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Sensex ends 617 pts higher; Nifty above 15,100 for first time; auto, metals lead

Last Friday, the Sensex hit 51000-mark, while the Nifty also touched 15000 for the first time. Photo: MintPremium
Last Friday, the Sensex hit 51000-mark, while the Nifty also touched 15000 for the first time. Photo: Mint

  • Sensex and Nifty closed at record highs following strong performance in global equities. Sensex touched a high of 51,523, while Nifty hit 15,160 intraday. Auto, metal and IT stocks were the best gainers

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08 Feb 2021, 03:48:42 PM IST

Sensex ends above 51k, Nifty above 15,000 for the first time

Continuing the bull run for the sixth day in a row, Sensex ended above the 51,000 mark and Nifty topped the 15,000 level for the first time ever. Firm global markets helped Sensex clock 617 points to end at 51,348.77, while Nifty soared 1.3% to 15,115.80.

Auto, metal and IT stocks were the best gainers in today's rally, while FMCG companies and PSU banks underperformed.

The Sensex touched an intraday high of 51,523, while Nifty had hit 15,160 intraday. Midcaps and small caps rose in line with the benchmarks.

On the 30-share Sensex, Kotak Bank and HUL were the biggest laggards among the six shares that closed in the red in today's trade. M&M gained over 7%.

Market close
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Market close
08 Feb 2021, 03:34:03 PM IST

Sensex, Nifty end at record highs

08 Feb 2021, 03:28:41 PM IST

India's risk-based internal audit requirement for NBFCs is credit positive: Moody's

The Reserve Bank of India's) guidelines for non-banking finance companies (NBFCs) to implement a risk-based internal audit framework in line with banks is credit positive, Moody's Investors Service said on Monday.

"The requirement is credit positive because it adds another layer of risk monitoring and improves the companies' resilience to unexpected shocks," said Moody's in its latest credit outlook.

08 Feb 2021, 03:24:46 PM IST

Nifty IT up 2%; L&T Infotech only laggard

IT cos
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IT cos
08 Feb 2021, 03:17:35 PM IST

Capital support for Indian govt banks to determine loan growth: Fitch

Indian state-owned banks will be forced to continue on a path of risk aversion and soft loan growth without adequate capital support from the state, according to Fitch Ratings.

Fitch said it expects a moderately worse operating environment for the Indian banking sector in 2021, anchored to its belief that the banks' prospects for new business and revenue generation are likely to remain muted.

08 Feb 2021, 03:10:26 PM IST

Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers on market performance.

“Indian markets opened on a positive following upbeat global market peers in Asia on hopes of $1.9 trillion COVID-19 aid package to be passed by U.S. lawmakers as soon as this month. During the afternoon session markets continued to trade in high spirit on account of broad based buying in blue chip stocks. Sentiments were upbeat with private report penning that the Indian government is confident of obtaining funds for its massive 2021-22 borrowing programme at below six percent, as the central bank has given assurances that it would provide liquidity. Adding to the optimism, Finance Minister Nirmala Sitharaman's statement that the government will work with the Reserve Bank for execution of the bank privatisation plan announced in the budget further provided strength in markets."

08 Feb 2021, 03:01:19 PM IST

NCC at 52-week high; hits 20% upper circuit

NCC jumps
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NCC jumps
08 Feb 2021, 02:53:13 PM IST

Jyoti Roy, DVP, Equity Strategist, Angel Broking

Shriram City Union Finance is part of the Shriram group and is in the high margin business of lending to small businesses which account for 57.3% of the loan book as of end FY20. The company also provides auto, 2 wheeler, gold, and personal loans. The company posted a good set of number s for the quarter due to positive surprise on the asset quality front. NII for Q3FY21 was down by 1.3% YoY to Rs. 876.5 crore while PPOP was down by 2.2 YoY to Rs. 560 crore. provision during the quarter was down by 13% qoq to Rs. 175.5 crore while profits were down by 5.7% yoy to Rs. 280 crore. SCUF reported a strong 50% sequential growth in disbursement for the quarter which led to a 3.7% qoq growth in AUM to ~ Rs. 28,500 crore. SCUF surprised positively on the asset quality front Gross stage 3 loans decreased by 20bps qoq to 6.5% in Q3FY21. Net stage 3 for the quarter was stable at 3.3% while PCR ratio stood at 52.7%. We believe that the worst is over for the company and expect the company to achieve the management’s target of mid teen growth for FY22. We are positive on the company as we believe that the worst is over in terms of asset quality which along with positive growth momentum should lead to a rerating for the company. Hence we recommend a BUY on the stock with a target price of Rs. 1800.

