Good afternoon!
It turned out to be a disappointing week for the domestic equity market as the benchmark equity indices tanked over 3 per cent amid an escalation of crisis between Russia and Ukraine.
The 30-share BSE Sensex plunged 1,974.45 points to 55,858.52 on February 25 against 57,832.97 on February 18. Likewise, the 50-share NSE Nifty index declined 617.90 points to 16,658.40 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 the green
Sensex closes 388 points higher at 56,247 and Nifty gains 135 points to 16,793.
3:18 pm: Biocon shares plunge over 11%
Shares of Biocon slipped over 11% today after the firm said its arm Biocon Biologics would acquire Viatris’ biosimilars business in a $3.3 billion cash and stock deal. Biocon stock opened with a loss of 9.36% at Rs 181 against the previous close of Rs 199.70 on BSE. The stock touched an intraday low of Rs 347.9, falling 11.73% on BSE. ALSO READ
3:00 pm: Market check
Sensex zooms 416 points to 56,275 and Nifty adds 146 points to 16,804.
2:18 pm: Cryptocurrency prices today: Bitcoin trading flat; Ethereum, Stellar, XRP fall up to 4%
World’s largest cryptocurrency Bitcoin was trading on a flat note today. The price of Bitcoin fell 1% to $38,422 on Coinmarketcap. Market cap of the cryptocurrency fell to $728.19 billion. Currently, the global crypto market cap stands at $1.73 trillion, falling 1.15%. READ MORE
1:57 pm Fortis Healthcare shares rise over 2% Fortis Healthcare shares rise over 2% amid a weak broader market as rating agency CRISIL has upgraded long term rating to ‘AA-, from ‘A+’ for the private hospitals’ chain, and placed the rating on watch with developing implications. Shares of Fortis Healthcare gained 2.36% to Rs 247 against the previous close of Rs 241.30 on BSE.
1: 35 pm: Madhabi Puri appointed as next SEBI chairperson. She will be the first woman to head the market regulator. The tenure of current Sebi chairman Ajay Tyagi tenure ends on February 28.
1:29 pm: Market check
Sensex rises 111 points to 55,969 and Nifty gains 52 points to 16,720.
1:03 pm: Top gainers
Of 30 Sensex stocks, 15 are trading in the green. Tata Steel, PowerGrid and NTPC are the top Sensex gainers in afternoon trade.
12:45 PM: Russia-Ukraine war: Cadila, Lupin, Glenmark Pharma shares among top losers
Shares of Indian pharma firms have emerged as major losers amid the ongoing Russia-Ukraine war. Indian pharma companies have significant exposure mainly to Russia and also Ukraine and their stocks have turned red till date since the war between the two neighbours started. READ MORE
12:27: pm : Indices turn green
Sensex trading 22 points higher at 55,881 and Nifty rises 26.90 points to 16,685 in the afternoon sesion.
11:00 am: SEBI’s approval for draft prospectus expected before Mar 10
Government-owned insurer Life Insurance Corporation (LIC) is expected to receive approval for its draft red herring prospectus by SEBI within 10 days from now. Sources say that approval from SEBI is expected before March 10.
Last week, the Union Cabinet permitted up to 20 per cent foreign direct investment (FDI) under automatic route in IPO-bound LIC with an aim to facilitate disinvestment of the country’s largest insurer. The decision in this regard was taken by the Cabinet, chaired by Prime Minister Narendra Modi.
10:30 am: Rain Industries shares slip 14% on Rs 72-cr loss in Q4
Shares of Rain Industries slipped over 14 per cent in early trade today after the producer of calcined petroleum coke reported a loss of Rs 72.3 crore in Q4 against a profit of Rs 322 crore in the year-ago period.
Rain Industries stock opened with a loss of 9.36 per cent at Rs 181 against the previous close of Rs 199.70 on BSE. The stock touched an intraday low of Rs 171.4, falling 14.17 per cent on BSE.
10:15 am: Russian rouble tumbles to 119.50 per dollar as West steps up sanctions
The Russian rouble tumbled to a record low against the dollar on Monday, after Western nations announced a harsh set of sanctions over the weekend to punish Russia for its invasion of Ukraine, including curbs on the country’s currency reserves.
The rouble fell as far as 119.50 per dollar in Asian trading, a record low for the currency and a steep drop of 30% from Friday’s close. It subsequently recovered to around 110 per dollar.
Russian President Vladimir Putin ordered his military command to put nuclear-armed forces on high alert on Sunday, in response to Western reprisals for his war on Ukraine – the biggest assault on a European state since World War Two.
9:45 am: Crude oil prices jump
The ramp-up in tensions heightened fears that oil supplies from the world’s second-largest producer could be disrupted, sending Brent crude LCOc1 futures up $4.21 or 4.3% at $102.14. US West Texas Intermediate (WTI) crude CLc1 futures were up $4.58 or 5.0% at $96.17 a barrel.
