Sensex down 906 points, Nifty slips below 17,250

Equity indices traded at intraday day low with major losses in afternoon trade. The Nifty slipped below the 17,250 level. Barring PSU bank and metal stocks, selling pressure was seen across the board.

At 13:30 IST, the barometer index, the S&P BSE Sensex, dropped 906.19 points or 1.55% at 57,738.63. The Nifty 50 index fell 266.4 points or 1.5% at 17249.90.

In the broader market, the S&P BSE Mid-Cap index lost 0.47% while the S&P BSE Small-Cap index fell 0.88%.

Sellers outpaced buyers. On the BSE, 1,469 shares rose and 1,963 shares fell. A total of 140 shares were unchanged.

COVID-19 Update:

India added 83,876 new cases in the last 24 hours. The daily positivity rate stood at 7.25%. The country`s active caseload currently stands at 11,08,938.

Economy:

The Reserve Bank of India`s (RBI) Monetary Policy Committee (MPC) will meet on 8-10 February 2022 instead of 7-9 February 2022, the central bank said on 6 February 2022. The change in the committee`s meeting schedule comes after 7 February 2022 was declared as a public holiday by the Maharashtra state government following the demise of renowned singer Lata Mangeshkar.

Gainers & Losers:

PowerGrid Corporation of India (up 1.84%), ONGC (up 1.59%), NTPC (up 1.19%) and Coal India (up 1.15%) were top gainers in Nifty 50 index.

HDFC Life Insurance Company (down 3.39%), L&T (down 3.13%), HDFC Bank (down 3.11%), SBI Life Insurance Company (down 3.06%) and Titan Company (down 2.78%) were top losers in Nifty 50 index.

Earnings Impact:

State Bank of India (SBI) advanced 2.43%. The India`s largest public sector bank posted a 62.3% rise in standalone net profit to Rs 8,432 crore on a 3.1% rise in total income to Rs 78,351.54 crore in Q3 FY22 over Q3 FY21. The bank`s operating profit before provisions and contingencies rose by nearly 7% to Rs 18,521.64 crore in Q3 FY22 over Q3 FY21. Meanwhile, the bank`s standalone profit before tax stood at Rs 11,547.6 crore in Q3 FY22, 65.2% higher than Rs 6,990 crore posted in the same quarter last year. Net interest income rose by 6.4% to Rs 30,687 crore in Q3 FY22 from Rs 28,820 crore posted in Q3 FY21. Net interest margin slightly improved to 3.4% in Q3 FY22 from 3.34% posted in the corresponding quarter last year. Provision and contingencies contracted by 32.6% to Rs 6,973 crore in Q3 FY22 over Q3 FY21. Provision Coverage Ratio (PCR) at the end of Q3 FY22 stood at 88.32%.

Affle (India) jumped 5.82% to Rs 1333 after the company`s consolidated net profit surged 102.58% to Rs 62.07 crore on 125.53% increase in net revenue from operations to Rs 339.40 crore in Q3 FY22 over Q3 FY21. Profit before tax in the third quarter stood at Rs 70.36 crore, up by 108.23% from Rs 33.79 crore reported in the same period last year. The growth was broad-based coming from both Cost Per Converted User (CPCU) business and non-CPCU business, across India & International markets. EBITDA was at Rs 67.7 crore in Q3 FY22, rising 76.4% y-o-y and up by 29.9% q-o-q. Sequentially, revenue from operations was up by 23.6% and PAT up by 30.4% last quarter. The CPCU business continued the growth momentum delivering 5.8 crore of converted users in Q3 FY2022, an increase of 91.2% y-o-y.

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