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Sensex, Nifty advance in early trade

·3-min read

Key benchmark indices are trading higher in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 169.53 points or 0.34% at 49,567.82. The Nifty 50 index was up 59.90 points or 0.41% at 14,581.05.

The S&P BSE Mid-Cap index was up 0.5%. The S&P BSE Small-Cap index was up 0.56%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1344 shares rose and 526 shares fell. A total of 96 shares were unchanged.

Stocks in news:

Tata Communications lost 5.36%. Tata Communications reported 428.1% jump in consolidated net profit to Rs 309.15 crore on 0.27% fall in total income to Rs 4,231.05 crore in Q3 December 2020 over Q3 December 2019.

ICICI Lombard General Insurance Company dropped 2.68%. The company reported 6.6% rise in net profit to Rs 313.53 crore on 9.74% rise in total income to Rs 3,198.87 crore in Q3 December 2020 over Q3 December 2019.

Sterlite Technologies rose 1.3%. The company has completed the acquisition of 100% stake in Optotec S.p.A, a leading optical interconnect company through its wholly-owned subsidiary.

Skipper rose 2.02%. The company reported 147.3% jump in consolidated net profit to Rs 11.45 crore on 52.97% surge in total income to Rs 460.82 crore in Q3 December 2020 over Q3 December 2019.

Prince Pipes and Fittings advanced 2.91%. The company has confirmed the receipt of Rs 26.10 crore from Prince Marketing (Promoter group entity).

Global Markets:

Overseas, Asian stocks were mostly higher on Wednesday as investors in Asia-Pacific 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.

Back home, the domestic indices bounced on Tuesday after falling for the past two consecutive sessions. The barometer index, the S&P BSE Sensex, surged 834.02 points or 1.72% to 49,398.29. The Nifty 50 index surged 239.85 points or 1.68% at 14,521.15.

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, provisional data showed.