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11 feb

Market near flat line; breadth strong.

Key benchmark indices are trading near flat line in early trade amid volatility. The barometer index, the S&P BSE Sensex, was down 1.30 points at 51,308.09. The Nifty 50 index was up 9.30 points or 0.06% at 15,115.80.

The S&P BSE Mid-Cap index was up 0.31%. The S&P BSE Small-Cap index was up 0.51%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1243 shares rose and 656 shares fell. A total of 90 shares were unchanged.

Stocks in news:

Tata Consultancy Services (TCS) fell 0.24%. TCS announced the further deepening of its long-standing relationship with Amazon Web Services (AWS) with the launch of the new TCS AWS Business Unit (BU).

Titan Company dropped 2.04%. The company reported 10.76% rise in consolidated net profit to Rs 525 crore on 16.93% rise in total income to Rs 7,659 crore in Q3 December 2020 over Q3 December 2019.

Aurobindo Pharma fell 1.09%. The company reported 317.67% surge in consolidated net profit to Rs 2,946.46 crore on 57.14% rise in total income to Rs 9,312.20 crore in Q3 December 2020 over Q3 December 2019.

Bata India lost 5.93%. The company reported 77.66% fall in consolidated net profit to Rs 26.42 crore on 25.83% fall in total income to Rs 628.84 crore in Q3 December 2020 over Q3 December 2019.

Indraprastha Gas gained 2.72% after the company reported 28.4% rise in consolidated net profit to Rs 381.83 crore on 12.25% fall in total income to Rs 1,519.03 crore in Q3 December 2020 over Q3 December 2019.

Magma Fincorp jumped 10%. Rising Sun Holdings, a company controlled by Adar Poonawalla and Magma Fincorp announced a transaction for preferential issue of equity shares of Magma Fincorp which will result in a controlling stake being taken by Rising Sun Holdings and an open offer as per Public Announcement made under SAST guidelines. The preferential allotment is for an aggregate value of Rs 3456 crore.

Global Markets:

Overseas, Asian stocks are trading lower on Thursday as multiple major markets in the region are closed for holidays. Markets in China, Japan, South Korea and Taiwan are closed for holidays.

In US, the S&P 500 and the Nasdaq edged slightly lower on Wednesday as big tech stocks slid amid an ongoing rotation of portfolio holdings that gave a boost to energy shares and kept the overall market near record highs. The S&P 500 and Nasdaq both opened at record highs but soon drifted lower, while the Dow set a new peak during the session.

House Democrats unveiled the details of a relief proposal that included $1,400 direct checks with faster phase-outs than previous bills. President Joe Biden and Treasury Secretary Janet Yellen met with CEOs of JPMorgan, Walmart and Gap Tuesday to discuss additional economic relief.

In economic developments, U.S. Federal Reserve Chairman Jerome Powell said Wednesday that policy will need to stay “patiently accommodative.” The Fed chair said the U.S. is “a long way” from where it needs to be in terms of employment despite the economy having reclaimed more than 12 million jobs since the early days of the Covid pandemic.

Back home, the domestic equity benchmarks ended almost flat after a volatile session on Wednesday. The barometer index, the S&P BSE Sensex, slipped 19.69 points or 0.04% to 51,309.39. The Nifty 50 index lost 2.80 points or 0.02% to 15,106.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,786.97 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,075.68 crore in the Indian equity market on 10 February, provisional data showed.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.

CapitalStars Investment Adviser: SEBI Registration Number: INA000001647.

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