25 Jan 2022 , 12:05 PM
PSU Bank stocks led by Bank of Baroda, Canara Bank, Jammu & Kashmir Bank led the gains.
Financial Services were under pressure with Bajaj twins, HDFC twins, and Shreeram Transport Finance Company Limited dragging the most.
Sensex recouped losses, tests 57,000; Nifty holds 17K. After a gap-down start to Tuesday’s session, the domestic equity markets staged a smart rebound to recoup most losses amid low-level buying in stocks. Sensex had plunged over 1,000 points, while the Nifty50 tested 16,850 level in early trade. Traders keenly eyed the two-day Fed policy review starting later in the day.
At around 12.05 pm, BSE Sensex was trading at 57,094.84 down 396.67 points or 0.69% and Nifty50 at 17,056.35 down 92.75 points or 0.54%. Nifty Bank was trading at 37,193.65 up 246.10 points or 0.67% and Private Bank at 18,809.05 up 165.45 points or 0.89%. Nifty PSU Bank rose nearly 3% at 2,732.75 points while Nifty Financial Services fell 0.38% at Rs17,567.20 per piece.
Federal Bank was also nearly 5% higher at Rs 96.45 per piece ahead of results.
The State Bank of India (SBI) rose over 2.7% at Rs507.65 per piece.
Meanwhile, after a rise in SBI Life standalone profits in the third quarter by 56%, SBI Card has also recorded a jump in net profits. SBI Card net profits jumped by 81% yoy in the third quarter of FY22 to Rs386cr.
RBL Bank Bandhan Bank and PNB were over 2.6% while IndusInd Bank gained 2.3%. IDFC First Bank jumped 1.46%.
Among PSU Bank’s Bank of Baroda rose 4.5% and Canara Bank 4.2%. J& K Bank was nearly 3% higher.
ICICI Bank which resisted the Monday’s carnarge on strong Q3 results was relatively steady on Tuesday at Rs794.70 per piece. The Bank had logged a 25% rise in standalone profit of Rs6,194cr in the quarter ending December 2021(Q3FY22), compared to Rs4,940cr in the same quarter last year. Net interest income (NII) increased by 23% yoy to Rs12,236cr (US$ 1.6 billion) in Q3FY22 from Rs9,912cr (US$ 1.3 billion) in Q3FY21.
HDFC Bank and HDFC shed nearly 2% each while Bajaj Finserv and Bajaj Finance was 1.46% and 1.42% down respectively. Shriram Transport Finance shed 1.44%.
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