Current Market Situation
The barometer index, the S&P BSE Sensex, tumbled 1173.83 points or 1.99% at 57,863.35. The Nifty 50 index dropped 354.40 points or 2.01% at 17,262.60.
The broader market also witnessed sell off. The S&P BSE Mid-Cap index skid 3.31% while the S&P BSE Small-Cap index lost 4.22%.
The market breadth was weak. On the BSE, 497 shares rose and 2,993 shares fell. A total of 122 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, jumped 12% to 21.1575. The Nifty 27 January 2022 futures were trading at 17,404, at a premium of 34 points as compared with the spot at 17,370.
The Nifty option chain for 27 January 2022 expiry showed maximum Call OI of 109.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 65.3 lakh contracts was seen at 17,000 strike price.
Buzzing Index:
The Nifty Media index slipped 4.29% to 470.15, extending its losing streak for second day. The media index slipped 6.54% in two days.
Zee Entertainment (down 5.86%), Nazara Technologies (down 5%), Saregama (down 5%), Network 18 (down 5%), Dish TV (down 4.55%) and TV18 Broadcast (down 4.25%) were top losers in Nifty Media index.
Earnings Impact:
Vodafone Idea slumped 6.3%. The debt-ridden telecom company reported a consolidated net loss of Rs 7,230.9 crore in Q3 FY22 as against a net loss of Rs 4,532.1 crore in Q3 FY21. The teleco had recorded a loss of Rs 7,132.3 crore in Q2 FY22. Revenue for the quarter was Rs. 9,720 crore, a QoQ improvement of 3.3%, aided by several tariff interventions including the recent tariff hikes taken by all operators in November 2021. Cash & cash equivalents were Rs 1500 crore and net debt stood at Rs 1,97,480 crore. The subscriber base declined to 247.2 million in Q3 FY22 from 253 million in Q2FY22, because of these tariff interventions.
Bandhan Bank gained 3% in a weak market after the microfinance bank reported a 35.8% rise in standalone net profit to Rs 858.97 crore on a 6.5% rise in total income to Rs 4,120.95 crore in Q3 FY22 over Q3 FY21. Profit before tax rose 35.4% to Rs 1,144 crore in Q3 FY22 over Q3 FY21. Operating profit before provisions and contingencies rose 1.4% to Rs 1950.14 crore in Q3 FY22 as compared to Rs 1,923.18 crore in Q3 FY21. Net Interest Income (NII) for the quarter grew by 2.6% to Rs 2,124.7 crore as against Rs 2,071.7 crore in the corresponding quarter of the previous year. Net interest margin (annualised) for the quarter ended 31 December 2021 stood at 7.8% as against 7.6% in Q2 FY22.
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