9:40 am: Stocks in news
Future Retail: The retail firm suspended most of its online and offline operations as stores remained shut on Sunday, after rival Reliance bid to take over its flagship supermarkets for missed lease payments.
Bharti Airtel: Shareholders of Bharti Airtel have approved the issue of equity shares to Google on “a preferential basis” after the US-based tech giant recently purchased 1.28% stake in the telco for $700 million.
Hindalco Industries: The aluminium producer has signed an agreement with Brazilian firm Terrabel Empreedimentos to sell entire equity shareholding in the wholly-owned step-down subsidiary Hindalco Do Brazil Industria Comercia de Alumina LTDA.
Fortis Healthcare : Rating agency CRISIL has upgraded long term rating to ‘AA-, from ‘A+’ for the private hospitals’ chain, and placed the rating on watch with developing implications. Further, the short-term rating has been upgraded to A1+, from ‘A1’ and placed the rating on watch with developing implications.
9:25 am: Sensex crashes over 1000 points
Sensex crashed over 1000 points and Nifty also plunged over 260 points amid the Russia-Ukraine crisis.
9:16 am: Market opening
Equity benchmark Sensex opened over 600 points lower at 55,248.49 and Nifty also fell over 200 points to 16,455 amid the Russia-Ukraine crisis.
Sun Pharma and Reliance Industries were the top losers on Sensex, followed by HDFC Bank, Axis Bank and HDFC.
All the stocks were trading in the red on Sensex.
9:00 am: Pre-market comment by Mohit Nigam, Head – PMS, Hem Securities
Benchmark Indices are expected to open on a flattish note as suggested by trends on SGX Nifty. US and European Markets ended with a positive note on Friday after sharp fall on Thursday.
Asian markets were trading mixed in the early Monday trade with Nikkei and HangSeng trading in negative territory while Taiwan and Korean markets trading in positive territory. WTI Crude rose more than 5% on the Russia-Ukraine crisis as Western nations imposed fresh sanctions on Moscow.
We believe investors should trade with caution in the next few trading sessions as the volatility is expected to persist for some time. One can use these dips to open and make fresh positions in quality stocks for the long term.
On the technical front, Immediate support and resistance in Nifty 50 are 16,200 and 17,000 respectively. Bank Nifty immediate support and resistance are 36,000 and 37,000 respectively.
8:40 am: Global updates
The Dow on Friday registered its biggest daily percentage gain since November 2020 with the market rebounding for a second day from the sharp selloff leading up to Russia’s invasion of Ukraine.
The Dow Jones Industrial Average rose 834.92 points, or 2.51 per cent, to 34,058.75, the S&P 500 gained 95.95 points, or 2.24 per cent, to 4,384.65 and the Nasdaq Composite added 221.04 points, or 1.64 per cent, to 13,694.62.
Asian markets were trading mix amid the Russia-Ukraine crisis. President Vladimir Putin ordered Russian nuclear forces put on high alert Sunday in response to what he called “aggressive statements” by leading NATO powers.
Japan’s benchmark Nikkei 225 added 20 points to 26,496.82. Hang Seng Index declined 0.84 per cent or 192 points, to 22,574.82. The Shanghai Composite Index was marginally lower, dipping 16 points to 3,434.53. Australia’s S&P/ASX 200 rose 47 points to 7,320.80.
8:35 am: FII and DII action
Foreign institutional investors (FIIs) sold shares worth Rs 4,470.70 crore on February 25, and domestic institutional investors (DIIs) bought shares worth Rs 4,318.24 crore, as per provisional data available on NSE.
8:30 am: SGX Nifty
The Indian equity market is likely to open on a flat note as SGX Nifty was down 36 points to 16,623.
The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Friday
The Indian equity market staged a strong rebound on Friday, erasing half of the losses from the previous session. Global market sentiment turned positive after the US and the Western powers imposed harsher sanctions on Russia post its invasion of Ukraine. Sensex ended 1,328 points higher at 55,858 and Nifty rose 410 points to 16,258.
The 30-stock index had plunged 2,702 points yesterday when Russia started its invasion of Ukraine.
Tata Steel, IndusInd Bank, NTPC and Bajaj Finance were the top Sensex gainers, rising up to 6.54%
Of 30 Sensex stocks, 28 ended in the green. The market cap of BSE-listed firms rose to Rs 250 lakh crore against the previous session’s Rs 242 lakh crore.
Market breadth was positive with 2,639 stocks ending higher against 730 stocks closing lower on BSE. 95 shares were unchanged.
BSE mid cap and small-cap indices rose 905 points and 1059 points, respectively.
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