Sensex, Nifty trading flat in early deals; Kotak Bank top loser post Q2 earnings

Benchmark indices were trading on a flat note in early trade today. Sensex rose 32 points to 65,430 and Nifty gained 8 points to 19,550. Market cap of BSE-listed firms stood at Rs 3.18 lakh crore. Bajaj Finance, ICICI Bank, M&M and Bajaj Finserv were the top  Sensex gainers, rising up to 1.20 per cent. Of 30 Sensex stocks, 17 were trading in green. 

ICICI Bank shares rose over 1% to Rs 944.80 after the lender reported a 35.7 percent increase in standalone profit and a 24 percent rise in net interest income for the September 2022. The Mumbai-based bank's standalone profit surged to Rs 10,261 crore for the quarter, marking a substantial increase from the Rs 7,557.84 crore reported in the same period the previous year.   

Kotak Mahindra Bank was top loser, falling 2.20% after its Q2 earnings. The private sector lender reported a 24 percent on-year growth in standalone profit at Rs 3,191 crore in Q2 with operating profit growing 29 percent on-year to Rs 4,610 crore and improvement in asset quality numbers.  

 Shares of TCS, L&T, Tech Mahindra, IndusInd Bank and Titan also fell up to 0.85% in early deals.

Anand James, Chief Market Strategist at Geojit Financial Services said, "With last week registering successively lower lows, the ongoing slide appears to gain momentum, setting up environment for a dive into the 19350-230 region. However favoured view does not yet expect a collapse beyond this point, but we would require either a consolidation here, or an outright pull back above 19550 region to signal recovery." 

BSE midcap and smallcap indices fell 12 points and 170 points, respectively.  

Capital goods, consumer durables and IT shares were the top sectoral losers with their BSE index slipping 109 points, 55 points and 59 pts, respectively.  

Market breadth was positive with 1212 stocks trading higher against 1574 stocks falling on BSE. 165 shares were unchanged. 

Foreign institutional investors were net buyers on Friday as they bought shares worth Rs 8.53 crore, as per exchange data.  DIIs also lapped up equities worth Rs 456 crore.  

Previous session 

The domestic equity market closed lower for the third straight session on Friday. Sensex slipped 231 points to end the session at 65,397 and Nifty lost 82 points to settle at 19,542.     

 

 

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