Share/Stock Market Highlights: The benchmark equity indices on BSE and National Stock Exchange (NSE) snapped out of a two-session gaining streak and ended over 1 per cent lower on Wednesday weighed by automobiles, banking and financial stocks which fell after GDP growth data released Monday missed market estimates. Additionally, the escalating Ukraine crisis along with rising crude oil prices further weighed on investor sentiment.
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The S&P BSE Sensex crashed 778.38 points (1.38 per cent) to settle at 55,468.90 while the Nifty 50 climbed 187.95 points (1.12 per cent) to end at 16,605.95. Both the indices had opened over 1 per cent lower earlier in the day and traded in the red throughout the session with the BSE benchmark hitting an intraday low of 55,020.10 and the NSE barometer touching 16,478.65.
On the Sensex pack, Maruti Suzuki India, Dr. Reddy’s Laboratories, Asian Paints, ICICI Bank, and HDFC twins – Housing Development Finance Corporation (HDFC) and HDFC Bank were the biggest laggards on Wednesday while Tata Steel, Reliance Industries (RIL), Titan Company, Axis Bank, Nestle India and Power Grid Corporation of India were the top gainers.
(with inputs from agencies) Read less
Indian stock, commodity and money markets were shut on Tuesday, March 1, 2022, on account of Mahashivratri.
On Monday, 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.
"The strengthening of war drowned the global market, alarming the Indian market to start with substantial weakness. The negative effect was more on large-caps in-line with weak Q3 GDP data and downgrade of FY22 growth to 8.9% from 9.2%, by NSO. Mid & Smallcaps outperformed, in the context of the recent carnage of the broad market, making it a better pick. It makes sense to deploy the surplus cash in your portfolio in a step-by-step manner assuming stability in the future on a medium to long-term basis. The weakness subsided by the end of the day. However, volatility is expected in the near term given boiled crude price, state election outcome, and Fed policy status in the coming weeks"
The S&P BSE Sensex ended at 55,468.90, down 778.38 points or 1.38 per cent, while the Nifty 50 settled at 16,605.95, down 187.95 points or 1.12 per cent.
US President Joe Biden announced that his administration has worked with 30 other countries to release millions of barrels of oil from American strategic reserves to maintain the global oil prices in the midst of a Russian invasion of Ukraine.
In his maiden State of the Union Address on Tuesday, Biden said his administration was taking “robust action” to make sure the pain of the US sanctions is targeted at Russia’s economy. CLICK HERE to read
Fintech platform BharatPe on Wednesday removed co-founder and managing director (MD) Ashneer Grover from all positions in the company. The fintech firm accused Grover’s family and relatives of engaging in extensive misappropriation of company funds.
In its statement, BharatPe said that it reserves the right to take further legal action against Grover and his family but remained silent on his resignation. CLICK HERE to read
Investors' wealth tumbled Rs 76,808.9 crore in morning trade on Wednesday, mirroring weakness in the global equity markets amid escalating tensions between Russia and Ukraine.
The BSE benchmark Sensex slumped 975.06 points to 55,272.22 in line with a global selloff.
Surging crude prices and foreign capital outflows have also weighed on investor sentiment.
The market capitalisation of BSE-listed companies tanked Rs 76,808.9 crore to Rs 2,51,62,236.19 crore in tandem with a massive selloff.
(PTI)
The rupee declined 49 paise to 75.82 against the US dollar in opening trade on Wednesday amid a weak risk appetite as tensions escalated in Eastern Europe.
Forex traders said sustained foreign fund outflows, a lacklustre trend in domestic equities and elevated crude oil prices weighed on investor sentiment.
At the interbank foreign exchange, the rupee opened at 75.78 against the US dollar, then slipped further to 75.82, registering a decline of 49 paise from the last close. On Monday, the rupee had settled at 75.33 against the US dollar.
(PTI)
Brent oil extended its relentless rally above $110 a barrel before an OPEC+ meeting as the International Energy Agency warned that global energy security is under threat following Russia’s invasion of Ukraine.
Futures in London and New York both soared almost 6% — pushing West Texas Intermediate to the highest since 2013 — before easing slightly. The situation across energy markets is very serious, IEA Executive Director Fatih Birol said Tuesday after the U.S. and other economies agreed to release oil reserves. Investors will be watching for a response from OPEC+ when the cartel meets Wednesday to discuss April supply, but only a modest increase is expected despite the turmoil rippling through the sector. CLICK HERE to read
Asian stocks came under renewed pressure on Wednesday and the price of oil surged past $110 per barrel as investors fretted about the impact of aggressive sanctions against Russia over its invasion of Ukraine.
As global sanctions against Moscow tighten, the United States banned Russian flights using American airspace, following similar moves by the European Union and Canada.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.46% with China's blue-chip CSI300 index 1.05% lower. Japan's Nikkei fell 1.81%.
In Australia, the benchmark ASX 200 index was 0.2% higher despite the risk-off mood elsewhere as rising commodity prices lifted miners' shares.
On Tuesday, the S&P 500 and Nasdaq Composite indexes closed about 1.6% lower, while the Dow Jones Industrial Average dropped nearly 1.8%.
(Reuters)
Sensex slumps 613.55 pts to 55,633.73 in opening session; Nifty declines 175.30 pts to 16,618.60.
(PTI)