Indices trade flat; breadth negative

Equity indices traded near the flat line in afternoon trade. The Nifty hovered at the 18,300 mark. Banking and financial stocks were in demand while IT and auto shares corrected.

At 13:27 IST, the barometer index, the S&P BSE Sensex, rose 63.09 points or 0.1% at 61,372.55. The Nifty 50 index was down 2.2 points at 18,305.90

In the broader market, the S&P BSE Mid-Cap index lost 0.64% while the S&P BSE Small-Cap index fell 0.24%.

The market breadth was negative. On the BSE, 1,599 shares rose and 1,756 shares fell. A total of 103 shares were unchanged.

The media reported that Union Finance Minister N Sitharaman will hold a press conference at 4.30 pm today, 18 January 2022.

Overseas, the Bank of Japan (BOJ) left monetary policy unchanged. The BOJ upgraded its inflation forecasts at its policy meeting on Tuesday, but as inflation is set to remain well below its 2% target in the coming years, it stressed its resolve to maintain its ultra-loose monetary settings. The central bank also revised up next fiscal year`s growth forecast and offered a more upbeat view on the economy than three months ago.

COVID-19 Update:

In last 24 hours, India registered 2,38,018 new COVID-19 infections in a day taking the tally to 37,618,271, according to the Union Health Ministry data on Tuesday. The country reported 310 new deaths taking the death toll to 4,86,761. The country recorded 1,57,421 recoveries, taking the total number of recoveries to 3,53,94,882. The active cases comprise 4.62% of the total infections, while the national COVID-19 recovery rate has decreased to 94.09%, the ministry said.

Nifty Gainers & Losers:

Axis Bank (up 2.16%), HDFC Bank (up 1.49%), Kotak Mahindra Bank (up 1.18%), Titan Company (up 1.16%) and Bharat Petroleum Corporation (up 0.95%) were top gainers in Nifty 50.

Eicher Motor (down 3.33%), Maruti Suzuki (down 2.75%), UltraTech Cement (down 2.45%) and Tata Consumer Products (down 2.39%) were top losers in Nifty 50 index.

Results Today:

Bajaj Finance (down 0.02%), Tata Elxsi (up 1.51%), L&T Technology Services (up 0.03%), Trident (down 5.00%), DCM Shriram (down 0.49%), Den Networks (down 1.47%), ICICI Prudential Life Insurance (down 0.28%), ICICI Securities (up 0.7%) and Just Dial (down 0.74%) will announce their quarterly results today.

Stocks in Spotlight:

Tech Mahindra declined 2.42%. The IT company announced 100% acquisition of Com Tec Co IT Ltd (CTC) for �310 million including earnouts and synergy linked payouts. The acquisition will enable Tech Mahindra to tap onto the potential industry disruption in the Insurance sector, expand its offerings to high-end digital engineering services for some of the largest insurance, re-insurance and financial services organizations globally and scale its nearshore delivery presence.

Angel One added 3.32% after the company`s consolidated net profit surged 124.89% to Rs 164.55 crore on 92.36% surge in total income to Rs 607.11 crore in Q3FY22 over Q3FY21. On a consolidated basis, the company`s profit before tax (PBT) surged 111.30% to Rs 220.74 crore in Q3FY22 over Q3FY21. Consolidated EBDAT stood at Rs 225.6 crore in Q3 FY22 as against Rs 183.9 crore in Q2 FY22, a growth of 22.7% QoQ basis. EBDAT margin (as % of net income) increased to 50.7% in Q3 FY22.

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