Nifty is hovering at 18,300; magnitude remains strong

The indices traded sideways with small gains in afternoon trading. The Nifty hovered at 18,300 points. Autos, real estate and oil & gas stocks were in demand while healthcare and banking stocks were under pressure.

At 1:24 p.m. IST, the barometer index, the S&P BSE Sensex, rose 67.7 points or 0.11% to 61,290.88. The Nifty 50 index gained 42.05 points or 0.23% to 18,297.80.

In the broader market, the S&P BSE Mid-Cap Index rose 0.29% while the S&P BSE Small-Cap Index gained 0.75%.

The scale of the market was strong. On the BSE, 2,310 stocks rose and 1,222 stocks fell. A total of 131 stocks remained unchanged.

COVID-19 Update:

In the past 24 hours, India reported 2,58,089 new COVID cases, according to Health Ministry data. The country reported 385 new deaths bringing the death toll to 4,86,451. The country recorded 1,51,740 recoveries, bringing the total number of recoveries to 3,52,37,461. Active cases account for 4.43 percent of total infections, while the national COVID-19 cure rate has declined to 94.27 percent, the ministry said.

Economy:

Finance Minister Nirmala Sitharaman held pre-budget stakeholder consultations with BJP state party officials on January 16, 2022.

BJP national spokesperson Gopal Krishna Agarwal said representatives from 25 states participated in the discussion. Representations came from industries, professionals, business circles, academics, economists, tribal communities, backward classes and women.

Great results today:

UltraTech Cement (down 0.41%) will announce its financial results for the quarter ended December 2021.

Winners and losers:

Hero MotoCorp (up 5.5%), Tata Motors (up 3%), ONGC (up 2.89%) and Bajaj Auto (up 2.38%) were the main gainers from the Nifty 50 index.

Axis Bank (down 1.47%), Hindalco Industries (down 1.28%), HDFC Bank (down 1.24%), Britannia Industries (down 1.17%) and Cipla ( down 0.82%) were the biggest losers on the Nifty 50 index.

Actions in the spotlight:

Maruti Suzuki India rose 2.42% after the major automaker announced a price shift between models due to rising costs of various inputs. The weighted average ex-store (Delhi) price increase for all models is 1.7%.

The new rates come into effect from Saturday 15 January 2022.

HCL Technologies fell 5.35%. The IT major recorded a 5.4% increase in consolidated net profit to Rs 3,442 crore and revenue increased by 8.1% to Rs 22,331 crore in Q3 FY22 compared to Q2 FY22. Compared to the third quarter of last year, net profit fell 13.6%, but sales increased 15.7% in the last quarter. In dollar terms, the company’s net income was $458 million (up 3.8% quarter-on-quarter) and revenue was $2,977 million (up 6.7% quarter-on-quarter) in Q3 FY22. The total contract value (TCV) of new contracts won in the third quarter of FY22 was $2,135 million, up 64% year-on-year. In constant currency (cc) terms, the company’s revenue growth was 7.6% QoQ, the highest in the past 12 years. Attrition (based on the last 12 months) was 19.8% in Q3 FY22 compared to 10.2% in Q3 FY21 and 15.7% in Q2 FY22.

HDFC Bank fell 1.17%. Private sector bank net profit increased by 18.08% to Rs 10,342.20 crore on an 8.33% increase in total income to Rs 40,651.60 crore in Q3 Dec 2021 compared to Q3 December 2020. Net interest income (NII) (interest earned less interest expended) for the quarter ended December 31, 2021 increased by 13% to Rs 18,443.50 crore from Rs 16,317.60 crore for the quarter ended December 31, 2020. Core net interest margin was 4.1%.

The ratio of gross APM to gross advances stood at 1.26% as of December 31, 2021 compared to 1.35% as of September 30, 2021 and 0.81% as of December 31, 2020. The ratio of net APM to net advances was at 0.37% as of December 31, 2021 compared to 0.40% as of September 30, 2021 and 0.09% as of December 31, 2020. The bank’s provisions and contingencies (excluding tax provisions) fell by 12.30% to Rs 2 993.98 crore in Q3 December 2021 compared to Rs 3,414.13 crore in Q3 December 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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