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A Flip by Shubhangi Gupta
India's benchmark Nifty snapped its seven-day losing streak on Tuesday, with some relief buying visible after frontline indices plunged 10% since the 26,000-plus record highs reached toward the end of September. However, gains achieved through the first-half of the day were largely erased in the last hour of trading due to escalation of tensions between Ukraine and Russia.
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The market sell-off since the last week of September has pulled various stocks down by 15-50%, especially in the mid-cap and smallcap space, while the Nifty has declined 11% in this period. Nearly 20 stocks with m-cap of over ₹5,000 crore have risen over 10% since September 27. According to analyst consensus estimates, these stocks could surge further by 10-37%.
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Provisioning for bad loans by banks fell in the September quarter for the second consecutive period based on year-on-year comparison driven by the public sector banks (PSBs). For a sample of 29 publicly listed banks, provisioning for nonperforming assets (NPA) fell by 2.9% to ₹27,318.2 crore. For PSBs, it fell by 11.6% to ₹14,628.3 crore.
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