The frontline equity indices on BSE and National Stock Exchange (NSE) fell for the fifth successive session, declining over 0.6 per cent on Tuesday tracking the weakness in the Asian markets. Investors dumped equities across the board on concerns that a fresh escalation in Russia-Ukraine tensions could flare up oil prices and push inflation higher.
The S&P BSE Sensex fell 382.91 points (0.66 per cent) to settle at 57,300.68 while the Nifty 50 slipped 114.45 points (0.67 per cent) to end at 17,092.20.
"Nifty closed lower for the sixth consecutive session after volatile trade on Feb 23, despite most other markets bouncing up. Nifty reversed the early gains in the last hour of trade. At close, Nifty was down 0.22% or 38 points at 17054. This is the longest losing streak for the Nifty in over a year.
On a day when the volumes on the NSE were lower than the recent average, Realty and Consumer Durables indices gained the most while Auto and Capital Goods indices fell the most. BSE Midcap index closed 0.6% higher while the Smallcap index closed 0.97% higher.
Global stocks broke a four-day slide and demand for safe-haven assets waned on Wednesday as investors weighed up the latest developments between Russia and Ukraine and softer-than-feared sanctions helped to lift the mood.
Nifty could not hold on to early gains reflecting the sell-on-rise behavior adopted by traders and investors (especially foreigners). However advance decline ratio has improved to much above 1:1 taking relief from the positive global markets. Nifty could trade in the 17001-17228 band in the near term."
The S&P BSE Sensex ended at 57,232.06, down 68.62 points or 0.12 per cent, while the Nifty 50 settled at 17,063.25, down 28.95 points or 0.17 per cent.
India’s largest passenger car maker Maruti Suzuki India (MSI) on Wednesday launched the all-new 2022 Baleno at a starting price of Rs 6.35 lakh (ex-showroom).
Termed as the New Age Baleno, the premium hatchback comes with many tech features such as a digital Head Up Display (HUD), 22.86 cm (9-inch) SmartPlay Pro+ touch screen infotainment equipped with Surround Sense powered by ARKAMYS, 360 View Camera, Next Generation Suzuki Connect. Click here to read
Tata group’s realty firm Tata Housing on Wednesday announced an investment of USD 36 million (around Rs 270 crore) to develop two luxury residential projects in Maldives.
The company will construct around 117 housing units in these two projects. Click here to read
The rupee recovered 21 paise to 74.63 in early trade on Wednesday tracking positive domestic equities as investors continued to keep a watch on the latest developments around Ukraine.
The local currency opened on a strong note at 74.64 to a dollar at the interbank foreign exchange market and inched higher to 74.63, registering a gain of 21 paise over its previous close. On Tuesday, the rupee depreciated by 29 paise to close at 74.84 against the US currency.
(PTI)
"The major impact of the Ukraine crisis in India is the implications of crude at $97. If crude sustains at around these high levels, inflation in India is sure to go up, forcing the RBI to revise its FY 23 inflation target upwards and signal withdrawal from the accommodative monetary stance. This would be negative from the growth and earnings perspective.
Higher crude prices are negative for tyre, paints and FMCG segments. Financials, particularly high quality banks, have valuation comfort. IT is likely to exhibit resilience thanks to good earnings visibility"
Asian stocks steadied on Wednesday and demand for safe-havens waned a little as investors regarded Russian troop movements near Ukraine and initial Western sanctions as leaving room to avoid a war, while a rate hike lifted New Zealand's dollar.
Commodity prices remain elevated, however, and traders are still nervous over the situation on Europe's eastern edge.
Overnight oil struck a seven-year high while the S&P 500 index tipped into correction territory, having dropped more than 10% from January's record peak.
S&P 500 futures were up 0.4% in early Asia trade, after U.S. President Joe Biden left the door open to diplomacy as he announced sanctions on two Russian banks and some elites close to President Vladimir Putin.
MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1%. Japan's Nikkei was closed for the Emperor's birthday holiday.
(Reuters)
Sensex recovers over 300 points to reclaim 57,600-level in opening trade; Nifty up 83 points at 17,175.
(PTI)