Indices at previous closing
Nifty50: 17,101 ▼8 (-0.0%)
Sensex: 57,200 ▼76 (-0.1%)
Nifty Bank: 37,689 ▼292 (-0.7%)
For more updates on F&O, click here.
IndusInd Bank’s Q3 profit surges
The private bank reported a net profit of ₹1,242 crore, up 50% year-on-year in Q3FY22. The sharp growth in profit was aided by a rise in the net interest income (NII) and lower provisioning for bad loans.
The NII rose 11% YoY to ₹3,794 crore, while the provisioning dropped 11% to ₹1,654 crore. However, the asset quality deteriorated with the gross NPAs rising to 2.4% of the loan book from 1.7% in Q3FY21. Meanwhile, the shares of the bank were 1.7% yesterday.
Fed may take five hikes in 2022
The US central bank could hike key interest rates five times this year, according to Goldman Sachs. This comes after the Fed said that it will hike rates in March and end the stimulus in a bid to tackle the rising inflation.
Experts estimate that by the end of December 2022 the interest rate would be 1.25%-1.50%. Against this backdrop, the Nifty50 has been on a downward trajectory and fell nearly 3% last week.
The IPO party continues
The Fortune edible oil maker Adani Wilmar’s IPO was fully subscribed on day 2. The ₹3,600 crore public issue will close for subscription today.
But the IPO buzz will continue on the D-street this week. Vedant Fashions, which is known for its Manyavar brand, will launch its IPO on February 4. Click here to apply for IPOs on Upstox.
Budget buzz
The Indian government will present the economic survey in the Parliament today. This will be followed by the Union Budget on 1 February 2022.
Sectoral indices (January 28)
| Top gainers | Top losers |
|
Nifty IT ▲ 1.1% |
Nifty Bank ▼ 0.7% |
|
Nifty Pharma ▲ 1.0% |
Nifty Auto ▼ 0.5% |
Global markets (at 8:00 am today)
| Indices | Today's movement |
| SGX Nifty | ▲ 0.9% |
| Nikkei 225 (Japan) | ▲ 1.0% |
| Hang Seng (Hong Kong) | ▲ 0.5% |
| SSE Composite (China) | ▼ 0.9% |
| Dow Jones (US) (January 28) | ▲ 1.6% |
|
NYSE (US) (January 28) |
▲ 1.5% |
| Nasdaq (US) (January 28) | ▲ 3.1% |
| S&P 500 (US) (January 28) | ▲ 2.4% |
Fact of the day
The global cab aggregator Uber offers chopper services in some cities such as New York.
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Investment in securities markets is subject to market risks; please read all the related documents carefully before investing. The securities quoted are exemplary and are not recommendatory. Past performance is not indicative of future results. Details provided in the above newsletter are for educational purposes and should not be construed as investment advice by RKSV group. Investors should consult their investment advisor before making any investment decision.
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