The benchmark indices hit intraday low during mid-morning trade as sectoral indices declined across the board. The Nifty continued to trade beneath 17,400 level. The NSE's India VIX, a gauge of market's expectation of volatility over the near term, soared 11.89% to 21.1350.
At 11:30 IST, the barometer index, the S&P BSE Sensex, tumbled 718.86 points or 1.22% at 58,318.32. The Nifty 50 index dropped 233.55 points or 1.33% at 17,383.60.
In the broader market, the S&P BSE Mid-Cap index skid 2.60% while the S&P BSE Small-Cap index lost 3.40%.
The market breadth was weak. On the BSE, 571 shares rose and 2,865 shares fell. A total of 127 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 3,148.58 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 269.36 crore in the Indian equity market on 21 January 2022, provisional data showed.
Upcoming Nifty 50 Result:
Axis Bank (down 0.73%) will announce its quarterly result today.
Buzzing Index:
The Nifty IT index declined 2.43% to 35,179. The index lost 9.39% in six trading sessions.
Coforge (down 5.25%), Mphasis (down 5%), MindTree (down 4.73%), L&T Infotech (LTI) (down 4.13%) and Tech Mahindra (down 4.01%) were the top losers in the IT segment.
Earnings in Spotlight:
Bandhan Bank advanced 2.76%. The microfinance bank reported a 35.8% rise in standalone net profit to Rs 858.97 crore on a 6.5% rise in total income to Rs 4,120.95 crore in Q3 FY22 over Q3 FY21. Profit before tax rose 35.4% to Rs 1,144 crore in Q3 FY22 over Q3 FY21. Operating profit before provisions and contingencies rose 1.4% to Rs 1950.14 crore in Q3 FY22 as compared to Rs 1,923.18 crore in Q3 FY21. Net Interest Income (NII) for the quarter grew by 2.6% to Rs 2,124.7 crore as against Rs 2,071.7 crore in the corresponding quarter of the previous year. Net interest margin (annualised) for the quarter ended 31 December 2021 stood at 7.8% as against 7.6% in Q2 FY22.
Gland Pharma dropped 4.63%. The company's consolidated net profit increased by 34% to Rs 273 crore in Q3 FY22 from Rs 204.1 crore in Q3 FY21. Revenue from operations during the third quarter of financial year 2022 grew by 24% to Rs 1063.3 crore as compared to corresponding quarter of the previous year. The growth in revenue was on account of launch of new products and volume growth in existing products, the company said. The company's key market, USA, has seen a Y-o-Y revenue growth rate of 23% for the quarter, including the India sales for USA market. Its core markets, US, Canada, Europe, and Australia accounted for 63% of the revenue during Q3 FY22.
Global Markets:
Overseas, Asian stocks traded mixed on Monday as investors looked ahead to the U.S. Federal Reserve's monetary policy meeting this week. The Federal Open Market Committee is due to meet on Tuesday and Wednesday to decide on the next steps for U.S. monetary policy.
Wall Street's main indexes ended sharply lower on Friday as Netflix shares plunged after a weak earnings report.
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