Benchmarks hit day`s low; PSU banks correct

The domestic equity barometers hit the day`s low in early afternoon trade. The Nifty was trading below the 17,500 level. PSU banks corrected for the second consecutive session.

At 12:23 IST, the barometer index, the S&P BSE Sensex, was down 276.31 points or 0.47% to 58,511.71. The Nifty 50 index lost 76.20 points or 0.43% to 17,484.

In the broader market, the S&P BSE Mid-Cap index fell 0.45% while the S&P BSE Small-Cap index shed 0.25%.

The market breadth was positive. On the BSE, 1,639 shares rose and 1,589 shares fell. A total of 103 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Vedant Fashions (Manyavar) received bids for 19,64,588 shares as against 2,54,55,388 shares on offer, according to stock exchange data at 11:54 IST on Friday (4 February 2022). The issue was subscribed 8%.

The issue opened for bidding on 4 January 2022 and it will close on 8 February 2022. The price band of the IPO is fixed at Rs 824-866. An investor can bid for a minimum of 17 equity shares and in multiples thereof.

Buzzing Index:

The Nifty PSU Bank index fell 1.15% to 3,015.75, extending its decline for the second day. The index has lost 1.64% in two sessions.

Indian Bank (down 2.80%), Punjab National Bank (down 1.88%), Central Bank of India (down 1.82%), Bank Of Baroda (down 1.73%), Bank of Maharashtra (down 1.67%), Indian Overseas Bank (down 1.62%), Jammu and Kashmir Bank (down 1.44%), Canara Bank (down 1.37%), UCO Bank (down 1.10%) and SBI (down 0.80%) declined.

Stocks in Spotlight:

Adani Power added 1.77% to Rs 109.50 after the company reported a consolidated net profit of Rs 218 crore in Q3 FY22 as against a net loss of Rs 289 crore in Q3 FY21. Total Income for Q3 FY 2022 was Rs 5,594 crore, down by 21% as compared to Rs 7,099 crore in Q3 FY 2020-21.

Sigachi Industries fell 2.45% to Rs 372.75. The company reported a 34.3% jump in consolidated net profit to Rs 9.55 crore in Q3 FY22 from Rs 7.11 crore posted in Q3 FY21. Net sales grew by 35.8% to Rs 65.59 crore in Q3 FY22 from Rs 48.30 crore registered in Q3 FY21.

Derivatives:

The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, declined 0.43% to 19.08. The Nifty 24 February 2022 futures were trading at 17,489.75, at a premium of 5.75 points as compared with the spot at 17,484.

The Nifty option chain for 24 February 2022 expiry showed maximum Call OI of 21.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 42.5 lakh contracts was seen at 16,500 strike price.

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