The equity barometers pared losses in early afternoon trade. Banks shares declined for second consecutive session. Rising coronavirus cases across US and Europe weighed on investors' sentiment.
At 12:20 IST, the barometer index, the S&P BSE Sensex, was down 342.89 points or 0.69% to 49,241.27. The Nifty 50 index lost 96.90 points or 0.66% to 14,498.70.
In the broader market, the S&P BSE Mid-Cap index slipped 0.67% while the S&P BSE Small-Cap index shed 0.58%.
The market breadth was weak. On the BSE, 1016 shares rose and 1777 shares fell. A total of 136 shares were unchanged.
Foreign portfolio investors (FPIs) bought shares worth Rs 1,076.62 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 188.10 crore in the Indian equity market on 14 January, provisional data showed.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 3.99% to 23.95. The Nifty 28 January 2021 futures were trading at 14,500.60, at a premium of 1.9 point compared with the spot at 14,498.70.
The Nifty option chain for 28 January 2021 expiry showed maximum Call OI of 23.9 lakh contracts at the 15,000 strike price. Maximum Put OI of 31.4 lakh contracts was seen at 14,000 strike price.
Buzzing Index:
The Nifty Bank index slipped 0.84% to 32,247.95, extending decline for second day. The index has lost 1% in two sessions.
ICICI Bank (down 1.54%), Kotak Mahindra Bank (down 1.38%), Punjab National Bank (down 1.35%), Bank Of Baroda (down 0.72%), Bandhan Bank (down 0.56%), SBI (down 0.44%), HDFC Bank (down 0.43%), IndusInd Bank (down 0.38%), Federal Bank (down 0.27%) and Axis Bank (down 0.24%) declined.
Meanwhile, IDFC First Bank (up 3.89%) and RBL Bank (up 1.40%) advanced.
Earnings Impact:
Den Network rose 3.71% to Rs 69.80 after the cable distribution company posted 238.8% jump in consolidated net profit to Rs 65.57 crore on a 7.6% rise in net sales to Rs 342.18 crore in Q3 December 2020 over Q3 December 2019.
Consolidated EBITDA grew by 12% year on year to Rs 65 crore in Q3 December 2020 from Rs 58 crore in Q3 December 2019. EBITDA margin slightly improved to 19% in Q3 December 2020 from 18% in Q3 December 2019.
On the operational front, subscription revenue was at Rs 201 crore (down 3% YoY), Placement/Marketing income was at Rs 106 crore (up 22% YoY) and Activation revenue came in at Rs 28 crore (up 58% YoY ) in the third quarter.
HFCL rose 1.05% to Rs 33.60 after consolidated net profit jumped 86.7% to Rs 85.11 crore on 49.7% increase in net sales to Rs 1,277.48 crore in Q3 December 2020 over Q3 December 2019.
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