Indices trade with minor cuts; PSU bank shares decline

The key equity benchmarks traded with minor cuts in early afternoon trade. The Nifty traded below the 17,850 level after hitting day's low of 17,779.80 in the morning trade. Media and IT shares advanced while metal, bank and consumer durable stocks witnessed a bit of a selling pressure.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 34.27 points or 0.06% to 60,629.52. The Nifty 50 index declined 33.90 points or 0.19% to 17,837.80.

In the broader market, the S&P BSE Mid-Cap index shed 0.01% while the S&P BSE Small-Cap index fell 0.09%.

The market breadth was negative. On the BSE, 1,586 shares rose and 1,734 shares fell. A total of 162 shares were unchanged.

 

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 0.38% to 13.5425. The Nifty 23 February 2023 futures were trading at 17,886.80, at a premium of 49 points as compared with the spot at 17,837.80.

The Nifty option chain for the 23 February 2023 expiry showed maximum Call OI of 33.3 lakh contracts at the 18,000 strike price. Maximum Put OI of 37.3 lakh contracts were seen at 17,500 strike price.

Buzzing Index:

The Nifty PSU Bank index declined 0.60% to 3,883.40. The index rose 0.43% in the past trading session.

Punjab National Bank (down 1.84%), UCO Bank (down 1.77%), Canara Bank (down 1.35%), Central Bank of India (down 1.09%) and Bank of Maharashtra (down 0.71%) and State Bank of India (down 0.43%) declined.

On the other hand, Punjab & Sind Bank (up 1.26%), Indian Overseas Bank (up 0.93%) and Bank of India (up 0.62%) advanced.

Stocks in Spotlight:

Honeywell Automation India declined 2.34%. The company reported an 18.2% rise in net profit to Rs 106.07 crore in Q3 FY23 as against Rs 89.73 crore posted in Q3 FY22. Net sales stood at Rs 1,017.49 crore in the quarter ended 31 December 2022, up 18.3% from Rs 859.95 crore recorded in the corresponding quarter last fiscal.

Equitas Small Finance Bank (Equitas SFB) rose 1.61% after the bank's net profit surged 57.4% to Rs 170.13 crore on 17.5% rise in total income to Rs 1,216.03 crore in Q3 FY23 over Q3 FY22.

Lupin rose 0.07%. The company received US Food and Drug Administration (USFDA) approval for its abbreviated new drug application (ANDA) for Glycopyrrolate Injection, USP.

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