Equity

At 11:27 IST, the barometer index, the S&P BSE Sensex, fell 130.88 points or 0.21% to 60,836.85. The Nifty 50 index was down 8.15 points or 0.04% to 18,117.25.

The broader indices bounced after a five-day losing streak. The S&P BSE Mid-Cap index gained 0.99% while the S&P BSE Small-Cap index added 1.44%. Both the indices fell nearly 4% in five trading sessions.

The market breadth was positive. On the BSE, 2,026 shares rose and 1044 shares fell. A total of 159 shares were unchanged.

Buzzing Index:

The Nifty Bank index fell 255 points or 0.62% to 40,936.60, snapping its three-day rising streak. The banking index came under selling pressure after rising 4.2% in three days.

ICICI Bank (down 1.91%), Axis Bank (down 1.82%), Kotak Mahindra Bank (down 1.19%), IndusInd Bank (down 0.65%) and HDFC Bank (down 0.34%) slipped.

Earnings Impact:

Tech Mahindra gained 3.25% after the IT services company reported 25.8% increase in consolidated net profit to Rs 1338.70 crore on 16.1% rise in revenue from operations to Rs 10881.30 crore in Q2 FY22 over Q2 FY21. EBITDA rose 17.2% to 1995.20 crore in Q2 FY22 over Q2 FY21. EBITDA margin stood at 18.3% in Q2 FY22 as against 18.4% in Q1 FY22 and 18.2% in Q2 FY21. In dollar terms, revenue stood at $1472.60 million, up 6.4% quarter-on-quarter (QoQ) and 16.4% year-on-year (YoY). Revenue growth was reported at 7.2% QoQ in constant currency terms. The company reported net new deals wins worth $750 million during the quarter. The board has proposed a special dividend of Rs 15 per share.

Home First Finance Company India jumped 8.16% to Rs 710.10 after the company's net profit surged to Rs 44.87 crore in Q2 FY22 from Rs 14.33 crore in Q2 FY21. Operating profit increased by 95.6% to Rs 61.55 crore in Q2 FY22 from Rs 31.47 crore in Q2 FY21. Spread on loans stood at 5.6% in Q2 FY22 compared to 5.5% in Q1 FY22 and 4.8% in Q2 FY21. Provisions and Contingencies in the second quarter declined by 72.1% to Rs 3.33 crore from Rs 11.95 crore recorded in the same period last year.

Orient Cement rallied 5.86% to Rs 155.30 after the company's net profit surged 63.40% to Rs 56.88 crore on a 28.40% rise in revenue from operations to Rs 613.12 crore in Q2 FY22 over Q2 FY21. Profit before tax soared 57.96% to Rs 85.65 crore in Q2 FY22 as against Rs 54.22 crore in Q2 FY21.

Global Markets:

Asian stocks were trading higher on Tuesday after major indexes on Wall Street rose to record closing highs.

South Korea's economy grew at a slower pace in the third quarter, as robust exports were offset by weak domestic demand and construction and facility investments, data from the Bank of Korea showed on Tuesday. Gross domestic product (GDP) grew a seasonally adjusted 0.3% in the September quarter from three months earlier, slowing from 0.8% growth in the preceding quarter.

Major Wall Street benchmarks hit fresh records on Monday, buoyed by a robust start to the U.S. corporate earnings season and an improving economic outlook.

The Dow Jones Industrial Average rose 64.13 points, or 0.18%, to 35,741.15, the S&P 500 gained 21.58 points, or 0.47%, to 4,566.48 and the Nasdaq Composite added 136.51 points, or 0.9%, to 15,226.71.

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