08 Feb 2021, 02:46:25 PM IST

For India’s big banks, stress has not left the building yet

A look at the December quarter profitability metrics of India’s large banks may give the impression that lenders have left behind their bad loan troubles and are all set to boost returns for their investors. After all, every lender has been setting aside large chunks of profit as provisioning over the past nine months which is expected to take care of any pandemic related stress. This makes the Nifty Bank index’s 12% gain of the past one month justified.

But here is a small detail that investors need to focus on. Fresh slippages in the December quarter have shown a sequential jump. The top ten lenders, by size of their loan book, added close to 80,000 in slippages during the December quarter. These are not captured in banks’ reported balance sheets because lenders cannot label a defaulting account as non-performing. (Full report)

08 Feb 2021, 02:36:06 PM IST

Stocks gain globally

Hopes that US lawmakers would pass President Joe Biden's stimulus package helped push global markets higher Monday,

In Asia, Japan's Nikkei jumped about 2%, while Australian shares ended 0.6% higher. Hong Kong's gained 0.1 and Shanghai Composite rose 1%.

In Europe markets, London's FTSE 100 rose 0.3%, France CAX was up around 1% and Germany's DAX was a tad higher.

08 Feb 2021, 02:24:44 PM IST

Sensex at day's high; up more than 750 points

Sensex check
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Sensex check
08 Feb 2021, 02:20:47 PM IST

Growth triggers remain intact for Divi’s Laboratories; Q3 numbers impressive

Divi’s Laboratories Ltd continued posting decent performance during the third quarter ended 31 December led by strong traction in generics and Custom-synthesis business. December quarter saw generic API (active pharmaceutical ingredients) segment grow at 17.3% year-on-year (y-o-y), supported by 15.7% growth in custom synthesis (CRAMS) business. The upcoming nutraceutical business (carotenoids) grew 45% y-o-y.

The company's revenue stood at 1701 crore, up 22% y-o-y. Strong gross margins were the key highlights during the period under review. Analysts at Jefferies India Ltd said that Gross margins and EBITDA margins excluding one-time incentive payments reached a record high during the quarter. They believe that the elevated margin levels could sustain on continuous technology and process improvement investments made by the company.

08 Feb 2021, 02:10:40 PM IST

Mutual Fund allotment timelines create uncertainty for investors

Getting Net Asset Value of a mutual fund as of particular day is important to investors who put in a lump sum. This is particularly true in equity mutual funds where market movements move NAV by large amounts on a daily basis.

According to Sebi rules, two requirements need to be fulfilled for getting a particular day's NAV. First, the application needs to come in before the cut off time (3 pm in equity funds) and second the investor's money needs to reach the fund house. Purchase orders less than 2 lakh were exempt from the second requirement previously, and money for them could come in on a later day. However this exemption was ended by Sebi from 1st February. (Full report)

08 Feb 2021, 01:59:13 PM IST

Nifty Metal up 2% led by Hind Copper, Hindalco

Metal cos gain
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Metal cos gain
08 Feb 2021, 01:47:48 PM IST

Bitcoin prices back near $40,000 level

Bitcoin was back near the $40,000 mark, recovering from the seven-day lows of $33,000, level on the back of fresh institutional demand. US-based digital asset investment fund Grayscale Holdings on Friday said that its total crypto assets under management (AUM) stood at $30.4 billion.

Over the past 24 hours, bitcoin traded in the $37,388.34-39,845.92 range, while it was trading at $38,900, higher by 0.30% at around 12.50pm IST on Monday, as per data available with crypto exchange WazirX.

08 Feb 2021, 01:38:43 PM IST

Hero MotoCorp up 1.5%

The company plans to leverage its alliance with Harley Davidson to grow its market share in the profitable middleweight motorcycle segment. The New Delhi-based firm plans to launch several products in the middleweight segment, which is currently dominated by Royal Enfield.

