Benchmarks edge lower; bank stocks decline

19 Jan 2022 , 11:28 AM

The key equity barometers declined further in mid morning trade. The Nifty continued to trade below the 18,000 mark. Bank stocks declined for fifth consecutive session.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 512.94 points or 0.84% to 60,241.92. The Nifty 50 index lost 140.70 points or 0.78% to 17,972.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.70% while the S&P BSE Small-Cap index shed 0.32%.

The market breadth was weak. On the BSE, 1281 shares rose and 1973 shares fell. A total of 106 shares were unchanged.

Firm global crude prices and increasing expectations of March rate hike by US central bank dented investors sentiment.

Buzzing Index:

The Nifty Bank index slipped 0.52% to 38,013.00, extending decline for fifth consecutive session. The index has lost 1.86% in five sessions.

Kotak Mahindra Bank (down 1.66%), ICICI Bank (down 1.05%), IndusInd Bank (down 0.73%), SBI (down 0.37%), Axis Bank (down 0.25%) and AU Small Finance Bank (down 0.22%) declined while Bandhan Bank (up 1.54%) and RBL Bank (up 0.87%) advanced.

Stocks in Spotlight:

ICICI Prudential Life Insurance Company slumped 6.46% to Rs 568.25. On a consolidated basis, the life insurers net profit rose 2.53% to Rs 312 crore in Q3 December 2021 over Q3 December 2020. While the companys net premium income rose 1.15% to Rs 9,073.97 crore, net income from investments slumped 96.18% to Rs 737 crore in Q3 December 2021 over Q3 December 2020.

DCM Shriram jumped 7.56% to Rs 1089.60 after the companys consolidated net profit jumped 38.4% to Rs 349.57 crore on a 26.3% decline in net sales to Rs 2,716.48 crore in Q3 FY22 over Q3 FY21.

Global markets:

Asian stocks are trading lower on Wednesday following an overnight sell-off on Wall Street.

US stocks fell sharply Tuesday as government bond yields hit Covid-era highs and after Goldman Sachs reported disappointing earnings. Microsoft announced that the software giant will buy video game company Activision Blizzard in an all-cash transaction valued at $68.7 billion.

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