Benchmarks trade with minor cuts; Nifty hovers below 17k

The key equity indices continued to trade with minor cuts in the early afternoon trade. The Nifty hovered below the 17,700 mark. PSU bank, auto and IT shares advanced while FMCG, private bank and financial services stocks declined.

At 12:26 IST, the barometer index, the S&P BSE Sensex, was down 171.32 points or 0.29% to 59,660.34. The Nifty 50 index lost 45.15 points or 0.25% to 17,685.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.33% while the S&P BSE Small-Cap index declined 0.07%.

The market breadth was negative. On the BSE, 1,421 shares rose and 1,874 shares fell. A total of 107 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, declined 3.64% to 16.7875. The Nifty 27 October 2022 futures were trading at 17,698.95, at a premium of 13.35 points as compared with the spot at 17,685.60.

The Nifty option chain for the 27 October 2022 expiry showed maximum Call OI of 125.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 76.8 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Private Bank index slipped 0.52% to 21,197.50. The index had advanced 2.78% in the previous two sessions.

RBL Bank (down 3.81%), Kotak Mahindra Bank (down 2.25%), IDFC First Bank (down 1.97%), Axis Bank (down 1.52%) and Bandhan Bank (down 1.12%) City Union Bank (down 0.7%), HDFC Bank (down 0.08%), IndusInd Bank (down 0.07%), Federal Bank (down 0.04%) were the losers.

On the other hand, ICICI Bank (up 0.52%) advanced.

RBL Bank slipped 3.81%. The private lender reported a net profit of Rs 201.55 crore in Q2 FY23, steeply higher than Rs 30.80 crore posted in Q2 FY22. Total Income rose 7.5% to Rs 2,758.98 crore in Q2 FY23 as against Rs 2,567.65 crore recorded in the corresponding quarter previous year. The bank`s profit before tax surged to Rs 270.85 crore in quarter ended 30 September 2022 from Rs 39.49 crore reported in the same period last year.

Stocks in Spotlight:

Adani Ports and Special Economic Zone declined 0.22%. The company announced that it has incorporated a wholly owned subsidiary in the name of Tajpur Sagar Port on 21 October, 2022. Tajpur Sagar Port has been incorporated in India and registered with Registrar of Companies, Gujarat at Ahmedabad for the purpose of development of deep-sea port on design, build, finance, operate and transfer basis at Tajpur, West Bengal.

United Spirits advanced 3.90% after the spirits maker`s standalone net profit climbed 105.93% to Rs 563 crore in Q2 FY23 as against Rs 273.4 crore posted in Q2 FY22. Net sales jumped 17.69% to Rs 2,879.7 crore in the quarter ended 30 September 2022 from Rs 2,446.8 crore recorded in the same period a year ago. The rise in the net sales was driven by resilient consumer demand in off-trade, rebounding in on-trade and continued mix improvement.

Powered by Capital Market - Live News