08 Feb 2021, 01:28:17 PM IST

Yash Gupta Equity Research Associate, Angel Broking, on Divi's Labs

Divis Labs reported numbers inline expectation, Divis Laboratories Limited reported revenue from operations for Q3FY21 at 1701 crores up by 22% YoY from 1396 crores in Q3FY20. Profit before tax for the quarter up by 31.8% at 642 crores in Q3FY21 as compared to 487 crores in Q3FY20. Profit after tax for the quarter at 470 crores in Q3FY21 as compared to 359 crores up by 31% in Q3FY20.

Divis labs reported the numbers in line with expectations, the company has shown a steady growth in top line as well as on bottom line. Company margins are better than the expectations.

We have a Neutral outlook towards Divi's Labs.

08 Feb 2021, 01:18:30 PM IST

Govt budgets for sharp LPG price hikes

The finance ministry has slashed the allocation for petroleum subsidy by two thirds to 12,995 crore for FY22 despite increasing the number of Ujjwala beneficiaries by 10 million, hoping that gradual price increases for subsidized cooking gas cylinders will reduce the subsidy burden on the government.

“This is part of the long-term clean-up in subsidies. We have been gradually increasing the prices of kerosene and cooking gas. This will continue next fiscal. Every year, we are releasing a lot of arrears also; so, arrears are going down. So, the amount of petroleum subsidy to be released next year is low. It is the effect of cumulative improvement," a finance ministry official said on condition of anonymity. (Full report)

08 Feb 2021, 01:11:00 PM IST

Adani Enterprises up over 5%

The Adani group has completed the purchase of 23.5% stake in Mumbai International Airport from two South African entities, marking the first step towards acquiring a majority control in the country’s second-busiest airport.

08 Feb 2021, 01:01:06 PM IST

NTPC says impact of avalanche on co as a whole may not be considered material

08 Feb 2021, 12:52:21 PM IST

Nifty FMCG slips into the red as HUL, ITC drag

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FMCG cos
08 Feb 2021, 12:43:15 PM IST

States may not return to pre-covid debt levels by FY26: 15th Finance Commission’s roadmap

The covid-19 pandemic disrupted the finances of India’s states in the ongoing fiscal year. Expense needs grew and public debt swelled, while revenues shrank. While most states could return to pre-pandemic output levels next year, their fiscal indicators are likely to remain strained for much longer, projections by the 15th Finance Commission (15-FC) show.

States’ combined fiscal deficit is likely to have risen to 4.5% of their total gross state domestic product (GSDP) in 2020-21, from 2.5% in 2018-19, the panel said. The commission’s fiscal roadmap puts the figure at 3% by 2025-26. Debts by that year could still be 32.5% of the total GSDP, against 27.3% in FY20, the estimates show. (Read more)

08 Feb 2021, 12:35:06 PM IST

Oil breaches $60

Oil advanced above $60 a barrel for this first time in more than a year as global supplies tighten and the demand outlook improves with the rollout of Covid-19 vaccines.

Futures in London gained as much as 1.2% before easing slightly on Monday, extending its rally after a third weekly gain.

08 Feb 2021, 12:30:17 PM IST

Modi urges farmers to end protests over agriculture laws

Prime Minister Narendra Modi on Monday urged farmers to end their over two-month long protest against agricultural reforms, assuring them that a mechanism of floor prices for key crops would remain in place.

Demanding the repeal of three new farm laws that they say will hurt them to the benefit of large corporations and allow the government to discontinue buying food grains at a minimum support price (MSP), tens of thousands of farmers have been camped on the outskirts of Delhi since late 2020.

08 Feb 2021, 12:18:12 PM IST

M&M had a good ride in Q3, but its pricey valuation needs new trigger

For Mahindra & Mahindra Ltd (M&M), increased impetus to agriculture activities provided by the second consecutive normal monsoon season has meant that tractor sales have continued to remain strong. In Q3, the company’s tractor sales increased by about 20% year-on-year (y-o-y). What’s more, demand is expected to remain strong in the coming months as well. The strong momentum has meant tractor system inventory at the end of the December quarter declined by 21% quarter-on-quarter.

