Benchmarks fall 15% from record peak, end at 8-mth low; Sensex dips 1491pts

4:08 PM

MARKET COMMENT :: Ajit Mishra, VP - Research, Religare Broking

Markets plunged sharply lower and lost over 2%, tracking a continuous surge in the crude and feeble global cues. The benchmark opened gap-down and oscillated in a broader range till the end. Meanwhile, sectoral indices traded mixed front wherein Telecom, IT, Metal and Oil & Gas ended with gains whereas Auto, Banks and Capital Goods were among the top losers. Consequently, the Nifty index breached the psychological mark of 16,000 to close at 15,863 levels. The broader markets too ended with similar losses.

 

Markets are rattled with a sharp surge in crude amid the fear of further sanctions on Russia. Besides, there’s no sign of de-escalation of tension between the two nations. In short, we expect volatility to remain high and suggest keeping a close watch on global markets for cues. On the domestic front, state elections exit polls and actual results on March 10 would be actively tracked. 

4:01 PM

BSE Stats :: 161 stocks hit 52-week lows; 460 end at lower circuits

3:59 PM

Nifty Metal index defies market mood lifted by Hindalco, Coal India, Vedanta

3:57 PM

Nifty Bank index corrects 20% from record peak, ends 4.5% down

3:55 PM

Nifty Realty index worst hit index today, tanks 5.5%

>> Brigade Ent, Indiabulls RE, Oberoi Realty fall in the range of 7-9%

3:52 PM

Index Contributors :: RIL, ICICI Bank, HDFC duo biggest drags on the Sensex today

3:48 PM

BSE SmallCap index slips 2.3%; GOCL, JK Cement worst hit

3:46 PM

BSE MidCap index ends 2.2% down

3:44 PM

Sectoral Trend :: Metal index ends as the sole gainer

3:42 PM

Sensex Heatmap :: Only 4 stocks end higher

3:38 PM

CLOSING BELL :: Benchmarks end at 8-month lows

>> Sensex ended at 52,843, down 1,491 points or 2.74 per cent.

 

>> On the NSE, the Nifty50 index touched an intra-day low of 15,711 before settling at 15,863, down 382 points or 2.35 per cent. 

3:30 PM

MARKET CHECK

3:16 PM

Balkrishna Industries recovers 8% from day's low, up 3% in a weak market

“The company has successfully commenced commercial production of the brownfield expansion and debottlenecking project at Bhuj plant ahead of schedule. This will result in increased production of tires up to 50,000 MTPA. The complete ramp-up in production is expected to be achieved in the next 6 months,” BIL said. READ MORE

2:59 PM

IndusInd Bank, Axis Bank, Maruti lead losses on Nifty

 

2:46 PM

Market commentary : Investors should focus on economy facing sectors

<< The southward journey is continued in the Indian equity market on the back of intense geopolitical tension.

 

<< Brent crude is trading near $130 per barrel which is a multiyear high level. Higher crude oil prices are leading to weakness in the rupee whereas relentless selling by FIIs is also causing pressure in our market.

 

<< FII selling has reached above their selling during the global financial crisis. Higher commodity prices are fueling inflation fear and that may lead RBI to increase interest rates faster than anticipation. 

 

<< Geopolitical uncertainty is still one of the biggest issues otherwise we are in a structural bull market where we are seeing the first meaningful correction that will provide great buying opportunities for long-term investors.

 

<< Technically, the overall structure is weak however 15,500 is a sacrosanct support level where we can expect a bounceback while below 15,500, we can expect levels of 15,000. While, 14,000 is a worst-case scenario.

 

<< On the upside, 16,300-16,500 will be the first resistance area, while bulls will get confidence only at a decisive move above the 17,000 level. 

 

<< Investors should focus on the domestic economy facing sectors like capital goods, infrastructure, real estate, banking, etc. IT sector may continue to do well where ongoing correction is an opportunity to add some quality stocks.

 

<< The auto sector is also providing favorable risk-reward opportunities after a period of underperformance.

