Market opens on firm note; breadth strong

The domestic indices opened on a firm note on buying demand in index pivotals after yesterday`s slide. Asian stocks are trading mixed.

At 9:30 IST, the barometer index, the S&P BSE Sensex, jumped 509.61 points or 0.90% at 56,915.45. The Nifty 50 index surged 142.30 points or 0.84% at 16,985.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.94% while the S&P BSE Small-Cap index gained 1.11%.

The market breadth was strong. On the BSE, 1,729 shares rose and 760 shares fell. A total of 66 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 4,253.70 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,170.29 crore in the Indian equity market on 14 February 2022, provisional data showed.

Economy:

India`s headline inflation rate based on the Consumer Price Index (CPI) jumped to 6.01% in January 2022, as per data released by the National Statistical Office on 14 February 2022. CPI inflation was 5.66% in December 2021.

Stocks in Spotlight:

Reliance Industries (RIL) rose 0.50%. Glance, a leading AI-driven lock-screen platform, announced today that it has agreed to raise $200 million from Jio Platforms (Jio) in its Series D round of funding. Jio is a subsidiary of RIL.

Cipla dropped 3.08%. The promoters of the drugmaker, Yusuf Khwaja Hamied and Mustafa Khwaja Hamied, will sell up to 2.5% of their stake in the company through a block trade that could fetch as much as Rs 1,849 crore, or $244.6 million, as per reports.

Coal India gained 1.30%. The company has reported a consolidated net profit of Rs 4,556.54 crore in Q3 FY22 as compared to net profit of Rs 3,084.10 crore in Q3 FY21. Total income rose to Rs 29,086.35 crore from 24,334.62 crore.

Eicher Motors declined 2.53%. The company recorded total revenues stood at Rs 2,881 crore, up by 1.9% as compared to Rs 2,828 crore in the corresponding quarter of FY 2020-21. The profit after tax was recorded at Rs 456 crore as against a profit of Rs 533 crore during the same period last year.

Vedanta added 1.99%. The company has reportedly partnered Taiwan`s Foxconn, the world`s largest contract electronics manufacturer, to make semiconductors in India. Vedanta will be the majority shareholder in a new joint venture company with Foxconn.

Global Markets:

Asian stocks edged lower on Tuesday as investors in the region continued to monitor tensions between Russia and Ukraine. Japan`s economy expanded 5.4% on an annualized basis in the final quarter of 2021, according to government data released Tuesday.

The Dow Jones Industrial Average and S&P 500 retreated on Monday as investors evaluated concerns about the Federal Reserve`s plan for interest rate hikes and tensions between Russia and Ukraine.

Global markets have been kept on edge amid fears of a Russian attack on Ukraine, with the U.S. closing its embassy in Kyiv. US Secretary of State Antony Blinken cited the �dramatic acceleration in the buildup of Russian forces� on Ukraine`s border.

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