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13 JAN

Sensex, Nifty strike record high.

Key benchmark indices are trading firm in early trade on buying demand in index pivotals. The barometer index, the S&P BSE Sensex, was up 198.14 points or 0.4% at 49,715.25. The Nifty 50 index was up 66.70 points or 0.46% at 14,630.15. The Sensex scaled record high above 49,750 mark in early trade. The Nifty also hit record high a tad below 14,650 level.

The S&P BSE Mid-Cap index was up 0.51%. The S&P BSE Small-Cap index was up 0.65%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1464 shares rose and 646 shares fell. A total of 80 shares were unchanged.

Key Q3 results:

IT majors Infosys and Wipro will announce their quarterly earnings today, 13 January 2021.

Stocks in news:

Tata Motors advanced 3.36%. Tata Motors Group global wholesales in Q3 FY21, including Jaguar Land Rover, were at 278,915 units, higher by 1%, as compared to Q3 FY20. Global wholesales of all Tata Motors’ commercial vehicles and Tata Daewoo range in Q3 FY21 were at 90,365 units, lower by 4%, over Q3 FY20. Global wholesales of all passenger vehicles in Q3 FY21 were at 1,88,550 units, higher by 4% as compared to Q3 FY20.

Hero MotoCorp rose 0.78%. Hero MotoCorp has reinforced its presence in Central America by appointing new distributor partners in Nicaragua and Honduras, with aggressive expansion plans for both countries. Hero MotoCorp has lined up a slew of new launches, including its range of premium motorcycles, in both countries and will also expand its network with extensive customer touch-points and flagship stores in key markets.

Bharti Airtel surged 4.26%. Bharti Airtel said that in compliance of the FDI approval dated 20 January 2020 granted to the company by the Department of Telecommunications, the company has received approvals for its relevant downstream investments. Accordingly, the company is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100% with immediate effect.

Tech Mahindra rose 0.67%. Tech Mahindra has agreed to acquire 100% shareholding of Payments Technology Services for $9 million. The transaction is expected to close by 31 March 2021.

Tata Elxsi jumped 8.44%. The company’s net profit jumped 39.5% to Rs 105.20 crore on 10.9% rise in total income to Rs 492.20 crore in Q3 December 2020 over Q3 December 2019. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) rose 52.4% to Rs 143.60 crore in Q3 December 2020 over Q3 December 2019. EBITDA margin expanded to 30.1% in Q3 December 2020 from 22.2% in Q3 December 2019.

Bharat Rasayan rose 1.98% to Rs 10,555.40. The company said its board of directors approved the proposal of buyback of 93,472 equity shares or 2.2% shares at Rs 11,500 per share.

On the macro front, the Index of Industrial Production (IIP) contracted 1.9% for November 2020, data released on Tuesday showed. The factory output in the country had grown at 3.6% in October. India’s Consumer Price Index (CPI) eased to 4.59% in December from 6.93% in November.

Global Markets:

Overseas, Asian stocks are trading mixed on Wednesday morning trade as investors watch for developments on the coronavirus front. In corporate news, Hong Kong-listed shares of Lenovo jumped after the firm announced Tuesday a proposed issuance and admission of Chinese depositary receipts on the Shanghai Stock Exchange’s Science and Technology Innovation Board.

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. Vice President Mike Pence, however, said Tuesday night he will not remove Trump from office. The developments came just days ahead of President-elect Joe Biden’s inauguration on January 20.

Back home, the domestic equity benchmark ended near the day’s high on Tuesday. The barometer index, the S&P BSE Sensex, jumped, 247.79 points or 0.50% to 49,517.11. The Nifty 50 index added 78.70 points or 0.54% to 14,563.45.

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, 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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