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Benchmarks turn red; PSU banks decline

Published on Feb 08, 2022 10:28

The domestic equity barometers reversed gains and hit fresh intraday low in morning trade. The Nifty was trading below the 17,200 mark. PSU banks edged lower.

At 10:26 IST, the barometer index, the S&P BSE Sensex, was down 160.43 points or 0.28% to 57,460.76. The Nifty 50 index lost 33.90 points or 0.20% to 17,179.70.

In the broader market, the S&P BSE Mid-Cap index slipped 0.61% while the S&P BSE Small-Cap index declined 1.35%.

The market breadth was weak. On the BSE, 974 shares rose and 2,072 shares fell. A total of 123 shares were unchanged.

The Reserve Bank of India`s (RBI) Monetary Policy Committee (MPC) will meet on 8-10 February 2022. The RBI`s MPC will announce its interest rate decision on 10 February 2022.

COVID-19 Update:

India added 67,597 new cases in the last 24 hours. The daily positivity rate stood at 5.02%. The country`s active caseload currently stood at 9,94,891.

Results Today:

Bharti Airtel (up 0.93%), IRCTC (up 0.90%), Godrej Consumer Products (up 0.07%), Jindal Steel & Power (up 0.63%), NMDC (down 0.32%), Bata India (down 1.06%), Bajaj Electricals (up 0.18%), Escorts (up 0.53%), Gujarat Gas (down 2.06%), Indraprastha Gas (down 1.10%), Borosil Renewables (down 8.30%), Aster DM Healthcare (down 0.49%), Latent View Analytics (down 1.74%), Tata Teleservices (Maharashtra) (up 4.98%), Mahanagar Gas (down 1.11%), Suven Pharmaceuticals (up 0.95%), Endurance Technologies (down 1.91%), Ratnamani Metals & Tubes (up 0.12%), Redington (India) (down 2.91%), Praj Industries (down 1.22%), Rites (down 0.49%) and Tasty Bite Eatables (down 0.13%) are some of the companies that will announce their quarterly earnings today.

Buzzing Index:

The Nifty PSU Bank index shed 0.52% to 3,004.20. The index had advanced 0.92% to end at 3,019.95 yesterday.

Canara Bank (down 1.51%), SBI (down 1.32%), Punjab National Bank (down 1.20%), Indian Overseas Bank (down 1.19%), Union Bank of India (down 0.84%) and Central Bank of India (down 0.70%) declined while Punjab & Sind Bank (up 1.17%) and UCO Bank (up 0.37%) bucked the trend.

Stocks in Spotlight:

M M Forgings rallied 4.68% to Rs 696.65 after the company`s consolidated net profit surged 90.1% to Rs 29.41 crore on a 33.1% jump in net sales to Rs 293.13 crore in Q3 December 2021 over Q3 December 2020.

Strides Pharma Science shed 0.35% to Rs 388.25. The company said that its board will meet on 10 February 2022 to consider fund raising by way of issue of equity shares/ convertible warrants and/or any other instruments through preferential issue on a private placement basis. On the same day, the company will announce its financial results for the quarter and nine months ended 31 December 2021.

Wockhardt rose 2.77% to Rs 398.80. The drug maker said that it has received permission from the Central Drugs Standard Control Organization (CDSCO) to export up to 80 million doses of Sputnik Light and up to 20 million doses of Sputnik V Component I vaccine.

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