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Indian markets opened higher amid mixed global cues. Sensex was up 108 points or 0.21% at 51,437, and the Nifty was up 43 points or 0.29% at 15,153.

Ultratech Cement, Tata Steel, HDFC Life gained over 1.5% in opening trades, while Adani Ports, Powergrid & Infosys fell over 1%.

On the sectoral front, Nifty IT & Nifty Bank lost over 0.5% in early trades and were top Nifty sectoral drag.

The S&P BSE Mid-Cap index was up 0.31%. The S&P BSE Small-Cap index was up 0.16%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1183 shares rose and 793 shares fell. A total of 103 shares were unchanged.

Results today

Titan, Eicher Motors, GAIL, Aurobindo Pharma, Hindalco, Indraprastha Gas, Page Industries, ABB, 3M India, Bata India, Bank Of India, Gujarat State Petronet, Suven Pharmaceuticals, Procter & Gamble, Wabco, Metropolis Healthcare, TTK Prestige, JB Chemicals & Pharmaceuticals, NLC India, Asahi India Glass, Spicejet, NBCC, Happiest Minds Technologies & others.

Stocks in focus

Tata Steel reported 54.03% drop in consolidated net profit to Rs 1,565.41 crore on 7.4% rise in total income to Rs 37,531.67 crore in Q3 December 2020 over Q3 December 2019.

Berger Paints India reported 50.7% surge in consolidated net profit to Rs 274.80 crore on 24.83% rise in total income to Rs 2,134.80 crore in Q3 December 2020 over Q3 December 2019.

The Phoenix Mills Limited (PML) said its wholly owned subsidiary Mindstone Mall Developers has announced acquisition of approximately 7.48 acres of prime land in Alipore, Kolkata for a total consideration of Rs 300 crore. The land parcel is strategically located on Diamond Harbour Road, Alipore, Kolkata.

Mahanagar Gas reported 16.75% rise in net profit to Rs 217.21 crore on 11.16% fall in total income to Rs 686.79 crore in Q3 December 2020 over Q3 December 2019.

Raymond reported 88.89% slide in consolidated net profit to Rs 21.69 crore on 37.12% fall in total income to Rs 1,297.82 crore in Q3 December 2020 over Q3 December 2019.

Telecom operators Bharti Airtel, Reliance Jio and Vodafone Idea on Tuesday submitted applications to participate in the Rs 3.92 lakh crore spectrum auction scheduled to start from March 1, according to PTI.

Global markets

Overseas, Asian stocks are trading mixed on Wednesday. China’s consumer inflation declined in January, according to the country’s National Bureau of Statistics (NBS) which reported the consumer price index slipped 0.3% from a year ago. The NBS also reported the producer price index rose 0.3% year over year in January.

In US, Nasdaq extended their runs to fresh highs on Tuesday, as strong earnings and economic recovery prospects buoyed investor sentiment. The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors.

(With inputs from Capital Market – Live News)