Nifty hovers at 17,100; Axis Bank jumps 6%

The main indices traded sideways with minor losses in early afternoon trade. Banks stocks advaned, snapping their eight-day losing streak. The Nifty hovered at 17,100 level.

At 12:30 IST, the barometer index, the S&P BSE Sensex, declined 220.66 points or 0.39% at 57,270.50. The Nifty 50 index fell 57.20 points or 0.33% at 17,091.60.

Weak Asian stocks, worries of US Fed interest hike, geo-political tensions of Russia invading Ukraine and firm crude oil prices continue to impact investors sentiment.

In the broader market, the S&P BSE Mid-Cap index rose 0.36% while the S&P BSE Small-Cap index gained 0.13%.

The market breadth was positive. On the BSE, 1,643 shares rose and 1,594 shares fell. A total of 88 shares were unchanged.

COVID-19 Update:

India on Tuesday reported 2,55,874 COVID-19 cases in the last 24 hours down from 3,06,064 infections a day before, according to the Union Ministry of Health and Family Welfare data. The health ministry's data also showed as many as 614 fatalities pushed India's death toll to 4,90,462.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 0.84% to 22.6325. The Nifty 27 January 2022 futures were trading at 17,100, at a premium of 10 points as compared with the spot at 17,090.

The Nifty option chain for 27 January 2022 expiry showed maximum Call OI of 97.3 lakh contracts at the 17,500 strike price. Maximum Put OI of 67.1 lakh contracts was seen at 17,000 strike price.

Buzzing Index:

The Nifty Bank index added 367 points or 0.99% to 37,308.15, snapping its eight day losing streak. The banking index corrected 3.67% in eight days.

Federal Bank (up 4.73%), RBL Bank (up 3.68%), SBI (up 3%), Bandhan Bank (up 3%), Punjab National Bank (up 2.89%) and IndusInd Bank (up 2.68%) were top gainers in banking space.

Axis Bank advanced 6.35% The private sector bank's net profit increased by 224% to Rs 3,614 crore in Q3 FY22 from Rs 1,117 crore in Q3 FY21. Total income in the third quarter rose by 15% YoY to Rs 21,101 crore. The bank's operating profit for the quarter grew 17% Y-o-Y and 4% Q-o-Q to Rs 6,162 crore.

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