Shares end with minor cuts; banks stocks decline

24 Mar 2022 , 03:36 PM

The domestic equity barometers traded with minor cuts after a volatile session on Thursday. The Nifty closed above the 17,200 mark. Banks, financials and consumer durables declined while metal, IT, pharma and oil & gas stocks advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex fell 89.14 points or 0.15% to 57,595.68. The Nifty 50 index lost 22.90 points or 0.13% to 17,222.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.34% while the S&P BSE Small-Cap index gained 0.16%.

The market breadth, indicating the overall health of the market, was negative. On the BSE, shares 1,449 rose and 1,943 shares fell. A total of 113 shares were unchanged.

Buzzing Index:

The Nifty Bank index slipped 1.65% to 35,550.50. The index has declined 2.20% in two sessions.

HDFC Bank (down 2.46%), Bandhan Bank (down 1.88%), ICICI Bank (down 1.85%), IDFC First Bank (down 1.60%), IndusInd Bank (down 0.73%), SBI (down 0.68%), Axis Bank (down 0.60%), Federal Bank (down 0.56%) and Punjab National Bank (down 0.42%) declined.

Meanwhile, RBL Bank (up 0.71%) and AU Small Finance Bank (up 0.53%) advanced.

Kotak Mahindra Bank fell 3.22% to Rs 1,712.85 after a large block deal took place in the initial deals on the BSE today. The media reported that Canada Pension Plan Investment Board is expected to sell stake via a bulk deal on 24 March 2022 to make a partial exit from Kotak Mahindra Bank. The Canadian pension fund will offload a 1.41% to 2.02% stake in the private lender at Rs 1,681.26-Rs 1,769.75 per share through the bulk deal, media reports said.

As on 31 December 2021, Canada Pension Plan Investment Board held 6.37% stake in Kotak Mahindra Bank.

Stocks in Spotlight:

Piramal Enterprises rose 1.13% to Rs 2247.20. A meeting of the board of directors of the company will be held on 28th March 2022, to consider and approve the issue of secured, rated, listed, redeemable, principal protected, market linked non-convertible debentures up to Rs 50 crore along with an option to retain oversubscription up to Rs 325 crore, the total size aggregating up to Rs 375 crore, on a private placement basis.

Adani Total Gas hit an upper circuit of 5% at Rs 1989.45. The company was granted authorization for development of City Gas Distribution Network by Petroleum and Natural Gas Regulatory Board in 10 geographical areas.

CSB Bank declined 0.45% to Rs 218.80. The Reserve Bank of India approved appointment of Pralay Mondal, Deputy Managing Director as interim Managing Director and CEO of the bank for a period of three months with effect from April 1.

Filatex India lost 0.66% to Rs 127.55. The company will consider buyback of equity shares on 29 March 2022.

IRCTC advanced 0.76% to Rs 772.40. The company has extended Rajni Hasijas term as CMD till 31 July 2022.

RailTel Corporation of India shed 0.67% to Rs 89.20. The company said that it received work order from South Eastern Coalfields (SECL) worth Rs 15.76 crore.

Zee Entertainment Enterprises (ZEEL) jumped 17.59% to Rs 301.10. Invesco Developing Markets Fund, ZEELs largest minority shareholder, on 23 March 2022 said it decided not to pursue an extraordinary general meeting (EGM) to add six independent directors as Zees merger with Sony will achieve the funds aim of strengthening board oversight.

Lupin gained 3.80% to Rs 775.50 after the company announced that it received final approval from the US-based drug regulator, USFDA for its abbreviated new drug application (ANDA), Sildenafil.

Global Markets:

European stocks were slightly higher on Thursday with regional investors keeping a close eye on developments in Ukraine, and key meetings of NATO, EU and G-7 leaders in Brussels.

The war in Ukraine is top of the agenda as Russias invasion continues. U.S. President Joe Biden is attending the meetings and Ukrainian President Volodymyr Zelenskyy is expected to join the NATO summit via videolink.

NATOs Secretary General Jens Stoltenberg said Wednesday that the Western military alliances leaders are expected to commit ?major increases? in troops along its eastern flank when they meet to discuss Russias war on Ukraine. More sanctions on Russia could also be announced, President Biden has indicated.

Meanwhile, Asian stocks are trading lower on Thursday, as the recent global equities rally eased. Volatile commodity prices added concerns to a market already dealing with record inflation and the impact of an ongoing war in Ukraine.

Activity in the services sector, which has been battered by the pandemic, contracted for the third straight month, but the pace of decline slowed. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers Index (PMI) rose to a seasonally adjusted 53.2 in March from a final 52.7 in the previous month.

US stocks eased Wednesday as oil prices rose, renewing inflation fears. Traders digested the latest news on the Ukraine-Russia war. Ukrainian President Volodymyr Zelenskyy called for more pressure on Russia from other countries as the conflict appears to be entering a stalemate.

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