08 Feb 2021, 12:10:03 PM IST

Nifty up 1.2%, broad market indices strong

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Market breadth
08 Feb 2021, 12:04:09 PM IST

Sensex up 1.3% at noon

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Sensex check
08 Feb 2021, 12:01:23 PM IST

EPFO launches electronic facility for principal employers to view compliances

Employees' Provident Fund Organisation (EPFO) has launched an electronic facility for principal employers, which makes it easier for them to view the EPF compliances of their contractors.

The EPFO took to Twitter to inform all the concerned about this facility for the Principal employers.

08 Feb 2021, 11:45:59 AM IST

RBI to conduct purchase of government securities worth ₹20,000 crore under OMO on 10 Feb

"The Reserve Bank stands committed to ensure the availability of ample liquidity in the system in order to foster congenial financial conditions. On a review of current liquidity and financial conditions, therefore, the Reserve Bank has decided to conduct purchase of Government securities under Open Market Operations (OMO) for an aggregate amount of 20,000 crore on February 10, 2021," the central bank said.

08 Feb 2021, 11:39:54 AM IST

Dalmia Bharat's plan to double capacity excites the Street, stock hits new high

Shares of cement maker Dalmia Bharat Ltd hit a fresh 52-week high of Rs1,339.90 on the National Stock Exchange on Monday. This surge in the share price was in response to the company's robust December quarter earnings. A 14% year-on-year volume growth to 5.8 million tonnes, despite competition in its key markets of east and south, points to market share gains, analysts said. The management said this is its best quarterly sales growth ever.

But the Street seems to be more excited about the company's announcement of doubling its capacity in three years to 55-60mtpa. Mtpa is short for million tonnes per annum. In a post earnings conference call, the company's management said it aims to become a pan-India cement maker rather than just focusing on east and south India. More details on the capacity expansion are awaited. (Full report)

08 Feb 2021, 11:30:51 AM IST

BSE Auto Index up 2.5%; Bajaj Auto down

Auto cos up
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Auto cos up
08 Feb 2021, 11:28:35 AM IST

Anuj Gupta- DVP- Commodities and Currencies Research, Angel Broking, on gold prices

Last week gold prices corrected sharply by 4.22% and closed at 47256 levels. Silver prices were also corrected sharply by 1.39% and closed at 68738 levels. Announcement of lower custom duty in gold and silver was the main reason for correction in gold and silver, however weakness in dollar supported the gold and silver prices.

Weakness in dollar due to disappointing US Jobs data last week and lower US bond yield also increase the safe haven demand of Gold. Expectation of Relief package for US economy may also give support to the gold and silver prices.

As of today traders can go for buy in gold at 47000 levels with the stop loss of 46600 levels for the target of 47600 levels and also buy in silver at 68000 levels with the stop loss of 67400 levels and for the target of 69500 levels.

08 Feb 2021, 11:18:30 AM IST

RBI plans more than $41 billion in bond purchases: Bloomberg

India’s central bank will target to buy more than Rs3 trillion ($41 billion) of sovereign bonds in the year starting April 1 to cap benchmark yields at about 6%, according to a person familiar with the matter.

The Reserve Bank of India has so far bought about Rs2.5 trillion of net debt in the current financial year. The figure will be as high as Rs3 trillion by end-March as authorities are keen to shrink the spread between the 10-year bond yield and repo rate to around 150 basis points from more than 200 basis points, the person said, asking not to be identified discussing private deliberations.

08 Feb 2021, 11:09:30 AM IST

BHEL down 7%: It's the same old story of rising losses and poor execution

The earnings performance of Bharat Heavy Electricals Ltd (BHEL) in the December quarter was disappointing, to say the least. Reacting to it, the stock fell 7% to Rs40.70 apiece on the National Stock Exchange in opening deals on Monday.

Revenue at 4,450 crore was much below the Street's consensus estimate of Rs5,600 crore. At the operating level, BHEL reported a loss of Rs180 crore versus positive Ebitda of Rs330 crore a year ago. Inability to absorb higher fixed costs weighed in its operating performance. Ebitda is short for earnings before interest, tax, depreciation and amortization. (Full report)

08 Feb 2021, 11:00:12 AM IST

LIC exposure to listed firms hits record low of 3.7%

Life Insurance Corp. of India (LIC), the country’s top institutional investor in the equities market, pared its stockholdings to a record low in the December quarter as it sought to capitalize on a surge in stock prices.

