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Sensex, Nifty Log Worst Week In Two Months

Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.

<div class="paragraphs"><p>Toy figures of a bull, left, and a bear stand on a counter while a trader works at his computer screens. (Photographer: Ralph Orlowski/Bloomberg).</p></div>
Toy figures of a bull, left, and a bear stand on a counter while a trader works at his computer screens. (Photographer: Ralph Orlowski/Bloomberg).
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India's stock benchmarks logged the worst week in nearly two months since the week ending Nov. 26.

The S&P BSE Sensex and NSE Nifty declined for the fourth consecutive session, making it the longest losing streak in a month.

Sensex, Nifty Log Worst Week In Two Months

For the week, Sensex shed over 2,000 points while Nifty fell 600 points

Sensex, Nifty Log Worst Week In Two Months

All the sectoral indices declined in the week with NSE Nifty IT and Pharma indices leading the losses.

On Friday's session, the Sensex shed 0.72% to 59,037.18. The 30-stock gauge fell over 1.4% in intraday trade to 58,620.93. This is the first time the Sensex fell below 59,000 mark in nearly three weeks.

Sensex, Nifty Log Worst Week In Two Months

The Nifty also declined by similar magnitude to 17,617.15, the lowest closing level since Dec. 31.

Sensex, Nifty Log Worst Week In Two Months

Bajaj Finserv Ltd. had the largest drop, falling 5.4%. Today, 35 of 50 shares fell, while 15 rose.

Sensex, Nifty Log Worst Week In Two Months

The broader indices underperformed their larger peers with both the S&P BSE MidCap and S&P BSE SmallCap shedding 2%. Barring S&P BSE FMCG, all the other 18 sectoral indices compiled by BSE Ltd. declined with S&P BSE Telecom and Consumer Durables shedding 3%.

The market breadth was skewed in the favour of bears. About 1,017 stocks advanced, 2,361 declined and 88 remained unchanged.

"Equity markets in India witnessed volatility during the week ended Jan 21, 2022. Global equity markets were volatile as well on the back of expectations of faster interest rate hikes by the US Federal Reserve, rise in US bond yields, higher crude oil prices and concerns over rising inflation", Shibani Kurian, Senior EVP & Head - Equity Research, Kotak Mahindra Asset Management Company wrote in a note and added that "majority of companies are feeling the impact of higher input cost inflation leading to compression in YoY margins (in December quarter earnings). With demand being buoyant, we do expect companies to pass on some of higher input costs in terms of price hikes over the next quarter so as to protect margins".

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SBI Life Erases Losses After Q3 Results

Shares of SBI Life Insurance Co Ltd. pared losses and rose nearly 1% after it reported net income for the third quarter than missed the average analyst estimate.

Q3 Results (Consolidated, YoY)

  • Net income up 56% YoY at Rs 364 crore vs Bloomberg consensus estimate of Rs 413 crore

  • Net premium income up 31% YoY at Rs 18,030 crore

Of the 38 analysts tracking the company, 36 maintained 'buy' and two maintained 'hold' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 20.2%.

Source: Bloomberg, Exchange Filing

Sensex, Nifty Log Worst Week In Two Months

Broader Indices Underperform Their Larger Peers, Down Nearly 2%

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Hindustan Zinc Logs Biggest Intraday Gain In Over Two Weeks On In-Line Q3

Shares of Hindustan Zinc Ltd. rose over 2%, the biggest intraday gain in over two weeks to Rs 329.4 apiece after the company reported net income for the third quarter that met the average analyst estimate.

Third Quarter Results (Consolidated, QoQ)

  • Net income up 33.91% at Rs 2,701 crore vs Rs 2,017 crore (Bloomberg consensus estimate: Rs 2,680 crore)

  • Revenue up 31.60% at Rs 7,841 crore vs Rs 5,958 crore (Estimate: Rs 8,070 crore)

  • Total costs at Rs 4,411 crore vs Rs 3,571 crore

  • Other income at Rs 279 crore vs Rs 311 crore

Of the 20 analysts tracking the company, four maintained 'buy', eight maintained 'hold' and eight maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied a downside of 5.9%.

Trading volume on the stock was three times the 30-day average volume, at this time of the day.

Source: Bloomberg, Exchange Filing


Bajaj Finserv Declines The Most In Intraday Trade In 11 Months

Sensex, Nifty Log Worst Week In Two Months

Shares of Bajaj Finserv Ltd. fell 5.5% in intraday trade to Rs 16,310.2 apiece. The stock has shed nearly 10% over the past two sessions after the company reported a decline in net profit in its December quarter earnings, on Thursday

Q3 Earnings (Consolidated, YoY)

  • Net profit down 2.6% at Rs 1,255.79 crore vs Rs 1,289.96 crore

  • Revenue up 10% at Rs 17,586.74 crore vs Rs 15,958.53 crore

  • Total costs at Rs 14,370.55 crore vs Rs 13,181.54 crore

Commentary

  • Company remains watchful of the covid situation, risk of that is expected to remain elevated in Q4FY2022.

Of the 11 analysts tracking the company, eight maintained 'buy' and three maintained 'sell' recommendations. The overall consensus price of analysts tracked by Bloomberg implied an upside of 6.4%.

  • Trading volume on the stock was over two times the 30-day average volume, at this time of the day.

  • Share price crossed below 50-day moving average, indicating potential downward price momentum.

Source: Bloomberg, Exchange Filing

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