Barometers were trading firm in afternoon trade, buoyed by positive global cues. Global stocks were trading higher as investors hoped for more economic stimulus from U.S. President Joe Biden. The Sensex hit a record high of 50,184.01 and the Nifty hit an all-time high of 14,753.20 during intraday trade.
At 13:20 IST, the barometer index, the S&P BSE Sensex, surged 376.33 points or 0.76% at 50,168.45. The Nifty 50 index soared 95.40 points or 0.65% at 14,740.10.
The broader market lagged the benchmarks. The S&P BSE Mid-Cap index rose 0.51%. The S&P BSE Small-Cap index gained 0.32%.
Sellers outnumbered buyers. On the BSE, 1,373 shares rose and 1,506 shares fell. A total of 177 shares were unchanged. In Nifty 50 index, 30 stocks advanced while 19 stocks declined. 1 stock remained unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 2,289.05 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 864.62 crore in the Indian equity market on 20 January, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 9,68,68,849 with 20,74,886 deaths. India reported 1,92,308 active cases of COVID-19 infection and 1,52,869 deaths while 1,02,65,706 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Gainers & Losers:
Tata Motors (up 7.09%), Bajaj Finance (up 4.63%) and Reliance Industries (up 3.11%) were major gainers in Nifty 50 index.
Bharti Airtel (down 1.51%), GAIL (India) (down 1.45%), Tata Steel (down 1.34%), Tech Mahindra (down 1.26%) and ITC (down 1.20%) were major losers in Nifty 50 index.
Nifty Results Today:
Asian Paints (up 1.55%) and Bajaj Auto (up 3.35%) are two Nifty companies that will announce their quarterly results today.
Earning Impact:
Bajaj Finserv advanced 4.60% after consolidated net profit jumped 14.6% to Rs 1,289.96 crore on 9.6% increase in total income to Rs 15,960.72 crore in Q3 December 2020 over Q3 December 2019. Consolidated profit before tax (PBT) advanced 5.8% to Rs 2,779.16 crore in Q3 December 2020 as against Rs 2,627.16 crore in Q3 December 2019.
Bajaj Finserv participates in the financing business through its 52.74% holding in Bajaj Finance and in the protection business through its 74% holding in two unlisted subsidiaries, Bajaj Allianz General Insurance Company and Bajaj Allianz Life Insurance Company. Bajaj Housing Finance, which does mortgage business, is a wholly-owned subsidiary of Bajaj Finance.
Tejas Networks hit an upper circuit of 5% at Rs 144.05 after the company reported a consolidated net profit of Rs 9.23 crore in Q3 FY21 as against a net loss of Rs 112.06 crore in Q3 FY20. Net sales jumped 55.6% year-on-year (Y-o-Y) to Rs 134.88 crore during the quarter. The company posted a pre-tax loss of Rs 9.23 crore in Q3 December 2020 as compared to a pre-tax loss of Rs 14.78 crore in Q3 December 2019.
Phillips Carbon Black rose 0.92%. The company's consolidated net profit jumped 79% to Rs 125.44 crore in Q3 FY21 from Rs 70.06 crore in Q3 FY20. Net sales during the quarter remained flat at Rs 769.40 crore as compared to the same period last year. Total expenditure fell by 10.4% to Rs 581.15 crore while interest expenses declined by 25.2% to Rs 7.96 crore in Q3 December 2020 over Q3 December 2019. Profit before tax in Q3 FY21 stood at Rs 154.93 crore, up by 66.5% from Rs 93.06 crore in Q3 FY20. Current tax expense in the third quarter increased by 26.7% year-on-year (Y-o-Y) to Rs 27.03 crore.
Global Markets:
European stocks opened higher on Thursday as President Joe Biden takes office. The United States is back. And Europe stands ready, European Commission President Ursula von der Leyen tweeted, while British Prime Minister Boris Johnson said in parliament on Wednesday that he looked forward to strengthening the partnership between our countries.
Asian shares were trading higher on Thursday after stocks on Wall Street sailed to record highs as U.S. President Joe Biden was sworn into office.
In US, the stock market rallied to a record close as President Joe Biden was sworn into office, sparking hopes for another stimulus package and smoother vaccine rollout ahead.
The Dow Jones Industrial Average jumped 257.86 points, or 0.8%, to a new closing high of 31,188.38. The S&P 500 advanced 1.4% to a record close of 3,851.85, led by the communication services sector. The tech-heavy Nasdaq Composite jumped nearly 2% to 13,457.25, notching a fresh record. All three averages also touched their intraday highs during the session.
Netflix soared after the company reported strong subscriber growth and said it's considering share buybacks. The company also said it expects to break even on a cash flow basis this year.
Biden was inaugurated to succeed President Donald Trump as the 46th president of the United States. Janet Yellen, Biden's designated nominee for Treasury Secretary, on Tuesday endorsed higher aid spending and urged lawmakers to act big.
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