Benchmarks turn flat; bank stocks rise for 2nd day
Published on May 25, 2022 10:27
The domestic equity benchmarks pared early gains and turned almost flat in morning trade. The Nifty traded below the 16,150 mark. Banks shares advanced for the second day in a row.
At 10:24 IST, the barometer index, the S&P BSE Sensex, was down 3.93 points or 0.01% to 54,048.68. The Nifty 50 index lost 2.70 points or 0.02% to 16,122.45.
In the broader market, the S&P BSE Mid-Cap index slipped 0.87% while the S&P BSE Small-Cap index declined 1.21%.
The market breadth, indicating the overall health of the market, was weak. On the BSE, 903 shares rose and 2012 shares fell. A total of 132 shares were unchanged.
Investors awaited the release of minutes from the last U.S. Federal Reserve meeting, due later today. The minutes will give more clues on whether the monetary tightening would continue. Investors are worried of a potential U.S. recession caused by the monetary tightening.
Bharat Petroleum Corporation (down 0.36%), Coal India (up 0.36%), National Aluminium Company (down 0.89%), NHPC (down 1.96%), Apollo Hospitals Enterprises (down 0.16%), Interglobe Aviation (down 1.25%), Max Healthcare Institute (down 0.92%), Torrent Pharmaceuticals (up 1.45%), Bata India (up 0.33%), Fortis Healthcare (down 1.18%), Easy Trip Planners (down 0.41%) and Whirlpool of India (down 2.04%) are some of the companies that will announce their quarterly earnings today.
The Nifty Bank index rose 0.86% to 34,585.10. The index has gained 0.99% in two sessions.
IndusInd Bank (up 2.04%), Kotak Mahindra Bank (up 1.71%), ICICI Bank (up 1.25%), Punjab National Bank (up 0.99%), Federal Bank (up 0.89%), Axis Bank (up 0.71%) and HDFC Bank (up 0.69%) advanced.
Meanwhile, RBL Bank (down 1.02%) and IDFC First Bank (down 0.57%) declined.
Stocks in Spotlight:
Minda Industries jumped 5.28%. The company reported 2.9% rise in consolidated net profit to Rs 144.37 crore on a 7.9% increase in net sales to Rs 2415.08 crore in Q4 FY22 over Q4 FY21.
Dalmia Bharat Sugar and Industries slumped 6.74%. The company recorded 7.2% increase in consolidated net profit to Rs 55.60 crore on a 75.2% rise in net sales to Rs 856 crore in Q4 March 2022 over Q4 March 2021.
Strides Pharma Science fell 1.77%. The drug maker`s consolidated net profit declined 36.6% to Rs 29.22 crore on a 4.7% fall in net sales to Rs 866.02 crore in the fourth quarter of the financial year 2021-22 as compared with the same period last year.
eClerx Services declined 1.73%. The company`s consolidated net profit jumped 20.3% YoY to Rs 118.76 crore in the quarter ended on 31 March 2022. Net sales during the period under review increased by 25.1% YoY to Rs 591.67 crore.
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