Sensex today: STOCK MARKET HIGHLIGHTS: Nifty forms bearish candle; support intact at
Nifty50 on Thursday formed a long bearish candle on the daily chart, following an indecisive candle the previous day, suggesting weakness. Stay light on positions, analysts said. A bearish candle after Doji suggests a negative setup, said Rupak De, Senior Technical Analyst at LKP Securities. De said 16,450 may act as a key support for the index while he sees 16,650-16,700 range to act as resistance.
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Wall Street opens higher on banks, megacap boost
- The Dow Jones Industrial Average rose 81.52 points, or 0.24%, at the open to 33,972.87.
- The S&P 500 opened higher by 14.77 points, or 0.34%, at 4,401.31, while the Nasdaq Composite gained 85.57 points, or 0.62%, to 13,837.59 at the opening bell.
Trade setup: Any slip below 16,400 to invite incremental weakness
Friday is likely to see the levels of 16565 and 16650 acting as resistance points. The supports come in at 16,450 and 16,400 levels. A bearish engulfing candle has appeared on the chart. Since this candle has emerged following a downtrend and near pattern support, it may mark a temporary reversal point for the markets. However, this will need confirmation going ahead from here.
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Gold jumps Rs 271; silver gains Rs 818
Gold in the national capital on Thursday jumped Rs 271 to Rs 51,670 per 10 grams in line with strong international precious metal prices and rupee depreciation, according to HDFC Securities. In the previous trade, the precious metal finished at Rs 51,399 per 10 grams. Silver also gained Rs 818 to Rs 68,425 per kg from Rs 67,607 per kg in the previous trade.
US stocks flat in premarket as war rages in Europe
US markets were essentially flat in premarket trading while oil prices continued to climb as Russian forces bombarded Ukraine’s second-largest city and besieged two ports. The economic fallout from the Russian invasion expanded, with Fitch Ratings and Moody’s Ratings cutting Russia’s credit rating. They said the invasion and Western sanctions have hurt Moscow’s ability to repay debts and raised risks for the economy and stability. On Wall Street, futures for the S&P 500 and the Dow Jones Industrial Average wavered between slight gains and losses a couple of hours before the market opens in New York. In early trading, the FTSE 100 in London and Frankfurt’s DAX each lost 0.6 per cent while the CAC in Paris slipped 0.2 per cent.
Tech View: Nifty forms bearish candle; support intact at 16,400
Nifty50 on Thursday formed a long bearish candle on the daily chart, following an indecisive candle the previous day, suggesting weakness. Stay light on positions, analysts said.A bearish candle after Doji suggests a negative setup, said Rupak De, Senior Technical Analyst at LKP Securities. De said 16,450 may act as a key support for the index while he sees 16,650-16,700 range to act as resistance.
Wockhardt to issue 3 rights shares for every 10 shares held
- To issue rights shares at Rs 225 per share
- Rights issue to open on March 15 and close March 22
JUST IN: Vodafone Idea approves raising up to Rs 10,000 cr via shares, bonds
Sebi informed Indiabulls Housing Finance of non-compliance related to availability of certain information.
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India’s LIC Appoints Insurance Veteran as CFO Ahead of Mega IPO
Life Insurance Corp. of India has appointed Sunil Agrawal as the chief financial officer, according to people familiar with the matter, as the state-backed insurer prepares for the nation’s largest initial public offering. Agrawal’s appointment marks the first time LIC has hired an outsider for the firm’s top finance job and is aimed at aligning the 65-year-old insurer with market standards as it seeks to go public, the people said, asking not to be identified as the information isn’t public.
FPI holdings in domestic equities down 2% to $654 bn in Oct-Dec: Report
The value of foreign portfolio investors’ (FPI) holdings in domestic equities reached USD 654 billion in three months ended December 2021, a drop of nearly 2 per cent from the preceding quarter, according to a Morningstar report. This was largely on the back of a massive sell-off by foreign investors and a correction in the Indian equity markets, especially in the large and mid-cap sectors.”At the end of the quarter ended December 2021, the value of FPI investments in Indian equities fell to USD 654 billion, which was lower than USD 667 billion recorded in the previous quarter, a fall of around 2 per cent,” the report noted.
JUST IN: LT Foods unit acquires 51% stake in Golden Star Trading
Moody’s, Fitch downgrade Russia’s rating to ‘junk’ grade following sanctions by West
- While Moody’s Investors Service downgraded Russia’s long-term issuer and senior unsecured (local-and foreign-currency) debt ratings to ‘B3’ from ‘Baa3’, Fitch pulled down the rating on the country to ‘B’ from ‘BBB’, putting it on ‘Rating Watch Negative’.
