Nifty hovers at 17,100; Axis Bank jumps 6%. 25-January-2022

 The main indices traded sideways with minor losses in early afternoon trade. Banking stock edged higher snapping their eight day losing streak. The Nifty hovered at 17,100 level.

The barometer index, the S&P BSE Sensex, declined 220.66 points or 0.39% at 57,270.50. The Nifty 50 index fell 57.20 points or 0.33% at 17,091.60.

Weak Asian stocks, worries of US Fed interest hike, geo-political tensions of Russia invading Ukraine and firm crude oil prices continue to impact investors sentiment.

In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 0.13%.

The market breadth was positive. On the BSE, 1,643 shares rose and 1,594 shares fell. A total of 88 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.84% to 22.6325. The Nifty 27 January 2022 futures were trading at 17,100, at a premium of 10 points as compared with the spot at 17,090.

The Nifty option chain for 27 January 2022 expiry showed maximum Call OI of 97.3 lakh contracts at the 17,500 strike price. Maximum Put OI of 67.1 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Bank index added 367 points or 0.99% to 37,308.15, snapping its eight day losing streak. The banking index corrected 3.67% in eight days.

Federal Bank (up 4.73%), RBL Bank (up 3.68%), SBI (up 3%), Bandhan Bank (up 3%), Punjab National Bank (up 2.89%) and IndusInd Bank (up 2.68%) were top gainers in banking space.

Axis Bank advanced 6.35% The private sector bank's net profit increased by 224% to Rs 3,614 crore in Q3 FY22 from Rs 1,117 crore in Q3 FY21. Total income in the third quarter rose by 15% YoY to Rs 21,101 crore. The bank's operating profit for the quarter grew 17% Y-o-Y and 4% Q-o-Q to Rs 6,162 crore.

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Equities drag lower as Metal, IT stocks tumble; breadth weak. 24 january 2022

 

Current Market Situation

The benchmark indices continued to suffer substantial losses during morning trade, as metal, IT, auto and FMCG scrips dragged the market. The Nifty tumbles below 17,400 level.

The barometer index, the S&P BSE Sensex, dropped 680.03 points or 1.15% at 58,357.15. The Nifty 50 index lost 229.25 points or 1.30% at 17,387.90.

In the broader market, the S&P BSE Mid-Cap index declined 2.34% while the S&P BSE Small-Cap index skid 3.09%.

The market breadth was weak. On the BSE, 633 shares rose and 2,693 shares fell. A total of 137 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 3,148.58 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 269.36 crore in the Indian equity market on 21 January 2022, provisional data showed.

Upcoming Nifty50 Results:

Axis Bank (down 0.51%) and HDFC Asset Management Company (down 2.10%) will announce their quarterly results today.

Buzzing Index:

The Nifty Metal index dropped 3.09% to 5,558.65. The index lost 4.67% in two trading sessions.

Hindustan Copper (down 5.79%), APL Apollo Tubes (down 5.78%), National Aluminium Co. (NALCO) (down 5.03%), Welspun Corp (down 4.21%) and Hindalco Industries (down 3.66%) were the top losers in the Metal segment.

Earnings in Spotlight:

Reliance Industries (RIL) slipped 0.87%. On a consolidated basis, India's largest conglomerate RIL reported a 37.9% jump in net profit to Rs 20,539 crore on a 57% rise in net sales to Rs 185,027 crore in Q3 FY22 over Q3 FY21. Consolidated profit before tax stood at Rs 25,227 crore in Q3 FY22, rising 68.4% from Rs 14,982 crore posted in Q3 FY21. EBITDA for the quarter was at Rs 33,886 crore ($ 4.6 billion), higher by 29.9% year on year. EBITDA growth was driven by robust operating performance across businesses.

Finance cost decreased by 11.9% to Rs 3,812 crore in Q3 FY22 as against Rs 4,326 crore posted in the corresponding quarter of the previous year. Lower finance costs reflected large paydown of debt, other liabilities and stabilization of exchange rates. Outstanding debt as on 31 December 2021 was Rs 244,708 crore in Q3 FY22. Cash and cash equivalents as on 31 December 2021 were at Rs 241,846 crore. The company posted an exceptional item (gain) of Rs 2,872 crore on account of divestment of shale gas assets, partially offset by provisions for liabilities pertaining to GAPCO amounting to Rs 36 crore.

ICICI Bank gained 0.86%. The bank advanced 1.04% to Rs 813 after the bank's standalone net profit grew by 25% to Rs 6,194 crore in Q3 FY22 from Rs 4,940 crore in Q3 FY21. Total income during the quarter rose by 11% YoY to Rs 27,070 crore. The profit before tax increased by 34% to Rs 8,141 crore in Q3 FY22 from Rs 6,078 crore in Q3 FY21. The core operating profit (profit before provisions and tax, excluding treasury income) increased by 25% to Rs 10,060 crore in the quarter ended 31 December 2021 from Rs 8,054 crore in the quarter ended 31 December 2020.

Net interest income (NII) in Q3 FY22 stood at Rs 12,236 crore, up by 23% from Rs 9,912 crore in Q3 FY21. The net interest margin was 3.96% in the quarter ended 31 December 2021 as against 3.67% in the quarter ended 31 December 2020 and 4% in the quarter ended 30 September 2021. Provisions (excluding provision for tax) declined by 27% to Rs 2,007 crore in Q3 FY22 from Rs 2,742 crore in Q3 FY21. Provision coverage ratio was 79.9% at 31 December 2021. The bank continues to hold COVID-19 provisions of Rs 6,425 crore as of 31 December 2021.

Yes Bank rose 0.15%. The private sector bank's net profit jumped 76.8% to Rs 266.43 crore in Q3 FY22 from Rs 150.71 crore posted in Q3 FY21. Meanwhile, the bank's total income fell 12.1% to Rs 5,632 crore in Q3 FY22 over Q3 FY21. Profit before tax surged to Rs 356 crore in Q3 FY22 from Rs 86.7 crore reported in Q3 FY21. Meanwhile, the bank's operating profit before provisions & contingencies fell 66.4% to Rs 730.68 crore in Q3 FY22 over Q3 FY21.

Net interest income (interest earned less interest expended) declined 31.1% to Rs 1,764 crore in Q3 FY22 from RS 2,560 crore posted in Q3 FY21. Net interest margin declined to 2.4% in Q3 FY22 from 3.4% in Q3 FY21. The bank's provisions and contingencies (excluding tax provisions) sharply declined by 82% to Rs 375 crore in Q3 FY22 as compared to Rs 2,089 crore posted in the same quarter last year. Meanwhile, the bank's provision coverage ratio slipped to 79.3% in Q3 FY22 from 81.5% posted in Q3 FY21.

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