Share/Stock Market Highlights: The frontline equity indices on BSE and National Stock Exchange (NSE) continued their winning momentum for the second straight session, rising over 0.7 per cent on Monday led by gains in metals, power and oil and gas stocks ahead of the announcement of Q3 GDP data.
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The S&P BSE Sensex surged 388.76 points (0.70 per cent) to settle at 56,247.28 while the Nifty 50 climbed 135.50 points (0.81 per cent) to end at 16,793.90. Both the indices had opened over 1 per cent lower earlier in the day but reversed their losses later in afternoon trade.
On the Sensex pack, Tata Steel was the top gainer of the day rising over 6.5 per cent. It was followed by Power Grid Corporation of India, Reliance Industries (RIL), Titan Company, NTPC, Larsen & Toubro (L&T). On the other hand, Dr. Reddy’s Laboratories, Axis Bank, Mahindra & Mahindra (M&M), HDFC Bank, Housing Development Finance Corporation (HDFC) and Kotak Mahindra Bank were the top laggards.
(with inputs from agencies) Read less
The benchmark equity indices on BSE and National Stock Exchange (NSE) snapped out of their seven-session losing streak and had bounced back around 2.5 per cent on Friday led by gains in banking, financials and metal stocks amid positive cues in the global market.
The S&P BSE Sensex surged 1,328.61 points (2.44 per cent) to settle at 55,858.52 while the Nifty 50 climbed 410.45 points (2.53 per cent) to end at 16,658.40.
India’s GDP growth rate is expected to come in lower than 9.2 per cent for the financial year 2021-22 in the second advance estimates scheduled to be released later today, with the GDP for October-December quarter expected to be around 6 per cent. The first advance estimates had pegged the country’s GDP growth rate at 9.2 per cent, which did not reflect the loss of economic activity in the last few months due to the impact of the new variants of the Covid-19 pandemic. Estimates peg the GDP for FY22 to come in around 8.5 per cent. CLICK HERE to read
"Aggravated Russia-Ukraine conflict along with fresh sanctions on Russia by global powers weighed on Western markets. Despite opening on a negative tone, domestic indices staged a strong recovery lifted by metal stocks and positive Asian markets. Metal stocks rallied on hopes that curtailing Russian exports would help Indian steelmakers to capture the export market share. Domestic investors are keenly awaiting the release of the Q3 GDP data later today which is forecasted at 6.5% against 8.4% in Q2"
The S&P BSE Sensex ended at 56,247.28, up 388.76 points or 0.70 per cent, while the Nifty 50 settled at 16,793.90, up 135.50 points or 0.81 per cent.
Madhabi Puri Buch, the former whole-time member (WTM) of the Securities and Exchange Board of India (Sebi) has been appointed as its new chief for a tenure of three years. She is the first woman to head the market regulator since its inception. Buch will take over from the current Sebi chief Ajay Tyagi.
Buch has over three decades of experience in the financial markets. She was Sebi WTM between April 5, 2017, and October 4, 2021. CLICK HERE to read
The Bank of Russia raised its key interest rate to the highest in almost two decades and imposed some controls on the flow of capital in a bid to shield the economy from the impact of sweeping Western sanctions that include penalties on the regulator itself.
The interest rate will increase from 9.5% to 20%, the central bank said in a statement before ruble trading was due to open at 10 a.m. local time. It also temporarily banned brokers from selling securities held by foreigners starting Monday on the Moscow Exchange, without specifying which securities the ban applies to. Authorities also introduced mandatory hard-currency revenues sales for exporters. CLICK HERE to read
The Sovereign Gold Bond Scheme 2021-22 – Series X by the central government has opened for subscription today, February 28, 2022, and it will be available for five days until Friday, March 4, 2022. The Reserve Bank of India (RBI) last Friday fixed the issue price at Rs 5,109 per gram.
Under this scheme, the RBI issues the bonds on behalf of the Government of India. The bonds are sold through banks, Stock Holding Corporation of India (SHCIL), designated post offices, and recognised stock exchanges – National Stock Exchange of India (NSE) and BSE. CLICK HERE to read
The rupee tumbled 40 paise to 75.33 in early trade on Monday, tracking surge in crude prices amid escalating tensions between Russia and Ukraine.
At the interbank forex market, the local currency opened sharply lower against the dollar. It was moving in a tight range of 75.78 and 75.70. In early deals, it was trading at 75.73, registering a fall of 40 paise over its previous close. In the previous session, the rupee had gained 27 paise to settle at 75.33 against the US dollar.
(PTI)
In order to help in the development of the corporate bond market, the Finance Ministry plans to set up an institution that will purchase investment-grade debt securities, in stressed as well as normal times. Sources said the Department of Economic Affairs (DEA) has held consultation with the Securities and Exchange Board of India (Sebi) in this regard. The broader structure of the entity and the norms governing its operations will be finalised by the March-end, they said. Several discussions have been held in the Finance Ministry on this proposal in the current year.
The DEA is working closely with Sebi. Such an entity is being seen as crucial especially during times of stress in financial markets, which freezes liquidity sometimes even for investment-grade bonds. CLICK HERE to read
"The 'short war' scenario has changed a bit. Putin's threat of putting the nuclear deterrent on high alert has caused some nervousness. The uncertainty is way too high and depending on the outcome, markets can move down or up. Commodities - metals, crude/ gas, agri-commodities- are all on uptrend. Inflation is going to be a major headwind for the Indian economy and interest rates will go up. This is market negative.
Trading in this market is extremely risky. Investors may wait and watch the situation before taking some calls on market direction. Increasing the cash levels in portfolios may be considered"
Asian shares slipped Monday after Western nations moved to tighten sanctions against Russia and President Vladimir Putin escalated tensions by ordering Russian nuclear forces be put on high alert.
U.S. futures fell, with the contract for the S&P 500 down 2.5% and that for the Dow industrials 1.6% lower.
Tokyo, Hong Kong and Shanghai declined while Sydney was higher.
Russian's invasion of Ukraine has caused markets to swing wildly, given the potential impact on inflation, energy supplies and other repercussions. The end of the month usually brings a raft of economic data, but for now the conflict is eclipsing other issues.
Japan's Nikkei 225 index lost 0.4% to 26,366.60 and the Hang Seng in Hong Kong lost 1.4% to 22,445.66. The Shanghai Composite index was 0.1% lower at 3,446.44. The Kospi in Seoul was nearly unchanged at 2,678.17, while in Sydney the S&P/ASX 200 gained 0.4% to 7,023.70.
Although Asia is unlikely to suffer direct damage from the war in Ukraine, higher energy prices are an unwelcome burden for oil-importing nations like Japan, especially while they are still struggling to recover from the pandemic.
(AP)
Sensex tanks over 726 points to 55,132 in opening deals; Nifty cracks 234 points to 16,425.
(PTI)