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3 feb (4)

Nifty crosses 14,850 mark; breadth strong.

Domestic shares further extended gains and hit fresh lifetime high levels in in afternoon trade. All the sectoral indices on the NSE were positive, with the Nifty Pharma index leading the pack.

The barometer index, the S&P BSE Sensex, soared 681.94 points or 1.37% at 50,479.66. The Nifty 50 index surged 206.25 points or 1.41% at 14,854.10.

The Sensex scaled record high of 50,526.39 while the Nifty recorded an all-time high of 14,868.85.

The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.50%. The S&P BSE Small-Cap index gained 1.63%.

Buyers outnumbered sellers. On the BSE, 1,756 shares rose and 1,010 shares fell. A total of 180 shares were unchanged. In Nifty 50 index, 44 stocks advanced while 5 stocks declined. 1 stock remained unchanged.

The Union Budget 2021 unveiled on 1 February 2021 supported all the essential aspects of growth by an increase in government spending without an increase in indirect taxes. The Budget offered huge stimulus to infrastructure, capex, healthcare and boosted the credit flow by taking out the toxic assets of the banking system. Increased FDI limit in insurance improved the overall outlook of the sector.

Foreign portfolio investors (FPIs) bought shares worth Rs 6,181.56 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,035.20 crore in the Indian equity market on 2 February 2021, provisional data showed.

Gainers & Losers:

IndusInd Bank (up 9.04%), PowerGrid Corporation of India (up 7.16%), Sun Pharmaceutical Industries (up 5.68%), Cipla (up 4.79%) and Tata Motors (up 4.52%) were major gainers in Nifty 50 index.

Maruti Suzuki India (down 1.12%), Shree Cement (down 0.95%), Ultratech Cement (down 0.24%), Grasim Industries (down 0.18%) and Nestle India (down 0.11%) were major losers in Nifty 50 index.

Nifty Results Today:

Bharti Airtel was up 2.72% ahead of its quarterly results today.

Earnings Impact:

Vinati Organics fell 0.53%. The company’s net profit declined by 4% to Rs 64.14 crore on a 6.3% fall in net sales to Rs 223.47 crore in Q3 FY21 over Q3 FY20. Profit before tax in Q3 December 2020 stood at Rs 70.60 crore, down by 20.5% from Rs 88.86 crore in Q3 December 2019. Current tax outgo declined by 79.3% year-on-year (Y-o-Y) to Rs 4.08 crore in the third quarter. Due to COVID-19 related slowdown, financial numbers during the third quarter ended 31 December 2020 have been impacted. Separately, the company informed that its board had approved a scheme of amalgamation of Veeral Additives (VAPL) into Vinati Organics (VOL) in their meeting held on 2 February 2021.

NOCIL advanced 2.45% after the company reported a 6.3% rise in consolidated net profit to Rs 22.31 crore on a 41.3% rise in net sales to Rs 274.57 crore in Q3 FY21 over Q3 FY20. The specialty chemical maker’s consolidated profit before tax rose 2.4% year on year to Rs 30.11 crore in Q3 FY21. Current tax expense declined 22.5% to Rs 6.08 crore in Q3 FY21 over Q3 FY20. The company’s consolidated operating EBITDA grew by 3% to Rs 38 crore in Q3 FY21 from Rs 37 crore posted in the same period last year. Operating EBITDA margin fell to 13.7% in Q3 FY21 from 18.8% in Q3 FY20.

Stock in Spotlight:

Surya Roshni rose 0.27%. The company said it received an order worth Rs 85.53 crore for supplying API coated grade pipes to Bharat Gas Resources. The company said that it had obtained order amounting to Rs. 85.53 crore for supplying API 5L Grade 3LPE coated line pipes to Bharat Gas Resources (BGRL) for BGRL/BPCL City Gas Distribution (CGD) projects in Orissa & Karnataka. The domestic order is to be executed in twelve months.

Global Markets:

European stocks opened higher on Wednesday on positive market sentiment amid a busy week of earnings reports.

Asian markets traded mixed on Wednesday. Japan’s services sector shrank at the fastest pace in five months in January. The final au Jibun Bank Japan Services Purchasing Managers’ Index (PMI) dropped to a seasonally adjusted 46.1 from the prior month’s 47.7, marking the lowest reading since August.

US stocks finished sharply higher for a second straight day on Tuesday, helped by gains in and Google-parent Alphabet ahead of their results and by optimism over progress on a US pandemic relief package.

Meanwhile, investors will be following stimulus negotiations in Washington, after congressional Republicans made a counteroffer to President Joe Biden’s $1.9 trillion stimulus plan on Sunday.

Biden met with those lawmakers on Monday as congressional Democrats moved toward passing a reconciliation bill without bipartisan support. White House Press Secretary Jen Psaki described the meeting as substantive and productive.

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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