Sensex crashed over 1200 points to 53,068 and Nifty plunged over 350 points to 15,867 as the ongoing concerns on the Russia-Ukraine conflict coupled with soaring crude oil prices continued to weigh on market sentiment.
Good afternoon!
The domestic equity market declined for the fourth straight week as the ongoing concerns on the Russia-Ukraine conflict coupled with soaring crude oil prices continued to weigh market sentiment.
The benchmark BSE Sensex plunged 2.72 per cent to 54,333.81 for the week ended March 4. Likewise, the NSE Nifty index lost 2.48 per cent to 16,245.35 during the same period.
What’s next? Here’s a look at the latest updates of the market today!
3:35 pm: Market ends in red for fourth session
Sensex ends 1491 points lower to 52,842 and Nifty slips 382 points to 15,863
3:15 pm: 3i Infotech stock rises 5%
Shares of 3i Infotech gained 5% today after the firm won an order worth Rs 12.85 crore from the Rajasthan State Pollution Control Board (RSPCB).
3:00 pm: Market update
Nifty slips 381 points to 15,864 and Sensex loses 1466 points to 52,867.
2:30 pm: Axis Bank, Bharti Airtel announce partnership to bolster digital ecosystem
Axis Bank, India’s third-largest private sector bank, and Bharti Airtel, premier communications solutions provider, today announced a strategic partnership to strengthen the growth of India’s digital ecosystem through a range of financial solutions.
In a bid to accelerate adoption of digital payments in the country, over the coming months, Axis Bank and Airtel will bring to market a range of innovative financial offerings and digital services exclusively for Airtel’s 340 million plus customers.
These will include co-branded credit card with industry leading benefits, pre-approved instant loans, Buy Now Pay Later offerings and many more. The alliance, with its significant reach across the country will help penetrate tier 2 and tier 3 markets by enabling higher adoption of digitized payments.
2:02 pm: Market extends losses
Nifty slips 459 points to 15,786 and Sensex loses 1714 points to 52,619.
1:58 pm: Paints stocks fall up to 18% in four sessions
Shares of paint companies such as Asian Paints and Berger Paints among others have lost up to 18% in the last four sessions as brent crude oil prices zoomed to fresh highs, threatening to eat into the profits of these firms.
1:50 pm : Expert quote
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services said, “The extraordinary uncertainty triggered by the war has pushed commodity markets into turmoil. Crude at $128 is a big shock. This can impact global growth and aggravate inflationary pressures. In India, growth will be lower and inflation higher than projected for FY 23.
Market is slipping into bearish territory. Investors have to be cautious. There is relative safety in energy due to high energy prices, metals due to high global prices and export segments due to resilient demand and rupee depreciation. Calibrated buying in very small quantities may be considered in the above mentioned segments”
1:31 pm: Market update
Nifty slips 402 points to 15,843 and Sensex loses 1,455 points to 52,878.
1:08 pm: Top gainers
Bharti Airtel, Infosys, Wipro, HCL Tech and Tata Steel are the top Sensex gainers in the afternoon session, rising up to 3.01%.
1:04 pm: Market cap of BSE-listed firms stands at Rs 242.02 lakh crore in the afternoon session.
12:36 pm: Gold tops $2,000, highest since Aug 2020; Palladium on record high
Gold prices on Monday scaled the $2,000-level for the first time in a year-and-a-half, as investors rushed to the safety of the metal in the wake of an escalating Russia-Ukraine crisis, while supply disruption fears sent palladium to an all-time high.
Spot gold was up 0.9% at $1,986.83 per ounce, as of 0330 GMT, after scaling to its highest since Aug. 19, 2021 at $2,000.69 earlier in the day. U.S. gold futures rose 1.3% to $1,992.00. Read More
12:26 pm: Emkay note on rupee at all-time low
Emkay Global Financial Services in a note said, “The Rupee hit an all-time low of 77.02/$ this morning as global markets continued to reel under selling pressure. Global economies are facing a heightened risk of a recession this year as Russia’s invasion of Ukraine severely disrupts supply chains and has flared up commodity prices since the conflict began. Brent crude oil prices have rallied by another 10% this morning touching $130 per barrel. Important metals like Nickel, Aluminum and Copper prices have also rallied to hit all-time highs. Despite surging prices, the United States and European allies mull a Russian oil import ban. A boycott would put enormous pressure on the already tight supply side. The domestic markets will be watching out for the outcome of the State election results due to be released on March 10. A reversal of the recent losses will be seen only if SPOT USDINR pair breaks below 76.50. The pair will have upside targets of 77.30/77.52 levels until support holds.”
12:14 pm: Why Coal India, ONGC, Hindalco are the top Nifty gainers today
Indian equity market suffered a big oil shock on Monday after brent crude oil prices touched $130 per barrel. Sensex and Nifty extended their losing streak for the fourth straight session as Russia-Ukraine conflict continued for over 10 days. All Sensex stocks fell in early trade today. However, among Nifty stocks, ONGC, Coal India and Hindalco were the only gainers in early trade. The energy shares rose up to 4.23 per cent at a time market was trading deep in the red. READ MORE
11:55 am: Market check
Equity benchmark Sensex was trading over 1100 points lower at 53,156 and Nifty also plunged over 300 points to 15,925.
Axis Bank and Maruti Suzuki were the top losers on Sensex, declining over 5 per cent.
Bharti Airtel and HCL Tech were among the top gainers.
11:30 am: Expect the stock prices to be in a broad trading range with a spike up in volatility
“Many stocks in the broader market have corrected 20-40%. The focus for investment hereon should be towards high-quality value picks. We expect the stock prices to be in a broad trading range with a spike up in volatility. Investors should also park fresh capital towards blue chips,” said Divam Sharma, Founder at Green Portfolio, SEBI Registered Portfolio Management Service Provider.
“With the turn-up of events, we expect the World Order to change over the next few years and hyperinflation to affect the world over the next few months. This could result in a further dent on margins and further consolidation of market share towards the larger organized players,” he said.
11:00 am: Quote by Anuj Gaur, Director of IBBM (Money maker India Securities)
Markets are very volatile and taking a very wild move nowadays due to war situations and upcoming election results. VIX is running very high which is an indication of the market is in a puzzle mood and can react aggressively on either side.
For traders it is a good opportunity to take advantage of high VIX in the market, on the other side, for long term investors, All defense sector stocks, Steel Stocks, IT stocks and FMCG stocks will be a good bet for the long term once war situation resume and become normal, these industries will react positively faster than other industries.
10:15 am: Rupee hits all-time low at 76.92 vs dollar on sharp surge in oil prices
The Indian rupee hit a lifetime low in opening deals on Monday as a sharp surge in global crude oil prices threatened to push up imported inflation and widen the country’s trade and current account deficits.
The partially convertible rupee was trading at 76.92/93 per dollar, after touching 76.96, its weakest level ever. It had closed at 76.16 on Friday.
Reference Link:- https://www.businesstoday.in/markets/stocks/story/share-market-updates-sensex-ends-1491-pts-lower-nifty-below-15900-as-brent-crude-hits-fresh-high-324955-2022-03-07