LIC trimmed its exposure in 290 listed firms to an all-time low of 3.7% of the total market value as on 31 December, according to data compiled by Prime Database. This is a drop from the state-run insurer’s shareholding of 3.91% just three months earlier and 3.96% at the end of 2019. LIC’s shareholding in these companies was at a record high at 5% in June 2012. LIC shareholding data includes companies where its stake is more than 1%.

08 Feb 2021, 10:50:45 AM IST

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking:

“The year 2020 was full of unprecedented things; but 2021 also seem to be following the similar footsteps. Fortunately, it surprised us pleasantly as Finance Minister stood by her words and really presented ‘Like never before’ Union Budget on Monday. Since the market had lightened up ahead of the event, market participants had all the reason to grab this opportunity with both hands and hence, we could see a gargantuan move to clock probably biggest gains ever on the budget day. Market was not done yet, in fact the exuberance level kept on rising as the week progressed to clock one of the biggest weekly gains to register new high tad above the magical figure of 15000.

Who would have thought during the previous weekend (especially after having a terrible week of trade), Nifty and other major indices would have such a mesmerizing rally to reach record highs so soon. Many would be claiming now but practically, there would be hardly anyone who could have anticipated this. Honestly, we expected Nifty to move towards 14000 – 14200 but not beyond considering the previous week’s price action. But the way it conquered 14200 with some authority, there was no doubt left after Monday’s session, we are heading towards record highs. The real charioteer of this spellbinding move was the financial space. Some of the banking giants took off during the week as if there is no tomorrow. Now, markets have hastened towards their near term targets with this fast and furious rally so soon. Hence, it would be interesting to see how it behaves in this week. As far as levels are concerned, 15050 – 15200 – 15400 are the important Fibonacci levels in the upward direction; whereas on the lower side, 14700 – 14500 are to be seen as key supports.

Although, the banking stocks have seen rarest weekly spurt during the week, some profit booking was witnessed on Friday after a marathon rally. This led to a formation of ‘Gravestone Doji’ pattern on the daily chart of BANKNIFTY. The said pattern needs confirmation of price trading below the low of the candle i.e. 35545 in this case. If this happens then we would probably see some profit booking in this week. Traders should take a note of this and ideally it’s advisable to follow stock centric approach."

08 Feb 2021, 10:41:57 AM IST

Rupee firm

The Indian rupee rose 9 paise to 72.84 against the US dollar in early trade.

08 Feb 2021, 10:32:25 AM IST

HCL Tech announces special one-time bonus for employees worth ₹700 crore

IT services major HCL Technologies will issuing a one-time special bonus worth 700 crore to employees around the world, in recognition of its recent milestone of crossing the $10 billion mark in revenue for 2020. All employees with one year of service or greater will receive a bonus, the equivalent of ten days’ salary.

As of December 31, 2020, HCL’s full time employee headcount stood at 159,682. HCL Tech's revenue had crossed $10 billion milestone in calendar year 2020, delivering 3.6% YoY growth in constant currency.

08 Feb 2021, 10:32:25 AM IST

Reliance up 1.5%

The Mukesh Ambani company has picked up two-thirds of its own new gas from KG-D6 block that was auctioned under new rules with state-owned GAIL and Royal Dutch Shell getting smaller volumes.

08 Feb 2021, 10:19:39 AM IST

Banks biggest contributor to Sensex rally

Index movers
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Index movers
08 Feb 2021, 10:09:53 AM IST

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Just as expected last week, 15000 was merely a psychological resistance. The Nifty has flown out of that level this morning and we should be headed to 15200. If the markets can sustain at these levels, the index might surprise us by moving up all the way to 15500. 14600 has now become a good medium term support for the markets and if we can keep above that level, every dip can be utilised as a buying opportunity.

08 Feb 2021, 10:03:20 AM IST

Maruti Suzuki up 1.3%

The carmaker's total production declined to 160,000 units in January down 10% year-on-year. The company produced 179,000 units in January 2020.

