Equity barometers were hovering near the day's high with strong gains in mid-morning trade. All sectoral indices on the NSE were trading in the green. Positive cues from other Asian markets supported buying.

At 11:24 IST, the barometer index, the S&P BSE Sensex, jumped 541.39 points or 1.11% at 49,105.62. The Nifty 50 index rallied 157.40 points or 1.1% at 14,438.40.

The broader market outperformed the benchmarks. The S&P BSE Mid-Cap index rallied 1.74% while the S&P BSE Small-Cap index was up 1.5%.

The market breadth was strong. On the BSE, 1969 shares rose and 689 shares fell. A total of 128 shares were unchanged.

In yesterday's trading session, foreign portfolio investors (FPIs) bought shares worth Rs 650.60 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 42.51 crore in the Indian equity market on 18 January, provisional data showed.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 95,543,848 with 2,039,942 deaths. India reported 2,00,528 active cases of COVID-19 infection and 1,52,556 deaths while 1,02,28,753 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

India's 2020-21 sugar production till January 15 is up by 33.76 lakh tonnes or 31% compared to the same period of the previous sugar season (October to September), according to a latest update from the Indian Sugar Mills Association (ISMA). A total of 487 sugar mills are in 33.76 lakh tonnes operation in the country as on 15th January 2021 and have produced 142.70 lakh tonnes of sugar, as compared to 108.94 lakh tonnes produced by 440 sugar mills as on 15th January' 2020.

Buzzing Index:

The Nifty PSU Bank index gained 2.4% to 1,935.30, snapping its two day losing streak. The PSU Bank index saw bargain hunting after slipping 4.46% in two days.

Indian Bank (up 6%), Canara Bank (up 3.5%), Central Bank of India (up 2.92%), Bank of India (up 2.29%), J&K Bank (up 2.28%), Bank of Baroda (up 2.12%), SBI (up 2%) and UCO Bank (up 1.94%) were top gainers in PSU Bank segment.

Bank of Maharashtra (up 7.46%) will announce its Q3 December 2020 result today.

Stocks in Spotlight:

Escorts rose 1.14% after the tractor maker said it received Budni certification in India for its electric tractor. The company's Agri Machinery Division (EAM) on 18 January 2019 got certification from Central Farm Machinery Training and Testing Institute, Budni for its electric tractor. The Budni certification complies with the provision of Central Motor Vehicles Rules, 1989 (CMVR). Escorts said it is the first and the only company to receive the CMVR certificate in India for the electric tractor.

Man Industries (India) advanced 3% after the company said it received new orders worth approximately Rs 250 crore which are to be executed over the next five months.

Global Markets:

Asian market advanced on Tuesday as investors await remarks from U.S. President-elect Joe Biden's nominee for Treasury secretary, Janet Yellen.

On the coronavirus front, the head of the World Health Organization warned Monday of a catastrophic moral failure due to unfair vaccine rollouts.

The U.S. stock market was closed on Monday in honor of Martin Luther King Jr. Day.

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