- The downgraded rating is in speculative or junk category reflecting default risk. It signifies that even through financial commitments are currently being met, the sovereign is vulnerable to high credit risk.
India VIX, barometer of future volatility, eased 4% to 28
Euro falls to lowest since 2016 vs sterling, Aussie dollar shines
The euro slid to its lowest level in almost six years against Britain’s pound and was pinned near 21-month lows versus the dollar as a fresh surge in energy prices heightened worries about the euro area economic outlook. With Brent crude hitting a nine-year high above $119 per barrel, a dash for resources also gave commodity-linked currencies a lift, with Australia’s dollar climbing to its highest since November. But it was the euro that took the spotlight as it fell to 82.76 pence as London trade got underway. That was the lowest level against sterling since July 2016.
Rupee slips 15 paise to close at 75.95 (provisional) against US dollar.
Market Stats: Advance-decline ratio in favour of buyers
Sector Watch: Bank and auto stocks bleed
Top Nifty50 performers & laggards
Price as on 03 Mar, 2022 03:39 PM, Click on company names for their live prices.
CLOSING BELL: Nifty ends near 16,500
Heatmap: Top Sensex gainers & losers
CLOSING BELL: Sensex gyrates 1,065 pts, ends 366 pts lower; Nifty below 16,500; cement stocks plunge up to 8%
UPL to sell 49.98% stake in subsidiary ANSL to Nerka Chemicals
Price as on 03 Mar, 2022 03:14 PM, Click on company names for their live prices.
JUST IN: Aditya Khaitan & Amritanshu Khaitan resign from the board of Eveready Industries; Suvamoy Saha to assume charge as MD
Price as on 03 Mar, 2022 03:03 PM, Click on company names for their live prices.
CEMENT STOCKS UNDER PRESSURE
Price as on 03 Mar, 2022 02:51 PM, Click on company names for their live prices.
SBI stops transactions related to Russian entities under sanctions
Price as on 03 Mar, 2022 02:48 PM, Click on company names for their live prices.
Shares of Asian Paints near bear market territory
Asian Paints trading below all key DMAs first time since the start of pandemic, weighed down by margin pressure amid rising cost.
Brent crude oil price surges to nine-year high of $118 a barrel
Brent crude oil price soared past $118 a barrel on Thursday, the highest level in nine years, as escalated Russia-Ukraine conflict and tightened sanctions on Moscow by western countries, led by the United States, created supply and trade disruptions. Brent crude futures surged to $118.22 per barrel in London, the highest level since February 2013.
UPL Ltd to sell 49.98% stake in subsidiary ANSL to Nerka Chemicals
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.
Top gainers in the metal pack
Price as on 03 Mar, 2022 01:42 PM, Click on company names for their live prices.
8 stocks with over 20% returns in each of last 5 years are falling
Eight consistently-performing stocks from the BSE500 pack, which delivered at least 20 per cent in each of the last five years, are down up to 23 per cent so far in 2022. Analyst targets suggest some of them could be good buys at prevailing prices, even as achieving 20 per cent returns in this calendar looks like a daunting task. The stocks are Alkyl Amines Chemicals, Coforge, Astral, Pidilite Industries, Bajaj Finance, GMM Pfaudler, Jubilant FoodWorks and Divi’s Laboratories.
Biden will decide whether to apply or waive sanctions on India under CAATSA: US official on Russian S-400
US President Joe Biden will decide whether to apply or waive sanctions on India, one of America’s key partners, under the CAATSA law for its purchase of the S-400 missile defence system from Russia, a senior administration official has told lawmakers.
Motilal Oswal has announced a buy call on Muthoot Finance with a target of Rs 1,750 and upside of 26%
Motilal says Muthoot Finance ticks all the right boxes: a) Strong execution track record of the management and the next generation of the family being groomed to take up leadership positions in the future; b) Strong brand presence and deep penetration, which enhances customer confidence in the franchise; c) Robust risk management control and processes to further scale up the operationally intensive Gold Lending business; and d) Ability to keep driving operating efficiencies can lead to 15% AUM and PAT CAGR over FY22-24E.
Stock Market LIVE Updates: Sensex, Nifty slip into red amid selling pressure in auto and bank stocks
Nifty has corrected 11% from the peak. But with FIIs being relentless sellers, further correction cannot be ruled out. Investors may start nibbling at high quality stocks which have corrected disproportionately
– Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
WTI Crude rises to $114.99/BBL, highest since Sept 2008
Stock Market Live Updates: Wipro, Tech Mahindra, HCL up 3% each
Reliance to invest $220 mln in Sanmina JV in electronics manufacturing push
IT and metal stocks hold ground, weakness seen in banks and auto
LIC IPO may be pushed to FY23 amid volatility
The government will continue to hold roadshows and market the Life Insurance Corporation of India (LIC) public issue, but the offer may be pushed to next fiscal because of market volatility due to the Russia-Ukraine conflict, ET reported.
