Shares tumble on weak global cues; breadth negative

6 Jan 2022 , 10:30 AM

The benchmark indices were trading with heavy losses in morning trade, tracking weak global cues amid a steep rise in COVID-19 infections across the globe. India reported 90,928 cases in the last 24 hours, recording a sharp spike of over 56% in daily new infections. Trading sentiment was also impacted by minutes of US Federal Reserves last meeting, which signaled the central bank may have to raise interest rates sooner than expected.

At 10:30 IST, the barometer index, the S&P BSE Sensex, tumbled 733.79 points or 1.22% at 59,489.36. The Nifty 50 index skid 207.80 points or 1.16% at 17,717.45.

In the broader market, the S&P BSE Mid-Cap index lost 0.40% while the S&P BSE Small-Cap index fell 0.17%.

The market breadth was negative. On the BSE, 1,502 shares rose and 1,644 shares fell. A total of 112 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 336.83 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,271.95 crore in the Indian equity market on 5 January 2022, provisional data showed.

Buzzing Index:

The Nifty Bank index fell 1.31% to 37,203.10. The index added 7.50% in the last five trading sessions.

HDFC Bank (down 1.81%), Kotak Mahindra Bank (down 1.62%), ICICI Bank (down 1.59%), IDFC First Bank (down 1.31%) and Bandhan Bank (down 1.06%) were the top losers in the Bank segment.

RBL Bank advanced 2%. The bank said that its gross advances rose 5% to Rs 59,941 crore as on 31 December 2021 as against Rs 57,092 recorded on 31 December 2020. The deposits have risen by 3.5% as compared with Rs 57,939 crore as on 30 September 2021.

Retail advances was flat while wholesale advances grew 8% sequentially for the quarter ended 31 December 2021. The mix of retail to wholesale advances was approximately 53:47,? the private lender said in a statement.

Stocks in Spotlight:

Mahanagar Gas rose 0.20%. Life Insurance Corporation of India (LIC) acquired more than 2% stake in Mahanagar Gas (MGL) via open market transactions. LIC acquired 19,83,001 shares, or 2.007% stake in MGL via market purchase between 20 October 2020 to 4 January 2022. Following the purchase, LICs stake in MGL has increased to 7.015% from 5.008% earlier.

Spandana Sphoorty Financial skid 2.83%. The NBFC reported a consolidated net loss of Rs 57.9 crore in Q2 FY22 as against a consolidated net profit of Rs 66.7 crore reported in Q2 FY21. Total revenue from operations increased by 14.7% to Rs 395.6 crore in Q2 FY22 from Rs 344.8 crore registered in Q2 FY21. The microfinance institution posted a pre-tax loss of Rs 71.5 crore in Q2 FY22 as against a profit before tax of Rs 91.4 crore reported in Q2 FY21.

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