or 0.19% to 51,405.34. The Nifty 50 index added 17.65 points or 0.12% to 15,124.15.
In the broader market, the S&P BSE Mid-Cap index rose 0.51% and the S&P BSE Small-Cap index gained 0.92%.
The market breadth was strong. On the BSE, 1586 shares rose and 1059 shares fell. A total of 153 shares were unchanged.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 107,325,989 with 2,354,308 deaths. India reported 142,562 active cases of COVID-19 infection and 155,360 deaths while 104,96,308 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
Credit ratings agency Fitch Ratings said that India's budget, presented by the government on 1 February, points to a loosening of fiscal policy to support the country's ongoing economic recovery from the pandemic and will consequently lead to a rise in public debt.
"The debt/GDP trajectory is core to our sovereign rating assessment, meaning higher deficits and a slower consolidation path will make India's medium-term growth outlook take on a more critical role in our analysis," Fitch Ratings said.
"We now expect public debt/GDP to rise above 90% of GDP over the next five years, based on the revised budget targets and with our other previous rating assumptions remaining unchanged. However, recent reforms and policy measures, including those announced in the budget, could also influence our growth expectations and, thus, our debt trajectory forecasts," it added.
Buzzing Index:
The Nifty Metal index rose 0.80% to 3,538.90. The index had declined by 1.17% in the past two sessions.
Hindalco Industries (up 3.85%), Hindustan Copper (up 1.89%), Jindal Steel & Power (up 1.59%), National Aluminum Co. (up 1.42%), Ratnamani Metals Tubes (up 1.24%), Welspun Corp (up 1.17%), Mishra Dhatu Nigam (up 0.78%), MOIL (up 0.46%), SAIL (up 0.45%), Coal India (up 0.36%) and Tata Steel (up 0.25%) advanced.
Meanwhile, NMDC (down 3.63%), Hindustan Zinc (down 0.40%) and JSW Steel (down 0.40%) declined.
Earnings Impact:
Antony Waste Handling were up 0.12% at Rs 329.80. On a consolidated basis, the company's net profit jumped 75.5% to Rs 19.43 crore on 8.6% rise in net sales to Rs 123.48 crore in Q3 FY21 over Q3 FY20. EBITDA margin improved to 28.6% in Q3 FY21 from 26.3% in Q3 FY20. The company said that steady improvement in EBITDA margins reflects consistent efforts to reduce project costs and improved operational efficiency.
Aurobindo Pharma fell 1.13% to Rs 956.90. The drug maker's consolidated net profit jumped 317.70% to Rs 2,946.32 crore on a 9.5% rise in net sales at Rs 6,353.13 crore in Q3 December 2020 over Q3 December 2019. EBITDA margin stood at 21.5% in Q3 December 2020 as against 20.5% in Q3 December 2019.
Global Markets:
Asian stocks were trading higher on Thursday as multiple major markets in the region are closed for holidays. Markets in China, Japan, South Korea and Taiwan are closed for holidays.
In US, the S&P 500 and the Nasdaq edged slightly lower on Wednesday as big tech stocks slid amid an ongoing rotation of portfolio holdings that gave a boost to energy shares and kept the overall market near record highs. The S&P 500 and Nasdaq both opened at record highs but soon drifted lower, while the Dow set a new peak during the session.
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 and Treasury Secretary Janet Yellen met with CEOs of JPMorgan, Walmart and Gap Tuesday to discuss additional economic relief.
In economic developments, U.S. Federal Reserve Chairman Jerome Powell said Wednesday that policy will need to stay patiently accommodative. The Fed chair said the U.S. is a long way from where it needs to be in terms of employment despite the economy having reclaimed more than 12 million jobs since the early days of the Covid pandemic.
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