Mid Session

The key equity indices declined further and hit fresh intraday low in morning trade. The Nifty was trading below the 18,250 mark. Banks stocks recovered after a two-day fall.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 142.55 points or 0.23% to 61,117.41. The Nifty 50 index lost 41.05 points or 0.22% to 18,225.55.

In the broader market, the S&P BSE Mid-Cap index lost 0.27% while the S&P BSE Small-Cap index declined 0.07%.

The market breadth, indicating the overall health of the market, was strong. On the BSE, 1701 shares rose and 1235 shares fell. A total of 150 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 241,991,525 with 4,921,354 deaths. India reported 178,098 active cases of COVID-19 infection and 452,651 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

The cumulative COVID-19 vaccine doses administered in the country surpassed the 100-crore milestone today. According to government's CoWin website, over 70 crore people have been administered the first dose of covid vaccine while 29 crore have received the full doses.

A total of 14,623 new cases of Covid 19 were reported in India in the last 24 hours. The recovery rate is currently at 98.15%, which is the highest since March last year.

Buzzing Index:

The Nifty Bank index rose 0.40% to 39,677.25. the index had declined by 0.42% in the past two sessions.

Punjab National Bank (up 3.25%), Federal Bank (up 2.34%), Kotak Mahindra Bank (up 2.33%), AU Small Finance Bank (up 2%), SBI (up 0.62%), RBL Bank (up 0.61%) and IDFC First Bank (up 0.41%) advanced.

Concurrently, IndusInd Bank (down 1.04%), Axis Bank (down 0.36%) and HDFC Bank (down 0.11%) declined.

Stocks in Spotlight:

Just Dial fell 2.07% to Rs 864. The company's consolidated net profit fell 30.48% to Rs 32.91 crore on 6.89% decline in net sales to Rs 155.98 crore in Q2 September 2021 over Q2 September 2020.

Deferred revenue stood at Rs 334.2 crore, up 8.7% QoQ and up 19.6% YoY. Total traffic (unique visitors) for the quarter stood at 149.5 million, up 14.5% YoY and 20.5% QoQ. Total active listings stood at 31 million as on 30 September 2021, an increase of 3.3% YoY and 1.3% QoQ.

Havells India hit a lower circuit of 10% at Rs 1264.85. The company's standalone net profit declined 7.18% to Rs 301.56 crore on 31.38% rise in net sales to Rs 3221.03 crore in Q2 September 2021 over Q2 September 2020. The company reported healthy growth across business verticals. It added that increase in commodity cost remained unabated with severe escalation in a rather short period. Price increase have been staggered creating a lag affect on margins. However, we maintain a positive outlook on demand growth which could support margin as well, the company said.

Jindal Stainless (Hisar) (JSHL) added 0.36% to Rs 316.40. JSHL has commissioned 26,000 tonnes per annum (TPA) capacity Precision Strip Mill as part of the first phase of its latest brownfield expansion plan at its state-of-the-art specialty products division (SPD).

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