Indices trade with minor cuts, bank stocks decline

The benchmark indices traded with minor cuts in mid-morning trade. The Nifty traded below the 17,600 level, after hitting the day's high of 17,709.15 in morning trade. Bank stocks extended their losses for the fourth straight session.

At 11:26 IST, the barometer index, the S&P BSE Sensex, was down 105.02 points or 0.18% to 59,225.88. The Nifty 50 index shed 47.50 points or 0.27% to 17,556.85.

In the broader market, the S&P BSE Mid-Cap index fell 0.49% while the S&P BSE Small-Cap index rose 0.04%.

The market breadth was negative. On the BSE, 1,512 shares rose and 1,860 shares fell. A total of 189 shares were unchanged.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.81% to 18.33.

Buzzing Index:

The Nifty Bank index fell 0.97% to 39,954.45, extending its losing run for the the fourth day. The index slipped 6.69% in two four trading sessions.

IndusInd Bank (down 2.49%), ICICI Bank (down 1.26%), State Bank of India (down 0.8%), HDFC Bank (down 0.56%) and Axis Bank (down 0.5%) edged lower.

On the other hand, Bandhan Bank (up 1.5%), Punjab National Bank (up 1.28%) and AU Small Finance Bank Ltd (up 1.08%) advanced.

Earnings Impact:

Five-Star Business Finance rose 0.10%. The NBFC reported 28% rise in net profit to Rs 151 crore on a 22% increase in total income to Rs 388.7 crore in Q3 FY23 over Q3 FY22. Net Interest Income (NII) for the period under review was Rs 325.6 crore, up 33% YoY. Net Interest Margin was 13.79% in Q3 FY23 as compared with 13.46% in Q3 FY22.

DCB Bank added 0.04%. The bank's net profit jumped 51.1% to Rs 113.85 crore on 17.1% rise in total income to Rs 1,167.15 crore in Q3 FY23 over Q3 FY22. Advances grew 21% year on year to Rs 32,966 crore in Q3 FY23. Deposits jumped 23% year on year to Rs 39,506 crore in Q3 FY23.

Poly Medicure shed 0.30%. On a consolidated basis, the company's net profit jumped 44.9% to Rs 50.01 crore on 23.7% increase in revenue from operations to Rs 284.83 crore in Q3 FY23 over Q3 FY22.

Global Markets:

Most Asian stocks declined on Monday as mainland Chinese markets jumped on resuming trade after a week-long New Year break.

US stocks ended higher on Friday, fueled by gains in Tesla shares and a better-than-expected GDP report on Thursday.

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