Key benchmark indices are trading firm in early trade on buying demand in index pivotals. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 299.67 points or 0.57% at 52,453.80. The Nifty 50 index was up 99.35 points or 0.65% at 15,414.05. The Sensex scaled record high above 52,500 level in early trade. The Nifty also hit record high above 15,400 level.
The S&P BSE Mid-Cap index was up 0.53%. The S&P BSE Small-Cap index was up 0.73%.
The market breadth, indicating the overall health of the market, is strong. On the BSE, 1340 shares rose and 649 shares fell. A total of 75 shares were unchanged.
On the macro front, India's exports grew by 6.16% to $27.45 billion in January, according to data by the commerce ministry. Imports too grew by 2% to about $42 billion, leaving a trade deficit of $14.54 billion during the month under review, the data showed.
Stocks in news:
Wipro rose 1% after the company announced a five-year strategic partnership with Telefica Germany / O2, a leading provider of mobile telecommunications, broadband and landline in Germany. As a part of this contract, Wipro will work with Telefica Germany / O2 and its wider ecosystem to transform its Business Support Systems and associated Quality Assurance to enable superior customer experience and growth in the B2B market segment.
Tech Mahindra gained 1.28% after the company announced a strategic partnership with Telefica Germany / O2, a leading telecommunications provider from Germany, to drive their end to end IT transformation. Through this digital transformation, Tech Mahindra will support Telefica Germany / O2 to deliver faster product launches and provide a more 'human centered' experience to its customers in the mass market segment.
Titan Company rose 0.67%. Titan Company was informed by CaratLane Trading (CaratLane), a subsidiary of the company, that it had incorporated a wholly owned subsidiary namely StudioC Inc. in the state of Delaware, USA and accordingly it has become a step down subsidiary of the company effective 11th February 2021.
SIS surged 5.53% to Rs 449.70. SIS said the company's board of directors approved the proposal of buyback of upto Rs 99.99 crore worth of equity shares, at a price of Rs 550 per share. The resultant equity shares to be bought back at the buyback offer price are 18,18,181 equity shares, representing 1.24% of the total number of equity shares in the total paid-up equity capital of the Company as on March 31, 2020.
Geojit Financial Services rose 1.67%. Geojit Financial Services, through its Smartfolios platform, has tied up with Lotusdew, a SEBI and US SEC regulated firm, to offer a basket of stocks that uses behavioural finance and AI to identify dominant market conviction. Through this partnership, Geojit will offer a new small and mid-cap basket of stocks called Lotusdew Prestige, which analyses corporate events like M&A announcements, earnings surprises, order book wins, dividends, stock splits etc. to identify profitable stocks.
Global Markets:
Asian stocks rose on Tuesday as optimism about the global economic recovery and expectations of low interest rates drive investments into riskier assets.
The mainland Chinese markets will remain closed for Lunar New Year through Wednesday. The U.S. stock market was closed on Monday for Presidents Day.
On the coronavirus front, the World Health Organization gave emergency use approval to AstraZeneca's Covid-19 vaccines on Monday, allowing distribution to some of the world's poorest countries to begin.
Back home, domestic benchmark indices ended with strong gains on Monday, boosted by strength in banks and financial shares. Positive domestic economic data and firm global cues supported buying. The barometer index, the S&P BSE Sensex, surged 609.83 points or 1.18% at 52,154.13. The Nifty 50 index rallied 151.40 points or 1% at 15,314.70.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,234.15 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,048.55 crore in the Indian equity market on 15 February, provisional data showed.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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