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Market at day`s low, Nifty slips below 18,000 level, Bajaj twins tumble

Published on Jan 05, 2023 12:36

The domestic equity benchmarks extended losses and hit a fresh intraday low in early afternoon trade. The Nifty slipped below the key 18,000 level. FMCG, auto and oil & gas stocks were in demand. On the flip side, financial services, private bank and bank stocks witnessed a bit of a selling pressure. Trading was volatile due to the expiry of weekly index options on the NSE today.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was down 356.4 points or 0.59% to 60,301.05. The Nifty 50 index lost 79.35 points or 0.44% to 17,963.60.

In the broader market, the S&P BSE Mid-Cap index rose 0.06% while the S&P BSE Small-Cap index shed 0.01%.

The market breadth was negative. On the BSE, 1,605 shares rose and 1,729 shares fell. A total of 160 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.62% to 15.45. The Nifty 25 January 2022 futures were trading at 18,054, at a premium of 90.4 points as compared with the spot at 17,963.60

The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 25.2 lakh contracts at the 19,000 strike price. Maximum Put OI of 33.5 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Financial Services index fell 1.15% to 18,787.55. The index slipped 2.13% in two trading sessions.

Bajaj Finance (down 7.36%), Bajaj Finserv (down 5.42%), Cholamandalam Investment & Finance Company (down 2.92%), ICICI Bank (down 1.76%), Axis Bank (down 0.88%), HDFC Bank (down 0.72%), Muthoot Finance (down 0.48%), Housing Development Finance Corporation (down 0.43%), SBI Cards & Payment Services (down 0.42%) and Indian Energy Exchange (down 0.25%) declined.

On the other hand, ICICI Lombard General Insurance Company (up 1.57%) ,HDFC Life Insurance Company (up 1.05%) and Power Finance Corporation (up 0.71%) edged higher.

Bajaj Finance tumbled 7.36%. The company said that new loans booked by the company during Q3 FY23 stood at 7.8 million, up by 5.4% as compared with the same period last year. The company had booked 7.4 million loans in the corresponding quarter last fiscal. Assets under management (AUM) grew by 27% to approximately Rs 230,850 crore as of 31 December 2022 as compared to Rs 181,250 crore as of 31 December 2021.

Poonawalla Fincorp fell 1.06%. On consolidated basis, The NBFC registered 116% jump in total disbursements to approximately Rs 3,980 crore in Q3 FY23 over Q3 FY22. Poonawalla Fincorp`s disbursements soared 116% YoY and rose 7% QoQ, with 100% disbursements through organic route compared to 97% organic disbursements in Q2 FY23. Consolidated AUM stood at Rs 19,550 crore as of 30 December 2022, recording a growth of 28% YoY and 5% QoQ.

Stocks in Spotlight:

Godrej Consumer Products advanced 2.17% after the FMCG company said that despite the demand softness in India, it expects to deliver double-digit sales growth backed by low single-digit volume growth in Q3 FY23. During the quarter, the Indian FMCG sector witnessed slow growth driven by poor rural consumption and a slowdown post the festive season. There has also been a sequential improvement from high single-digit sales growth and mid single-digit volume decline in the previous quarter.

Arvind Fashions shed 0.68%. The company announced that Piyush Gupta has resigned from the position of chief financial officer (CFO) of the company effective from close of business hours on 5 January 2023, due to personal and family health reasons. Further, the board has approved the appointment of Girdhar Kumar Chitlangia as the CFO of the company with effect from 6 January 2023.

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