Benchmarks come off day's high; PSU banks advance

Barometers reversed early gains and traded with minor losses in morning trade. Barring the Nifty FMCG and pharma indices, all other sectoral indices on the NSE traded in the green.

At 10:24 IST, the barometer index, the S&P BSE Sensex, fell 24.81 points or 0.05% at 48,412.35. The Nifty 50 index was down 1.65 points or 0.01% at 14,197.85.

The broader market outperformed benchmark indices. The S&P BSE Mid-Cap index was up 0.72% while the S&P BSE Small-Cap index rose 0.64%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1753 shares rose and 873 shares fell. A total of 133 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 8,63,83,986 with 18,67,676 deaths. India reported 2,27,546 active cases of COVID-19 infection and 1,50,114 deaths while 99,97,272 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

Economy:

The Union Budget for 2021-2022 will be presented on 1 February 2021 and President Ram Nath Kovind will address a joint sitting of both the Houses of Parliament on 29 January 2021.

Buzzing Index:

The Nifty PSU Bank index added 1.93% to 1,866.75, rising for fourth consecutive trading session. The index has surged 6.5% in four trading sessions.

Bank of India (up 3.26%), Bank of Baroda (up 2.52%), SBI (up 2.4%), Indian Bank (up 2.16%), UCO Bank (up 1.53%), PNB (up 1.4%), Union Bank of India (up 1.25%), Canara Bank (up 1.18%) and J&K Bank (up 0.82%) were top gainers in PSU Bank segment.

Stocks in Spotlight:

HDFC Bank fell 0.14%. The bank said its advances grew around 16% to approximately Rs 10,82,000 crore as of 31 December 2020 compared with Rs 9,36,000 crore as of 31 December 2019. The bank's advances reported a growth of around 4% compared with Rs 10,38,300 crore as of 30 September 2020 (Q2 FY21). The bank's deposits aggregated to approximately Rs 12,71,000 crore as of 31 December 2020 (Q3 FY21), up by around 19% compared with Rs 10,67,400 crore as of 31 December 2019 (Q3 FY20). Sequentially, the deposits increased by around 3% from Rs 12,29,300 crore as of Q2 FY21.

Titan Company gained 1.68% after the company said that its jewellery division has crossed the recovery phase to growth phase. Titan said that the jewellery industry saw a resurgence in the festive season along with a pent-up demand for wedding jewellery as most of the weddings in H1 FY21 were deferred. The company already announced the 15% growth in the 30-day festive period from Dussera to Diwali. The division has recorded close to 15% growth (excluding sale of raw gold of approximately Rs 334 crore) in Q3 FY21.

Titan's Watches & Wearables division had a recovery rate of around 88% in Q3, compared to the revenue of the same quarter in last year. The E-commerce channel is leading the recovery with very strong absolute growth of over 30%. The company's Eye Wear division had a recovery of -92% in Q3, compared to the revenue of the same quarter in last year. Titan's Other businesses had a revenue recovery of around 80%, compared to the revenue of same quarter in last year.

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