SSPL WEALTH PVT LTD

Mid - Session

Market behaviours during the course of the trading session.

Nifty below 17,250; broader markets tumble

24-Jan-22 13:24 Hrs IST

The domestic equity benchmarks edged lower as they further extended losses in afternoon trade. The Nifty slipped below the 17,250 mark. Shares across sectors declined.

At 13:21 IST, the barometer index, the S&P BSE Sensex, tumbled 1301.75 points or 2.20% to 57,735.43. The Nifty 50 index dropped 396.25 points or 2.25% to 17,220.90.

The broader market also witnessed sell-off. The S&P BSE Mid-Cap index skid 3.32% while the S&P BSE Small-Cap index lost 4.17%.

The market breadth was weak. On the BSE, 482 shares rose and 3,033 shares fell. A total of 119 shares were unchanged.

COVID-19 Update:

In last 24 hours, India added 3,06,064 new cases. The country's daily positivity rate stood at 20.75%. India's Active caseload currently stands at 22,49,335. Meanwhile, India reported 439 deaths linked to COVID-19.

Gainers & Losers:

Bajaj Finance (down 5.37%), JSW Steel (down 5.35%), Tata Steel (down 4.68%), Tech Mahindra (down 4.50%) and Grasin (down 4.37%) were the top index losers.

Cipla (up 2.06%), ONGC (up 1.07%) and Nestle (up 0.14%) were the only index stocks currently trading in the green.

Earnings Impact:

Reliance Industries (RIL) fell 2.44% to Rs 2417.55. On a consolidated basis, India's largest conglomerate RIL reported a 37.9% jump in net profit to Rs 20,539 crore on a 57% rise in net sales to Rs 185,027 crore in Q3 FY22 over Q3 FY21. The company posted an exceptional item (gain) of Rs 2,872 crore on account of divestment of shale gas assets, partially offset by provisions for liabilities pertaining to GAPCO amounting to Rs 36 crore.

ICICI Bank lost 1.23% to Rs 794.70. The bank advanced 1.04% to Rs 813 after the bank's standalone net profit grew by 25% to Rs 6,194 crore in Q3 FY22 from Rs 4,940 crore in Q3 FY21. Total income during the quarter rose by 11% YoY to Rs 27,070 crore.

The net interest margin was 3.96% in the quarter ended 31 December 2021 as against 3.67% in the quarter ended 31 December 2020 and 4% in the quarter ended 30 September 2021. Provisions (excluding provision for tax) declined by 27% to Rs 2,007 crore in Q3 FY22 from Rs 2,742 crore in Q3 FY21. The net NPA ratio was 0.85% as at 31 December 2021 as against 0.99% as at 30 September 2021 and 0.63% as at 31 December 2020.

L&T Finance Holdings declined 2.51% to Rs 73.65. The company reported 12% YoY increase in its net profit to Rs 326 crore for the quarter ended December 2021. Total income declined 12% to Rs 3099 crore in Q3 FY22 over Q3 FY21.

Total disbursements in the quarter for focused retail businesses stood at Rs 7,606 crore, up 29% YoY. The company said that the collection efficiencies (CE), having returned to pre-COVID level in the previous quarter, stabilized or further improved in Q3 FY22.

On the asset quality, the company's gross non-performing assets (NPAs) rose to 5.91% by the end of December 2021 from 5.12% by the year-ago same period. The net non-performing assets (NPAs) also rose to 3.03% in Q3 FY22 from 1.92% in Q3 FY21. The company said it continues to carry additional provisions of Rs 1,699 crore.