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Benchmarks extend losses, breadth negative

·5-min read

The benchmark indices extended losses in afternoon trade. At 13:20 IST, the barometer index, the S&P BSE Sensex, skid 99.48 points or 0.20% at 49,417.63. The Nifty 50 index lost 12.90 points or 0.09% at 14,550.55.

Investors monitored the developments on the US political front as the US House of Representatives is expected to vote on an impeachment motion against President Trump today.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.58%. The S&P BSE Small-Cap index slipped 0.21%.

Sellers outpaced buyers. On the BSE, 1,264 shares rose and 1,696 shares fell. A total of 145 shares were unchanged. In Nifty 50 index, 29 stocks advanced while 21 stocks declined.

Foreign portfolio investors (FPIs) bought shares worth Rs 571.47 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,334.50 crore in the Indian equity market on 12 January 2021, provisional data showed.


The country's retail inflation, which is measured by the Consumer Price Index (CPI), eased to 4.59% in the month of December mainly due to decline in food prices. The retail inflation for the month of November was 6.93%.

India's factory output, measured in terms of Index of Industrial Production (IIP), witnessed a contraction of 1.9% for November 2020, reverting back to the declining territory after rising in the previous two months, data released by the Ministry of Statistics & Programme Implementation (MOSPI) showed on Tuesday.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 9,16,05,941 with 19,62,345 deaths. India reported 2,14,507 active cases of COVID-19 infection and 1,51,529 deaths while 1,01,29,111 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Gainers & Losers:

Mahindra & Mahindra (M&M) (up 6.57%), IOCL (up 4.03%), BPCL (India) (up 3.33%), ONGC (up 3.14%) and Bharti Airtel (up 2.52%) were major gainers in Nifty 50 index.

HDFC (down 2.60%), Bajaj Finance (down 2.16%), Shree Cement (down 2.08%), UPL (down 1.64%) and Bajaj Finserv (down 1.55%) were major losers in Nifty 50 index.

Nifty Results Today:

Infosys (up 1.18%) and Wipro (up 0.64%) will announce their quarterly earnings today.

Stocks in Spotlight:

Tata Motors advanced 2.14% after the Tata Motors Group global wholesales in Q3 FY21, including Jaguar Land Rover, stood at 2.78 lakh units, recording a 1% year-on-year (Y-o-Y) compared with Q3 FY20.

Global wholesales of all Tata Motors' commercial vehicles and Tata Daewoo range in Q3 FY21 were at 90,365 units, falling 4% year-on-year (Y-o-Y) over Q3 FY20. Global wholesales of all passenger vehicles (PV) in Q3 FY21 stood at 1.88 lakh units, rising 4% Y-o-Y as against Q3 FY20.

Global wholesales for Jaguar Land Rover were at 1.19 lakh units (JLR number for Q3 FY21 includes CJLR volumes of 17,078 units) while Jaguar wholesales for the quarter stood at 22,466 vehicles and Land Rover wholesales for the quarter at 97,192 vehicles.

Larsen & Toubro (L&T) gained 0.04%. The company said its construction arm secured ‘significant' orders for its various businesses. As per L&T's classification, the valuation of the 'significant' contract lies between Rs 1,000 crore to Rs 2,500 crore.

L&T Construction's Metallurgical and Material Handling (MMH) business received orders to construct a metallurgical plant in the domestic market, add on orders from an overseas package and product supply orders from various customers. L&T said traction in metal prices gives a good outlook for the business in the near and medium term.

Global Markets:

Shares in Europe and Asia advanced on Wednesday as hopes are boosted that the rollout of COVID-19 vaccines worldwide will soon start to bring an end to the pandemic. European markets are keeping track of COVID-19 developments in the region, with governments looking to accelerate, or to keep good momentum, in their coronavirus vaccination drives. In the meantime, lockdowns have been extended in Germany and the Netherlands.

In Asia, the Japanese government is set to expand the state of emergency to more areas on Wednesday, as per reports. That comes after Japanese Prime Minister Yoshihide Suga recently declared a state of emergency in Tokyo and three other areas in a bid to stem a rise in coronavirus infections.

Meanwhile, local Chinese authorities in regions near Beijing are reportedly stepping up restrictions on social activity following a rise in new coronavirus cases.

In US, stocks closed along the flatline on Tuesday as traders weighed higher rates, possible stimulus and political turmoil. Investors will watch for developments from Washington, with the U.S. House set to push ahead with efforts to remove President Donald Trump from office over his role in sparking last week's deadly attack on the Capitol. U.S.

As per reports, Vice President Mike Pence told House Speaker Nancy Pelosi on Tuesday that he does not support invoking the 25th Amendment against President Donald Trump. Pence's letter came as the House is preparing to vote on a resolution calling on Pence to "convene and mobilize" Trump's cabinet to remove the president from power, using the powers granted by the amendment, the reports added.

House Democrats reportedly are moving forward with efforts to remove Trump from office following last week's riot at the U.S. Capitol, which they charge he incited. An impeachment vote is reportedly expected on Wednesday.