Shares trade near the day`s high; Kotak Bank rises after Q3 results

The domestic equity benchmarks continued to trade near the day`s high in afternoon trade. The Nifty was trading above the 17,300 mark.

At 13:30 IST, the barometer index, the S&P BSE Sensex, jumped 762.33 points or 1.33% at 58,039.24. The Nifty 50 index added 222.45 points or 1.30% to 17,332.60.

The broader market outperformed the main indices. The S&P BSE Mid-Cap index rallied 2.56% while the S&P BSE Small-Cap index rose 2.46%.

The market breadth was strong. On the BSE, 2,494 shares rose and 807 shares fell. A total of 85 shares were unchanged.

The Budget session of Parliament is set to commence on 31 January 2022 and will conclude on 8 April 2022. The government will present the Budget for fiscal 2022-23 on 1 February 2022. The Economic Survey is likely to be tabled on 31 January 2022 after the president`s address.

On the political front, developments in the upcoming assembly polls in Uttar Pradesh, Uttarakhand, Goa, Punjab, and Manipur will be closely watched. Polls in all the five states will be held between 10 February 2022 and 7 March 2022 in seven phases. The counting of votes and the result will be declared on 10 March 2022.

COVID-19 Update:

India reported more than 2.51 lakh (2,51,209) new coronavirus cases and 627 deaths in the last 24 hours, on Friday. With 627 deaths and 3,47,443 recoveries, active cases declined to 21.05 lakh (21,05,611). The daily positivity rate is now at 15.88%.

Gainers & Losers:

NTPC (up 5.19%), UPL (up 4.07%), ONGC (up 3.59%), IndusInd Bank (up 3.59%) and Hindalco (up 3.37%) were the top index gainers.

Maruti Suzuki (down 1.65%), Power Grid Corp (down 0.74%) and Axis Bank (down 0.17%) were the only index stocks currently trading in the red.

Stocks in Spotlight:

Kotak Mahindra Bank added 1.50% to Rs 1917.85. The private sector bank`s net profit increased by 15% to Rs 2131.36 crore in Q3 FY22 from Rs 1853.54 crore in Q3 FY21. The bank`s total income in the third quarter rose by 4% YoY to Rs 8,260.48 crore. Net interest income (NII) grew by nearly 12% year on year to Rs 4,334 crore in Q3 FY22 from Rs 3,876 crore posted in Q3 FY21.

Nippon Life India Asset Management advanced 3.38% to Rs 335.35. The company reported 18% fall in consolidated net profit to Rs 174 crore on a 7% decline in total income to Rs 369 crore in Q3 FY22 over Q3 FY21.

SpiceJet jumped 7.53% to Rs 65 after the media reported that the Supreme Court of India has granted a stay on the Madras High Court`s order directing the winding up of SpiceJet.

The matter pertains to a Madras High Court order that directed the winding up of SpiceJet after it failed to clear dues given by Credit Suisse. The airline is challenging unpaid dues to the tune of Rs 180 crore, claimed by Swiss Financial Services, Credit Suisse AG.

WABCO India fell 2.23% to Rs 8114.50 after the company`s standalone net profit dropped 39.3% to Rs 31.84 crore on a 15.3% jump in net sales to Rs 652.92 crore in Q3 FY22 over Q3 FY21.

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