08 Feb 2021, 09:57:51 AM IST

Gold prices fall in Indian markets

Gold and silver prices edged lower in Indian markets on Monday after a strong surge in the previous session. On MCX, gold futures fell 0.12% to 47,200 per 10 gram in their fifth fall in six sessions. Silver futures edged 0.2% lower to 68,593 per kg. Gold prices have been very volatile this year after hitting a record high of 56,200 in August last year.

Global gold prices have also swung wildly this year, depending on the movement of US bond yields and the dollar. In addition, import duty cut by the Indian government in recent budget has also impacted domestic gold price.

08 Feb 2021, 09:54:10 AM IST

Debt recasts under RBI scheme at ₹1 tn

Indian lenders have agreed to recast loans worth 1 trillion under a central bank scheme, significantly lower than what was originally anticipated, signalling an improvement in borrowers’ repayment capability amid a rebound in economic activity. Although many such loan accounts may turn sour, things are likely to be better than the last round of forbearance.

08 Feb 2021, 09:37:54 AM IST

BSE Midcap up 1.2%

Midcaps shine
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Midcaps shine
08 Feb 2021, 09:26:32 AM IST

All sectoral indices in the green, Nifty Bank up 1.7%

Nifty sectoral indices
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Nifty sectoral indices
08 Feb 2021, 09:22:20 AM IST

Sensex above 51k led by banks

Sensex was 532 points higher at 51,264, while the Nifty was up 1% at 15,065. Banks were the lead gainers, while Bajaj Auto and NTPC lagged.

Sensex at open
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Sensex at open
08 Feb 2021, 09:16:38 AM IST

Sensex, Nifty open at record highs

08 Feb 2021, 09:04:23 AM IST

Sensex at pre-open

Sensex at pre-open
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Sensex at pre-open
08 Feb 2021, 09:02:38 AM IST

Sensex, Nifty positive at pre-opening session

08 Feb 2021, 08:49:43 AM IST

Indian markets likely to surge further

Indian markets are likely to continue their uptrend on Monday following strong performance in Asian equities. SGX Nifty suggests a firm opening of domestic benchmark indices.

On Friday, the Sensex hit 51000-mark while the Nifty also touched 15000 for first time ever. The Nifty ended at 14,924.25 , up28.60 points or 0.19%. The Sensex closed at 50,731.63 up 117.34 points or 0.23%.

08 Feb 2021, 08:43:23 AM IST

Stocks to Watch

Shares of banks, Maruti Suzuki, Reliance, BHEL, Britannia, PNB are among stocks that will be in focus today.

Nifty company BPCL will report its December quarter earnings today, while non-Nifty companies that will announce results include Aditya Birla Fashion & Retail, AstraZeneca Pharma India Ltd, Balkrishna Industries Ltd, EID Parry India Ltd, Galaxy Surfactants Ltd, GE Power India Ltd, Godrej Consumer Products, Jindal Stainless Hisar, NMDC Ltd, and Torrent Pharmaceuticals.

08 Feb 2021, 08:35:16 AM IST

Oil prices firm

Hopes of a quicker economic revival and supply curbs by producer group OPEC and its allies pushed oil to its highest level in a year as it edged near $60 a barrel.

Brent crude and U.S. crude climbed 59 cents each to $59.93 and $0.57.44 respectively.

08 Feb 2021, 08:19:52 AM IST

Asian markets strong

Asian shares hovered near record highs on Monday on hopes a $1.9 trillion covid-19 aid package will be passed by US lawmakers as soon as this month just as coronavirus vaccines are being rolled out globally.

MSCI's broadest index of Asia-Pacific shares outside Japan was last up 0.3% at 717.2 after climbing as high as 730.16 late last month.

Japan's Nikkei jumped 2% while Australian shares advanced 0.8% led by technology and mining shares. Chinese shares were mildly positive with the blue-chip CSI300 index up 0.1%.

08 Feb 2021, 08:13:22 AM IST

Wall Street ends higher on Friday

US markets rose on Friday on hopes of faster economic revival led by successful vaccine rollouts and expectations of a large US pandemic relief package.

On Friday, the Nasdaq and S&P 500 hit all-time highs on stronger-than-expected corporate results in the fourth quarter and as companies were on track to post earnings growth for the first quarter instead of a decline.

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