Nifty below 17,650 level; breadth weak. 21 January 2022

Current Market Situation

Equity indices traded in a range bound manner with losses in afternoon trade. The Nifty slipped below the 17,650 level. Barring auto and FMCG stocks, selling pressure was seen across the board.

The barometer index, the S&P BSE Sensex, dropped 249.89 points or 0.42% at 59,214.19. The Nifty 50 index fell 83.25 points or 0.47% at 17,673.75.

In the broader market, the S&P BSE Mid-Cap index lost 0.72% while the S&P BSE Small-Cap index fell 0.56%.

The market breadth was weak. On the BSE, 1,313 shares rose and 1,983 shares fell. A total of 108 shares were unchanged.

Results Today:

India's largest conglomerate, Reliance Industries (up 0.29%) will announce its quarterly results today.

JSW Steel (down 1.19%), HDFC Life Insurance Company (down 1.47%), SBI Life Insurance Company (down 1.86%), Bandhan Bank (down 0.57%), Gland Pharma (down 1.5%) and Vodafone Idea (up 1.24%) will also announce their quarterly results today.

Gainers & Losers:

Bajaj Auto (up 4.31%), Hero MotoCorp (up 2.35%), Tata Consumer Products (up 2.17%), Maruti Suzuki India (up 2.09%) and Hindalco Industries (up 1.64%) were top gainers in Nifty 50 index.

Shree Cement (down 4%), Bajaj Finserv (down 3.64%), Coal India (down 3.39%), Divi's Laboratories (down 3%) and Tech Mahindra (down 3%) were top losers in Nifty 50 index.

Earnings Impact:

Persistent Systems rose 1.67% after the company's consolidated net profit rose 9.1% to Rs 176.39 crore on 10.4% increase in revenue from operations to Rs 1491.71 crore in Q3 FY22 over Q2 FY21. EBITDA stood at Rs 251.08 crore in Q3 FY22, a growth of 11.9% QoQ and a rise of 37.6% YoY. EBITDA margin stood at 16.8% in Q3 FY22. In dollar terms, revenue was reported at $199.12 million last quarter, up 9.2% and up 36.2% YoY. The order booking for the quarter ended on 31 December 2021 was at $334.3 million in Total Contract Value (TCV) and at $291.3 million in Annual Contract Value (ACV).

Sasken Technologies slumped 9.67% to Rs 1138.70 after the company's consolidated net profit fell 19.33% to Rs 30.08 crore 2.19% increase in revenue from operations to Rs 106.27 crore in Q3 FY22 over Q2 FY22. EBIT for Q3 FY22 stood at Rs 29.85 crore, down 8.6% sequentially and down 8.7% YoY. EBIT margins for the quarter stood at 28%.

Shoppers Stop surged 10.26% to Rs 398.55 after the company reported consolidated net profit of Rs 77.32 crore in Q3 FY22 as against net loss of Rs 25.11 crore in Q3 FY21. Net sales rose 33.82% to Rs 958.11 crore in Q3 FY22 over Q3 FY21. Pre-tax profit stood at Rs 94.44 crore in Q3 FY22 as against pre-tax loss of Rs 32.33 crore in Q3 FY21.

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