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Barometers trade sideways, Nifty above 17,500 level, broader market underperforms

Published on Oct 20, 2022 14:35

The benchmarks indices continued to trade near the flat line in the mid-afternoon trade. The Nifty traded above the 17,500 level. PSU bank, IT and oil & gas stocks advanced while private bank, consumer durables and auto shares declined. Trading was volatile due to expiry of weekly index options on the NSE.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 41.17 points or 0.07% to 59,066.02. The Nifty 50 index rose 8.50 points or 0.05% to 17,520.75.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index fell 0.70% while the S&P BSE Small-Cap index shed 0.25%.

The market breadth was negative. On the BSE, 1,409 shares rose and 1,859 shares fell. A total of 154 shares were unchanged.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.496 as compared with 7.451 at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9750, compared with its close of 83 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement shed 0.03% to Rs 50,186.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, declined 0.10% to 112.87.

The United States 10-year bond yield jumped 0.93% to 4.167.

In the commodities market, Brent crude for December 2022 settlement rose 76 cents or 0.82% at $93.17 a barrel.

Buzzing Index:

The Nifty Private Bank index fell 1.14% to 20,704.70, snapping a four day gaining streak. The index witnessed profit booking after rising nearly 3% in four trading sessions.

IndusInd Bank (down 4.65%), City Union Bank (down 2.67%), IDFC First Bank (down 1.4%), Axis Bank (down 1.19%), Federal Bank (down 1.03%), ICICI Bank (down 0.87%), HDFC Bank (down 0.83%), RBL Bank (down 0.74%), Kotak Mahindra Bank (down 0.52%) declined.

IndusInd Bank slipped 4.65%. The private lender reported 60.5% rise in standalone net profit to Rs 1,786.72 crore on a 12.9% increase in total income to Rs 10,718.85 crore in Q2 FY23 over Q2 FY22.

Results Impact:

Canara Bank rallied 3.62% after the PSU bank`s standalone net profit surged 89.51% to Rs 2,525.47 crore on 16.88% rise in total income to Rs 24,932.19 crore in Q2 FY23 over Q2 FY22. The bank`s net interest income grew 18.51% year on year to Rs 7,434 crore in Q2 FY23.

Granules India declined 2.33%. The company reported 80% jump in net profit to Rs 145 crore on a 30% increase in revenue from operations to Rs 1,151 crore in Q2 FY23 over Q2 FY22. EBITDA improved by 61% to Rs 243 crore in Q2 FY23 from Rs 151 crore in Q2 FY22. EBITDA margin was 21% in Q2 FY23 as against 17% in Q2 FY22.

DCM Shriram slipped 4.61% after the company reported 19.2% decline in consolidated net profit to Rs 128.12 crore despite of a 27.8% increase in net revenue from operations to Rs 2,740 crore in Q2 FY23 over Q2 FY22.

Central Bank of India rose 1.51% after the state-run lender`s net profit rose 27.26% to Rs 318.17 crore on 8.24% increase in total income to Rs 7,064.96 crore in Q2 FY23 over Q2 FY22.

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