Benchmark indices were trading with modest losses in afternoon trade. Rising coronavirus cases across US, Europe and China weighed on investors' sentiment. At 13:20 IST, the barometer index, the S&P BSE Sensex, dropped 257.52 points or 0.52% at 49,326.64. The Nifty 50 index lost 80.45 points or 0.55% at 14,515.15.
Broader markets traded with minor losses. The S&P BSE Mid-Cap index fell 0.62%. The S&P BSE Small-Cap index skid 0.40%.
Sellers outpaced buyers. On the BSE, 1,096 shares rose and 1,749 shares fell. A total of 141 shares were unchanged. In Nifty 50 index, 17 stocks advanced while 33 stocks declined.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,076.62 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 188.10 crore in the Indian equity market on 14 January 2021, provisional data showed.
COVID-19 Update:
Total COVID-19 confirmed cases worldwide stood at 9,31,05,607 with 19,94,440 deaths. India reported 2,13,027 active cases of COVID-19 infection and 1,51,918 deaths while 1,01,62,738 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
Economy:
The government said that over 545 lakh tonnes of Paddy have been procured during the ongoing Kharif Marketing Season. This is an increase of 26.48% against the last year corresponding purchase of around 431 lakh tonnes. Agriculture Ministry said, government continues to procure Kharif crops at its Minimum Support Price from farmers as per its existing MSP Schemes. The Ministry said, more than 73 lakh paddy farmers have been benefited from current Kharif Marketing Season Procurement Operations with MSP value of over one lakh three thousand crore rupees.
Gainers & Losers:
Tata Motors (up 3.63%), Bharti Airtel (up 3.58%), UPL (up 2.31%), ITC (up 1.28%) and Sun Pharmaceutical Industries (up 1.27%) were major gainers in Nifty 50 index.
Tech Mahindra (down 3.21%), ONGC (down 2.14%), Hindalco Industries (down 1.91%), Wipro (down 1.71%) and BPCL (down 1.71%) were major losers in Nifty 50 index.
Earning Impact:
HCL Technologies fell 1.82%. The IT firm's consolidated net profit rose 31.1% to Rs 3,982 crore on 6.4% rise in revenue from operations to Rs 19,302 crore in Q3 December 2020 over Q3 December 2019.
Sequentially, consolidated net profit rose 26.7% and revenue increased 3.80% in Q3 FY21 over Q2 FY21. EBITDA grew 9.9% to Rs 5,443 crore in Q3 FY21 over Q2 FY21. EBITDA margin improved to 28.2% in Q3 FY21 from 26.6% in Q2 FY21.
The company's revenue in constant currency grew 3.5% Q-o-Q and rose 1.1% year-on-year (YoY). The company expects Q-o-Q revenue to grow between 2% to 3% in constant currency for Q4 FY21, including DWS contribution. EBIT is expected to be between 21% and 21.5% for FY2021.
Stocks in Spotlight:
IRCON International gained 0.99%. The company announced the completion of 30 km Korichhapar-Dharamjaigarh section in Chhattisgarh. IRCON International announced opening the 30 km section between Korichhapar to Dharamjaigarh within the targeted date i.e., 31.12.2020. A trial run was carried on 31 December 2020. The cost of this line is approximately Rs 325 crore and the work is executed by Ircon International under an SPV named Chhattisgarh East Railway. South Eastern Coalfields, IRCON and Chhattisgarh Government are shareholders for the Chhattisgarh East Railway.
JK Tyre Industries advanced 2.42% after Navodya Enterprises purchased 15,46,500 shares, or 0.62% equity, of JK Tyre Industries on Thursday, 14 January 2021, at an average price of Rs 87.27 each, as per the bulk deal data on the NSE.
PNC Infratech slipped 0.99%. The company's wholly-owned subsidiary, PNC Bithur Kanpur Highways, has achieved financial closure for one of highway projects on hybrid annuity mode. PNC Bithur Kanpur Highways has received communication from National Highways Authority of India (NHAI) on 14 January 2021 confirming the achievement of financial closure of project on 31 December 2020. The order comprises four laning of Aligarh-Kanpur section of NH-91 in Uttar Pradesh. The bid project cost is Rs 2,052 crore. The construction period is 910 days and the concession period (including construction period) is 17.5 years.
Global Markets:
European shares declined while Asian shares were mixed on Friday as a re-emergence of COVID-19 cases in China pulled back the positive sentiment generated by U.S. President-elect Joe Biden's $1.9 trillion stimulus plan.
China reported the most daily cases of COVID-19 in more than 10 months on Friday, as local governments and factory owners began in offering incentives to the country's millions of migrant workers not to return to their home provinces for the Lunar New Year holidays in February.
Shares of Chinese smartphone maker Xiaomi plunged in Friday after U.S. President Donald Trump's administration placed the firm on a blacklist of alleged Chinese military companies.
US President-elect Joe Biden unveiled a $1.9 trillion coronavirus plan Thursday to end a crisis of deep human suffering by speeding up vaccines and pumping out financial help to those struggling with the pandemic's prolonged economic fallout.
Biden proposed $1,400 checks for most Americans, which on top of $600 provided in the most recent COVID-19 bill would bring the total to the $2,000 that Biden has called for. It would also extend a temporary boost in unemployment benefits and a moratorium on evictions and foreclosures through September.
In US, stocks fell slightly on Thursday, with tech shares declining the most. Donald Trump became the first president in U.S. history to be impeached twice when the House voted 232-197 on Wednesday to charge him with inciting riots at the Capitol.
Meanwhile, U.S. Federal Reserve Chair Jerome Powell said an interest rate hike is coming no time soon and pushed back against suggestions that the central bank might start tapering its bond purchases any time soon.
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