 

<< Our top picks in this correction are Thermax, KNR Construction, LT, SBI, ICICI Bank, Infosys, KPIT, Tata Power, Tata Motors, Minda Industries, SBI Life insurance, Bajaj Finserv, Canfin homes, Sobha, Brigade Enterprises, Kajaria Ceramics, and Reliance.

 

Views by Parth Nyati, Founder, Tradingo

 

2:36 PM

EXPERT VIEW :: Opportunity to load up on quality companies

While we believe volatility will remain in the near term till there is clarity over cessation of this attack, the recent correction gives an opportunity to the long term investors to load up on quality companies with sustainable growth visibility.

In the near term, Metals, IT, Pharma would be the key resilient sectors. On the medium term, we continue to remain constructive on domestic capex linked capital goods and allied  space and PLI oriented domestic manufacturing plays.

Views by: Pankaj Pandey, Head – Research, ICICIdirect

2:30 PM

BSE FMCG index nears 52-week low; Dabur, Godrej Consumer slips up to 9%

Shares of fast moving consumer goods (FMCG) companies continued to reel under pressure with most of the frontline stocks from the sector trading at their respective 52-week lows as operating environment in the near-term is likely to remain challenging due to rising commodity inflation. Read more here

 

 

2:22 PM

Market Check: Sensex deepens losses, down 1,900 points

 

2:09 PM

US futures extend fall; Dow Jones down 550 points

 

2:00 PM

ALERT | Beijing says will make efforts to help resolve Russia-Ukraine conflict

1:46 PM

Sensex may slide to 50,000; Nifty may dip below 15,000, tech charts suggest

Given the current geopolitical events and soaring crude oil prices, here is an outlook for benchmark indices ahead. READ OUTLOOK

1:35 PM

Top losers in the last one-hour among BSE 500

Hitachi Energy, KNR Constructions, Max Financials, Gujarat Alkalies were seen losing ground in the last one-hour of trades.

1:25 PM

Brent tops $130. Fuel hike on cards? Trading strategies for RIL, ONGC, OMCs

Equity markets across Asia traded with significant losses on Monday, amid worries over the duration of the war between Russia and Ukraine and its prolonged impact. Oil prices soared more than 10% in hectic trading on Monday as the risk of a US and European ban on Russian product and delays in Iranian talks triggered what was shaping up as a major stagflationary shock for world markets. Meanwhile, here are trading strategies for oil-related stocks. READ MORE

1:09 PM

Top Gainers in the last one hour among BSE 500 stocks

ONGC, GE Shipping, CEAT, Schaeffler India and Jindal Steel are some of the top gainers in the last one hour of trade.

12:54 PM

JK Cement's foray into paints sentimentally negative in near-term: Analysts

Amid soaring oil prices and likely intensifying competition in the paint business going ahead, analysts are skeptical about the timing of JK Cement’s foray into the segment. READ MORE

12:46 PM

Broadcast resumes normally after prices stopped updating in 2 indices: NSE

The National Stock Exchange (NSE) on Monday said broadcast has resumed normally in Nifty and Bank Nifty indices after the prices had stopped updating in the two indices. READ MORE

12:39 PM

Saudi Arabia raises April crude selling prices to Asia to all-time highs

Saudi Arabia's state oil producer Aramco raised the April official selling prices (OSPs) for crude it sells to Asia by more than $2 a barrel, with some grades hitting all-time highs, as global markets struggled with Russian oil disruption. READ MORE

12:31 PM

Sensex : IT large caps, Bharti Airtel sole gainers

 

12:18 PM

Rupee sinks to record low with stocks as Ukraine crisis boosts oil

The Indian rupee tumbled to a record low along with stocks and bonds as a spike in oil prices spurred by the war in Ukraine threatened to inflate the nation’s oil-import bill and fan inflationary pressures. The rupee declined as much as 1% to 76.9625 per dollar, past its previous low of 76.9088. Benchmark government bond yields rose six basis points to 6.87%. READ MORE

12:01 PM

Investors' wealth tumbles over Rs 5.91 trillion in morning trade

Investors' wealth tumbled over 5.91 lakh crore in morning trade on Monday tracking heavy decline in equities amid intensifying conflict between Russia and Ukraine. Read more