Nifty holds 18,000 mark; broader mkt rallies

5 Apr 2022 , 10:30 AM

The main indices traded with modest losses in morning trade. The Nifty hovered a tad above 18,000 mark. Banks and financial stocks corrected after yesterdays rally.

At 10:29 IST, the S&P BSE Sensex fell 232.96 points or 0.38% at 60,378.89. The Nifty 50 index fell 42.85 points or 0.24% to 18,010.55.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.7% while the S&P BSE Small-Cap index rose 1.18%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, shares 2,281 rose and 840 shares fell. A total of 134 shares were unchanged.

Sebi constitutes ad-hoc committee:

The Securities and Exchange Board of India (Sebi) on Monday (4 April 2022) constituted an ad-hoc committee for reviewing and making recommendations for further strengthening of governance norms at Market Infrastructure Institutions (MIIs). The terms of reference of the committee include, making recommendations on measures for strengthening the role played by the governing board and committees of MIIs; reviewing the requirements related to appointment and role & responsibility of directors on the board and key managerial persons (KMPs); developing effective metrics for monitoring various aspects of the functioning of MIIs and KMPs; enhancing accountability and transparency; reviewing the policy on safekeeping and sharing of information held by MIIs; revisiting the code of conduct and code of ethics for directors of the governing board and KMPs; and any other measures that the committee may consider appropriate.

Buzzing Index:

The Nifty Bank index slumped 407 points or 1.06% to 38,227.35, snapping its six day winning streak. The banking index saw profit taking after rising 9% in six days.

HDFC Bank (down 2.81%), Federal Bank (down 2.54%), Kotak Mahindra Bank (down 0.91%), RBL Bank (down 0.88%), IndusInd Bank (down 0.59%) and Bandhan Bank (down 0.49%) were top losers in banking space.

Yes Bank fell 0.84%. The private bank said its net advances rose 8.8% year-on-year and 3% quarter-on-quarter to Rs 181,508 crore in 31 March 2022. The banks net advances stood at Rs 176,241 crore as on 31 December 2021 and Rs 166,893 crore in 31 March 2021. Gross retail disbursements stood at Rs 10,324 crore as on 31 March 2022 as against Rs 9,313 crore as on 31 December 2021 and Rs 7,530 crore as on 31 March 2021. Meanwhile, private banks deposits increased by 7.1% YoY and 21.1% QoQ to Rs 197,281 crore as on 31 March 2022. Certificate of Deposits (CDs) aggregated to Rs 4,264 crore (down 38.17% YoY). CASA stood at Rs 61,449 crore, up 44.3% YoY as against Rs 42,587 crore posted in the same quarter last year.

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