Key indices trimmed gains in afternoon trade as investors booked profits at higher levels. The Nifty slipped below 14,600 level. Global shares were buoyant ahead of Joe Biden's inauguration as US president. Washington gets set to try for another massive round of stimulus for the economy.
At 13:20 IST, the barometer index, the S&P BSE Sensex, surged 235.44 points or 0.48% at 49,633.73. The Nifty 50 index soared 76.80 points or 0.53% at 14,597.95.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 0.78%. The S&P BSE Small-Cap index gained 0.54%.
Buyers outnumbered sellers. On the BSE, 1,541 shares rose and 1,331 shares fell. A total of 156 shares were unchanged. In Nifty 50 index, 33 stocks advanced while 17 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 257.55 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 199.30 crore in the Indian equity market on 19 January 2021, provisional data showed.
Total COVID-19 confirmed cases worldwide stood at 9,61,58,807 with 20,57,050 deaths. India reported 1,97,201 active cases of COVID-19 infection and 1,52,718 deaths while 1,02,45,741 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Separately, World Health Organisation (WHO) said that United Kingdom COVID-19 strain has been detected at least 60 countries.
Gainers & Losers:
Tata Motors (up 6.13%), Adani Ports & Special Economic Zones (up 3.76%), Wipro (up 2.95%), Mahindra & Mahindra (M&M) (up 2.64%) and Tech Mahindra (up 2.45%) were major gainers in Nifty 50 index.
Shree Cement (down 1.34%), NTPC (down 1.30%), PowerGrid Corporation of india (down 1.15%), GAIL (India) (down 1.15%) and ITC (down 1.10%) were major losers in Nifty 50 index.
Nifty Results Today:
Bajaj Finance (up 1.15%) and Bajaj Finserv (up 0.81%) will announce their quarterly result today.
Stocks in Spotlight:
Adani Green Energy gained 1.34% after the company said its subsidiary has commissioned 150 MW solar power plant, three months ahead of scheduled date of commissioning. Adani Solar Energy Kutchh One, a step-down subsidiary of Adani Green Energy (AGEL) has commissioned 150 MW solar power project. Despite all the challenges of global pandemic COVID-19, unprecedented rain and flood in Kutchh, Gujarat, continuing with the Group's commitment to nation building, the team of experts made it possible to commission the project 3 months prior to its scheduled commissioning date.
Larsen & Toubro (L&T) rose 1.18% after L&T Construction won large contracts for its power transmission & distribution business in Bangladesh. The power transmission & distribution business of L&T has won a slew of transmission line orders in Bangladesh. As per L&T's classification, the valuation of the 'large' contract lies between Rs 2,500 crore to Rs 5,000 crore.
Maruti Suzuki India added 1.96% after the company said it commenced export of Suzuki's compact off-roader Jimny from India. The first shipment of 184 units left from Mundra port to Latin American countries such as Columbia and Peru. The iconic three-door Suzuki Jimny will be exported to Latin America, Middle East and African markets from India. The current generation of Jimny was launched in 2018 by Suzuki Motor Corporation in Japan and has emerged as a popular choice globally. Customers like its appeal for city driving too.
With India as a production base for Jimny, Suzuki aims to leverage Maruti Suzuki's global production stature. As there is a large customer demand worldwide well beyond Suzuki Japan capacity for this model, Indian manufacturing will supplement capacity to meet this global demand.
European stocks opened higher on Wednesday, ahead of the inauguration of President-elect Joe Biden.
Most Asian stocks advanced on Wednesday as investors reacted to the release of China's latest benchmark lending rate. The moves in Chinese stocks came as the one-year prime rate (LPR) and five-year LPR in China were both left unchanged at 3.85% and 4.65%, respectively.
US stocks climbed on Tuesday as investors digested results from the new earnings season as well as signals for another big stimulus and faster pace of vaccine distribution ahead.
Janet Yellen, President-elect Joe Biden's designated nominee for Treasury Secretary and a former chair of the Federal Reserve, appeared before the Senate Finance Committee on Tuesday. Yellen called for the federal government to enact a large stimulus to help the economy.
Biden, set to be inaugurated on Wednesday, unveiled his $1.9 trillion plan for economic relief last week as the country tries to get a handle on the COVID-19 pandemic.