The benchmark indices trimmed gains in early afternoon trade as investors booked profits at higher levels. At 12:20 IST, the barometer index, the S&P BSE Sensex, jumped 495.89 points or 0.98% at 51,227.52. The Nifty 50 index spurted 149.60 points or 1% at 15,073.85.
The Sensex hit a record high of 51,472.68 and the Nifty hit a record high of 15,133 in morning trade.
In the broader market, the S&P BSE Mid-Cap index rose 1.44% while the S&P BSE Small-Cap index gained 1.56%.
The market breadth was strong. On the BSE, 1,740 shares rose and 1,046 shares fell. A total of 182 shares were unchanged.
Domestic shares mirrored the gains in other their Asian peers. The rise in global risk-assets was induced by improving COVID-19 trends and statement from treasury secretary Janet Yellen, pushing for a stimulus bill. The comments from the treasury secretary came after weaker-than-expected U.S. jobs data on Friday had highlighted the case for further stimulus.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, advanced 3.06% to 24.1325. The Nifty 25 February 2021 futures were trading at 15,110, at a premium of 36.15 points as compared with the spot at 15,073.85.
The Nifty option chain for 25 February 2021 expiry showed maximum Call OI of 20.1 lakh contracts at the 15,500 strike price. Maximum Put OI of 34.6 lakh contracts was seen at 14,000 strike price.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 10,61,59,883 with 23,17,162 deaths. India reported 1,48,609 active cases of COVID-19 infection and 1,55,080 deaths while 1,05,34,505 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Buzzing Index:
The Nifty Auto index advanced 2.20% to 10,959.35. Mahindra & Mahindra (M&M) (up 6.66%), Exide Industries (up 5.62%), Amara Raja Batteries (up 5.19%), Motherson Sumi Systems (up 2.85%) and Bharat Forge (up 2.82%) advanced.
Stocks in Spotlight:
Gulf Oil Lubricants India (GOLIL) advanced 2.15% after net profit jumped 14.6% to Rs 64 crore on 14.2% increase in net sales at Rs 481.86 crore in Q3 December 2020 over Q3 December 2019. Profit before tax (PBT) soared 16.5% to Rs 85.73 crore in Q3 December 2020 as against Rs 73.59 crore in Q3 December 2019. Tax expense for the quarter rose 16.6% to Rs 21.93 crore as against Rs 18.80 crore in Q3 December 2019.
On the back of significantly improved demand conditions across segments, both B2C and B2B and aided by improved OEM demands, Gulf Oil Lubricants India has delivered nearly 16% volume growth Y-o-Y (year-on-year) during Q3. Profit after tax (PAT) has grown inspite of rising pressure from input costs side but helped with continuing cost initiatives and margin management strategies initiated, the firm stated.
Glaxosmithkline Pharmaceuticals rallied 3.39% after the company reported consolidated net profit at Rs 156.51 crore in Q3 December 2020 compared with net loss of Rs 661.16 crore in Q3 December 2019. On a consolidated basis, net sales jumped 10.1% to Rs 857.20 crore in Q3 FY21 from Rs 778.59 crore in Q3 FY20. Pre-tax profit was at Rs 211.41 crore in Q3 December 2020 as against pre-tax loss of Rs 634.32 crore in Q3 December 2019. Current tax expense for the quarter fell 24.1% to Rs 61.20 crore as against Rs 80.62 crore in Q3 December 2019.
Fortis Healthcare gained 1.52% after the company's consolidated net profit stood at Rs 53.88 crore in Q3 December 2020 as against net loss of Rs 69.32 crore in Q3 December 2019. On a consolidated basis, net sales rose 0.7% to Rs 1,177.03 crore in Q3 FY21 from Rs 1,168.92 crore in Q3 FY20. Profit before tax (PBT) soared 114.2% to Rs 103.13 crore in Q3 December 2020 as against Rs 48.14 crore in Q3 December 2019. Tax expense for the quarter tanked 58.1% to Rs 49.25 crore as against Rs 117.46 crore in Q3 December 2019. EBITDA grew 23.9% to Rs 200.60 crore in Q3 FY21 over Q3 FY20.
Glacier Burst in Uttarakhand:
A glacier broke off at Joshimath in Uttarakhand's Chamoli district on Sunday, leading to a massive flood in the Dhauli Ganga river and causing large-scale devastation in the upper reaches of the ecologically fragile Himalayas. Homes along the way were swept away as the waters rushed down the mountainsides in a raging torrent. There were fears of damage in human settlements downstream. Many villages were evacuated and people taken to safer areas.
In a BSE filing made during market hours today, NTPC said that the avalanche in Uttarakhand has damaged a part of its under-construction hydropower project Tapovan Vishnugad (520 MW) in the region. While rescue operations are on, situation is being monitored continuously with the help of district administration and likely loss or damage caused is being assessed. Appropriate insurance cover is available for the loss/damage caused.
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