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.
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.
"The subdued trend of the domestic market continued however the level of volatility is reducing. Today large caps were more muted, dragged by FIIs selling, compared to the broad market. The release of strategic reserves of oil in India & abroad along with increased output from OPEC is expected to ease crude prices in the future. Additionally, the Indian market will look at the state election exit poll data while the global market on war developments, BoE, and Fed policy meeting status from next week"
The S&P BSE Sensex ended at 55,102.68, down 366.22 points or 0.66 per cent, while the Nifty 50 settled at 16,498.05, down 107.90 points or 0.65 per cent.
Agro-chemicals major UPL Ltd on Thursday said it will sell 49.98 per cent equity in its non-operational subsidiary firm Agri Net Solutions Ltd (ANSL) to promotor group entity Nerka Chemicals for Rs 1.75 crore.
UPL, in a regulatory filing, said it will offload the stake for a consideration of Rs 1.75 crore and the deal is expected to be completed by March 31 this year. The shares will be bought by Nerka Chemicals Pvt Ltd, a promoter group company. The balance shareholding in ANSL is held by the promoters, it added.
(PTI)
Motilal Oswal Asset Management Company (AMC) announced the launch of Motilal Oswal S&P BSE Low Volatility ETF (Exchange Traded Fund) and Motilal Oswal S&P BSE Low Volatility Index Fund.
These are open ended scheme replicating/tracking the S&P BSE Low Volatility Total Return Index. The low volatility strategy involves buying stocks which have higher stability in price movements based on past returns.
The NFOs of both the funds will open for subscription on March 04 and closes on March 16.
(Source: Company statement)
The rupee appreciated 18 paise to 75.62 against the US dollar in opening trade on Thursday, tracking positive domestic equities.
However, the surge in the rupee was restricted amid elevated crude oil prices, sustained foreign fund outflows and strength of the American currency in the overseas market.
At the interbank foreign exchange, the rupee opened at 75.76 against the American dollar, then gained further ground and touched 75.62, registering a rise of 18 paise from the last close. In the previous session, the rupee had settled at 75.80 against the greenback.
(PTI)
As the equity markets bounced back on Thursday after a steep decline in the previous session, investors' wealth grew by Rs 1,99,397.83 crore in early trade.
The BSE benchmark Sensex jumped 527.72 points to 55,996.62, tracking positive trends in Asian markets. Sentiments also improved after stock exchanges in the US closed in the positive zone in the overnight session.
The market capitalisation of BSE-listed companies jumped Rs 1,99,397.83 crore to Rs 2,53,51,701.18 crore in early trade on Thursday.
(PTI)
Reliance Industries said on Thursday it would invest 16.7 billion rupees ($220.70 million) to create a joint venture (JV) with U.S.-listed Sanmina Corp for making electronic products in the Asian country.
The JV aims to make hardware for 5G communications, cloud infrastructure, healthcare systems, and defense and aerospace, Reliance said in a regulatory filing.
Billionaire Mukesh Ambani's Reliance will hold a 50.1% stake in the JV after the investment in Sanmina's existing Indian entity through a Reliance unit. Sanmina will contribute its existing contract manufacturing business to the JV.
(Reuters)
Asian stock markets rebounded Thursday and oil prices climbed higher after the head of the Federal Reserve said he supports a smaller rise in interest rates than some expected.
Shanghai, Tokyo, Hong Kong and Sydney advanced even as Russian forces whose attack on Ukraine has roiled financial markets bombarded the country's second-largest city and besieged two ports.
Wall Street's benchmark S&P 500 index rose 1.9% on Wednesday, recovering this week's losses after Fed Chair Jerome Powell said the U.S. central bank is set to raise its key interest rate for the first time since 2018. He said he supports a traditional rate hike of 0.25 percentage points instead of the bigger rise recommended by some policymakers.
The Nikkei 225 in Tokyo rose 0.8% to 26,608.21 and the Hang Seng in Hong Kong gained 0.6% to 22,469.66. The Shanghai Composite Index advanced 0.1% to 3,487.78.
The Kospi in Seoul added 1.6% to 2,745.45 and Sydney's S&P-ASX 200 was 0.8% higher at 7,171.10. New Zealand and Southeast Asian markets also advanced.
(AP)
Sensex jumps 353.52 points to 55,822.42 points in opening session; Nifty surges 110.45 points to 16,716.40 points.
(PTI)