Indices trade with minor cuts, bank stocks decline

The benchmark indices traded with minor cuts in mid-morning trade. The Nifty traded below the 17,600 level, after hitting the day`s high of 17,709.15 in morning trade. Bank stocks extended their losses for the fourth straight session.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 105.02 points or 0.18% to 59,225.88. The Nifty 50 index shed 47.50 points or 0.27% to 17,556.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.49% while the S&P BSE Small-Cap index rose 0.04%.

The market breadth was negative. On the BSE, 1,512 shares rose and 1,860 shares fell. A total of 189 shares were unchanged.

Meanwhile, the NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, jumped 5.81% to 18.33.

Buzzing Index:

The Nifty Bank index fell 0.97% to 39,954.45, extending its losing run for the the fourth day. The index slipped 6.69% in two four trading sessions.

IndusInd Bank (down 2.49%), ICICI Bank (down 1.26%), State Bank of India (down 0.8%), HDFC Bank (down 0.56%) and Axis Bank (down 0.5%) edged lower.

On the other hand, Bandhan Bank (up 1.5%), Punjab National Bank (up 1.28%) and AU Small Finance Bank Ltd (up 1.08%) advanced.

Earnings Impact:

Five-Star Business Finance rose 0.10%. The NBFC reported 28% rise in net profit to Rs 151 crore on a 22% increase in total income to Rs 388.7 crore in Q3 FY23 over Q3 FY22. Net Interest Income (NII) for the period under review was Rs 325.6 crore, up 33% YoY. Net Interest Margin was 13.79% in Q3 FY23 as compared with 13.46% in Q3 FY22.

DCB Bank added 0.04%. The bank`s net profit jumped 51.1% to Rs 113.85 crore on 17.1% rise in total income to Rs 1,167.15 crore in Q3 FY23 over Q3 FY22. Advances grew 21% year on year to Rs 32,966 crore in Q3 FY23. Deposits jumped 23% year on year to Rs 39,506 crore in Q3 FY23.

Poly Medicure shed 0.30%. On a consolidated basis, the company`s net profit jumped 44.9% to Rs 50.01 crore on 23.7% increase in revenue from operations to Rs 284.83 crore in Q3 FY23 over Q3 FY22.

Global Markets:

Most Asian stocks declined on Monday as mainland Chinese markets jumped on resuming trade after a week-long New Year break.

US stocks ended higher on Friday, fueled by gains in Tesla shares and a better-than-expected GDP report on Thursday.

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