Barometers rises for 5th day, Nifty settles at 17,563.95, IndusInd Bank slides over 4%

20 Oct 2022 , 03:50 PM

The key equity indices ended with minor gains on Thursday, rising for the fifth straight session. The Nifty managed to close above the 17,550 level after hitting the days low of 17,421 in the early trade. PSU bank, oil & gas and IT stocks were in demand. On the other hand, private bank, consumer durables and financial services shares were under pressure. Trading was volatile due to expiry of weekly index options on the NSE. As per provisional closing data, the barometer index, the S&P BSE Sensex, rose 95.71 points or 0.16% to 59,202.90. The Nifty 50 index gained 51.70 points or 0.30% to 17,563.95. In five consecutive sessions, the Sensex has jumped 3.44% while the Nifty has increased by 3.23%. In the broader market, the S&P BSE Mid-Cap index fell 0.30% while the S&P BSE Small-Cap index shed 0.01%. The market breadth was negative. On the BSE, 1,657 shares rose and 1,762 shares fell. A total of 136 shares were unchanged. New Listing: Shares of Tracxn Technologies were trading at Rs 94.10 at 15:31 IST on the BSE, representing a premium of 17.62% as compared to the issue price of Rs 80. The scrip was listed at a price of Rs 83, at a premium of 3.75% as compared to the issue price. So far, the stock has hit a high of 99.60 and a low of 83. On the BSE, over 21.80 lakh shares of the company were traded in the counter so far. The initial public offer (IPO) of Tracxn Technologies was subscribed 2.01 times. Buzzing Index: The Nifty PSU Bank index rose 1.88% to 3,213.10. The index shed 0.58% in the past trading session. Canara Bank (up 4.24%), Punjab National Bank (up 3.43%), Indian Bank (up 3.09%), Union Bank of India (up 2.49%), Bank of Baroda (up 2.36%), Bank of India (up 2.27%), Bank of Maharashtra (up 1.03%), Central Bank of India (up 1.01%), State Bank of India (up 0.46%) and Indian Overseas Bank (up 0.28%) jumped. Canara Bank rallied 4.24% after the PSU banks standalone net profit surged 89.51% to Rs 2,525.47 crore on 16.88% rise in total income to Rs 24,932.19 crore in Q2 FY23 over Q2 FY22. The banks net interest income grew 18.51% year on year to Rs 7,434 crore in Q2 FY23. Results Impact: Asian Paints declined 2.06%. On consolidated basis, the paint majors net profit climbed 31.3% to Rs 782.71 crore on 19.8% increase in revenue from operations to Rs 8,430.60 crore in Q2 FY23 over Q2 FY22. IndusInd Bank tumbled 4.92%. The private lender reported 60.5% rise in standalone net profit to Rs 1,786.72 crore on a 12.9% increase in total income to Rs 10,718.85 crore in Q2 FY23 over Q2 FY22. AU Small Finance Bank dropped 5.32%. The bank reported 23% rise in net profit to Rs 343 crore on a 44% increase in net interest income (NII) to Rs 1,083 crore in Q2 FY23 over Q2 FY22. The bank said that the NII growth was aided by stable spreads and healthy disbursements. Shoppers Stop fell 1.47%. The company reported a consolidated net profit of Rs 16.20 crore in Q2 FY23 compared with net loss of Rs 3.58 crore in Q2 FY22. Consolidated net sales jumped 57.7% to Rs 1,012.74 crore crore in the quarter ended September 2022 as against Rs 642.07 crore recorded in the corresponding last year. Granules India skid 2.43%. The company reported 80% jump in net profit to Rs 145 crore on a 30% increase in revenue from operations to Rs 1,151 crore in Q2 FY23 over Q2 FY22. EBITDA improved by 61% to Rs 243 crore in Q2 FY23 from Rs 151 crore in Q2 FY22. EBITDA margin was 21% in Q2 FY23 as against 17% in Q2 FY22. DCM Shriram slipped 4.43% after the company reported 19.2% decline in consolidated net profit to Rs 128.12 crore despite of a 27.8% increase in net revenue from operations to Rs 2,740 crore in Q2 FY23 over Q2 FY22. Central Bank of India added 0.50% after the state-run lenders net profit rose 27.26% to Rs 318.17 crore on 8.24% increase in total income to Rs 7,064.96 crore in Q2 FY23 over Q2 FY22. Colgate-Palmolive (India) rose 1.71%. The company reported 3.29% increase in net profit to Rs 278.02 crore on 2.56% rise in revenue from operation to Rs 1,378.37 crore in Q2 FY23 over Q2 FY22. Symphony gained 2.14% after the companys consolidated net profit jumped 10% to Rs 33 crore on 24.55% increase in revenue from operations to Rs 274 crore in Q2 FY23 over Q2 FY22. Global Markets: European shares traded mixed while Asian stocks tumbled on Thursday as Wall Street ended lower amid Treasury yields at multiyear highs and strong inflation thats driving hawkish monetary policy. Wall Street closed lower on Wednesday as gloomy data and downbeat corporate outlooks tossed cold water on investor risk appetite. Minneapolis Federal Reserve President Neel Kashkari said Wednesday he sees no signs that inflation is slowing, so the central bank will need to keep raising interest rates. Powered by Capital Market – Live News