Market closes lower, SBI Cards and Payment Services net profit up by 67%

Trendlyne Analysis

Markets closed on a low note. Nifty 50 closed at 17,671.65 (-185.6, -1.0%) , BSE Sensex closed at 59,306.93 (-677.8, -1.1%) while the broader Nifty 500 closed at 15,086.90 (-104.0, -0.7%)

Market breadth is in the red. Of the 1,796 stocks traded today, 704 were in the positive territory and 1,043 were negative.

Natco Pharma, Supreme Petrochem, Phoenix Mills, and Eris Lifesciences are trading with higher delivery volumes compared to Thursday.
SBI Cards and Payment Services’ net profit increases by 67% YoY to Rs 345 crore with net NPA decreasing by 179 bps YoY to 0.91% in Q2FY22. The company’s new accounts rise by 39% YoY and number of cards in force grew by 14% YoY to Rs 1.26 crore.
JK Tyre & Industries’ net profit falls 41% YoY to Rs 65 crore in Q2FY22 as materials costs increase. The company’s revenue grew by 31% YoY to Rs 2,987 crore as it records an increase in sales across Indian & Mexico markets.
KEC International wins orders worth Rs 1,082 crore in its power transmission and distribution vertical in the domestic and overseas market.
Tata Power Company's Q2FY22 revenue rises by 18% YoY to Rs 9,810.2 crore, with net profits of Rs 421.5 crore, a 51% growth.
HDFC Securities maintains a 'Buy' rating on SBI Life Insurance Company with a 45% target price upside due to the company's vast distribution network, high market share in term protection plans, and low operating expenses (8.8% of total income in Q2).
FSN E-Commerce Ventures’ (Nykaa) Rs 5,351 crore IPO receives bids for 1.4X of the total shares on offer, with the retail portion booked by 4.6X the available quota of shares on the second day of bidding.
Ujjivan Financial Services is trading with more than 18 times its weekly average trading volume. InterGlobe Aviation, Bajaj Holdings & Investment, and Motilal Oswal Financial Services are trading at more than four times their weekly average trading volumes.
Marico's Q2FY22 revenue rises by 21% YoY to Rs 2,419 crore due to a 9% growth in sales volume against Q2FY20, with net profits up by 16% to Rs 316 crore.
Fino Payments Bank’s Rs 1,200.3 crore IPO receives bids for 26.5% of the shares on offer, with the retail portion fully booked within the first hour of bidding on the first day.
Bajaj Finserv’s net profit rises 14% YoY to Rs 1,221 crore in Q2FY22 as it gathers momentum after disruption caused by second wave of Covid-19 with gross written premiums rising by 21% YoY to Rs 5,034 crore.
Indian Railway Catering & Tourism Corporation is falling as the company will share 50% of convinence fee earned from online ticketing with the Railway Ministry from November 1.
Indiabulls Real Estate's promoter sells 1.2 crore shares (2.6% stake) in an open market transaction on Wednesday.
Blue Star’s net profit doubles YoY to Rs 31.4 crore in Q2FY22 as it records an increase in demand for residential air conditioners and refrigeration products. The revenue growth from this segment was 43% YoY to Rs 455 crore.
Fino Payments Bank raises Rs 539 crore from 29 anchor investors at Rs 577 per share. The investors include HSBC Global, Fidelity, Aditya Birla Sun Life Mutual Fund (MF), SBI Life Insurance Company, BNP Paribas, Societe Generale, etc.

Markets fell in early trading. Nifty 50 was trading at 17,717.30 (-140.0, -0.8%) , BSE Sensex was trading at 59,570.50 (-414.2, -0.7%) while the broader Nifty 500 was trading at 15,081.25 (-109.6, -0.7%)

Market breadth is moving down. Of the 1,723 stocks traded today, 496 were on the uptick, and 1,164 were down.

Riding High:

Largecap and midcap gainers today include Canara Bank (214.50, 9.77%), InterGlobe Aviation Ltd. (2175.20, 8.87%) and ABB India Ltd. (2119.90, 6.87%).

Downers:

Largecap and midcap losers today include RBL Bank Ltd. (180.55, -10.20%), Indian Railway Catering & Tourism Corporation Ltd. (845.70, -7.42%) and Atul Ltd. (9128.40, -7.28%).

Volume Rockets

19 stocks in BSE 500 are trading on high volumes today.

Top high volume gainers on BSE included Ujjivan Financial Services Ltd. (179.95, 18.00%), Esab India Ltd. (2531.70, 11.76%) and InterGlobe Aviation Ltd. (2175.20, 8.87%).

Top high volume losers on BSE were Atul Ltd. (9128.40, -7.28%), SBI Cards and Payment Services Ltd. (1055.10, -6.29%) and Hathway Cable & Datacom Ltd. (21.80, -5.83%).

Bharat Electronics Ltd. (206.85, 3.27%) was trading at 8.8 times of weekly average. Dr. Reddy's Laboratories Ltd. (4659.20, 1.95%) and Ujjivan Small Finance Bank Ltd. (22.25, 4.95%) were trading with volumes 6.2 and 5.6 times weekly average respectively on BSE at the time of posting this article.

BSE 500: highs, lows and moving averages

10 stocks overperformed with 52 week highs, while 5 stocks hit their 52 week lows.

Stocks touching their year highs included - Birla Corporation Ltd. (1528.30, 6.08%), Canara Bank (214.50, 9.77%) and Cholamandalam Investment & Finance Company Ltd. (614.75, 0.94%).

Stocks making new 52 weeks lows included - Bombay Burmah Trading Corporation Ltd. (1079.10, -1.20%) and Strides Pharma Science Ltd. (534.75, 2.33%).