AGS Transact zooms 20% in two sessions
Rupee gains 18 paise to 75.62 against US dollar in early trade
NMDC climbs 3.5% as iron ore output surges
Coal India surges 7%; arm set to overshoot production aim, large capex plans on track
Infosys gains over 1% as IT major says over 1 million users on its reskilling platform
Top losers in banking pack
Price as on 03 Mar, 2022 10:18 AM, Click on company names for their live prices.
Vedanta zooms 3.5%; investors cheer move to announce third FY22 interim dividend
All sectoral indices in red; metals, media and realty among top gainers
Fear gauge index India VIX eases off by 6%
How Sensex stocks are faring after market opening
OPENING BELL: Sensex gains 450 points, Nifty tops 16,750; Tata Steel, IndusInd Bank rise 2% each
Pre-open session: Sensex rises 500 points, Nifty above 16,650
Brent above $116/bbl as supply issues persist
Oil prices extended their rally on Thursday, with Brent rising above $116 a barrel, as trade disruption and shipping issues from Russian sanctions over the Ukraine crisis sparked supply worries while US crude stocks fell to multi-year lows. Brent crude futures rallied to $116.83 a barrel, the highest since August 2013. The contract was at $116.60 a barrel, up $3.67 by 0112 GMT. US West Texas Intermediate crude was at $113.01 a barrel, up $2.41 after touching a fresh 11-year high of $113.31 a barrel.
Jerome Powell hints at 25 bps rate hike in March
Fed Chair Jerome Powell on Wednesday said rates would likely be raised by only 25 basis points this month, and the war in Ukraine has made the outlook “highly uncertain”. However, Powell did warn the Fed might have to hike more aggressively if inflation kept rising. That took some of the safe-haven steam out of Treasuries and 10-year yields shot back to 1.878%, from Tuesday’s two-month trough of 1.682%.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange traded 39.5 points, or 0.24 per cent, higher at 16,656.50, signaling that Dalal Street was headed for a positive start on Thursday.
Tech View: Nifty50 resistance at 16,700 level
The Nifty50 on Wednesday formed an indecisive Doji candle on the daily chart. Analysts see the 50-pack index to find support in the 16,500-16,400 range while they see resistance near the 16,700 level. If the index sustains above 16,478 level, sideways consolidation with a positive bias should continue, said Mazhar Mohammad of Chartviewindia.in.
Hong Kong shares begin with slight gains
Hong Kong stocks opened on a tentatively positive note Thursday as investors welcomed Federal Reserve boss Jerome Powell’s indication that the bank will embark on a gradual pace of interest rate hikes to fight inflation. The Hang Seng Index edged up 0.40 percent or 90.34 points, to 22,434.26. The Shanghai Composite Index gained 0.34 percent or 11.74 points, to 3,495.93, while the Shenzhen Composite Index on China’s second exchange 0.36 percent or 8.32 points, to 2,321.50.
Japan stocks open higher
Tokyo stocks opened higher on Thursday, tracking gains on Wall Street after Fed Chair Jerome Powell hinted at a moderate approach to hiking interest rates. The benchmark Nikkei 225 index was up 1.03 percent or 271.20 points at 26,664.23 in early trade, while the broader Topix index rose 1.29 percent or 24.02 points to 1,883.96. The dollar fetched 115.53 yen, nearly unchanged from 115.51 yen on Wednesday in New York.
Wall Street roars back to rally mode, even as oil rises anew
Wall Street took another sharp swing Wednesday, this time back to rally mode, as stocks and Treasury yields rose even as US crude oil prices climbed to the highest level in more than a decade. The S&P 500 swung between gains of 0.4% and 2.2% Wednesday. It closed 80.28 points higher to 4,386.54. The Dow Jones Industrial Average rose 596.40 points, or 1.8%, to 33,891.35, while the Nasdaq composite gained 219.56 points, or 1.6%, to 13,752.02.
Rupee skids 47 paise to 75.80 against dollar
The rupee depreciated by 47 paise to close at 75.80 against the US dollar on Wednesday, pressured by the Russia-Ukraine crisis which also sent crude oil above the USD 110 per barrel mark. Forex traders said sustained foreign fund outflows and a lacklustre trend in domestic equities also weighed on investor sentiment. At the interbank foreign exchange market, the rupee opened at 75.78 against the American dollar but later dropped to a low of 75.86. The local unit finally finished at 75.80, down 47 paise from its previous close.