The domestic equity barometers continued to extend losses and traded near the day's low in early afternoon trade. The Nifty slipped below the 18,050 mark. All the sectoral indices on the NSE were in the red with realty, metal and PSU bank stocks falling the most.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 626.07 points or 1.02% to 60,668.13. The Nifty 50 index lost 183.85 points or 1.01% to 18,048.70.
In the broader market, the S&P BSE Mid-Cap index slipped 1.02% while the S&P BSE Small-Cap index shed 0.87%.
The market breadth was weak. On the BSE, 1,096 shares rose and 2,289 shares fell. A total of 137 shares were unchanged.
Economy:
The seasonally adjusted S&P Global India Services PMI Business Activity Index rose to 58.5 in December from 56.4 in November, highlighting the strongest rate of expansion since mid-2022. Companies commonly linked the upturn to robust intakes of new work and favourable market conditions.
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Meanwhile, the S&P Global India Composite PMI Output Index rose from 56.7 in November to 59.4 in December, highlighting the quickest rate of growth since January 2012. Indian private sector firms signalled a strong performance at the end of 2022, with manufacturers and service providers recording faster expansions in output.
Derivatives:
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 7.10% to 15.41. The Nifty 25 January 2022 futures were trading at 18,109.05, at a premium of 60.35 points as compared with the spot at 18,048.70.
The Nifty option chain for the 25 January 2022 expiry showed maximum Call OI of 26.7 lakh contracts at the 19,000 strike price. Maximum Put OI of 36.3 lakh contracts were seen at 18,000 strike price.
Buzzing Index:
The Nifty Bank index declined 1.03% to 42,977.55. The index added 1.02% in the past two trading sessions.
Punjab National Bank (down 3.37%), Bank of Baroda (down 3.12%), IDFC First Bank (down 2.85%), IndusInd Bank (down 2.71%), Federal Bank (down 1.85%), Bandhan Bank (down 1.6%), HDFC Bank (down 1.59%), State Bank of India (down 1.26%), AU Small Finance Bank (down 1.24%) and ICICI Bank (down 0.53%) slipped.
HDFC Bank fell 1.59%. The private lender's advances aggregated to approximately Rs 15,07,000 crore as of 31 December 2022, recording a growth of around 19.5% as against Rs 12,60,900 crore as of 31 December 2021. HDFC Bank registered a growth of around 1.8% in quarter ended 31 December 2022 from Rs 14,79,900 crore as of 30 September 2022.
IndusInd Bank declined 2.28%. The private lender's net advances improved to Rs 2,71,966 crore as of 31 December 2022, registering a growth of 19% as compared to Rs 2,28,583 crore as of 31 December 2021. On quarter on quarter (QoQ) basis, net advances grew by 5% as against Rs 2,60,129 crore posted on 30 September 2022.
Equitas Small Finance Bank added 1.43% after the bank announced the grant of approval by the Reserve Bank of India (RBI) to SBI Funds Management for acquisition of shares up to 9.99% of the paid - up equity capital of the bank.
Punjab & Sind Bank rose 1.70% after the bank's gross advances rose by 17% to Rs 78,049 crore during the quarter ended 31 December 2022 as compared with Rs 66,710 crore disbursed in the same period last year.
IPO Updates:
The initial public offer (IPO) of Sah Polymers received bids for 4,66,71,370 shares as against 56,10,000 shares on offer, according to stock exchange data at 12:21 IST on Wednesday (4 January 2023). The issue was subscribed 8.32 times.
The issue opened for bidding on Friday (30 December 2022) and it will close on Wednesday (4 January 2023). The price band of the IPO is fixed at Rs 61-65per share. An investor can bid for a minimum of 230 equity shares and in multiples thereof.
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