Sensex recovers 906 pts from low, ends 383 pts down; Nifty near 17,100

CLOSING BELL: Fears of sanctions pushed the Brent crude above the $99 a barrel-mark

CLOSING BELL

Indian equities staged a smart recovery in the last hour of trade as fag-end buying emerged in HDFC, M&M, Infosys, Kotak Bank, and Bajaj Finserv. That said, the markets ended lower for a fifth consecutive day today as the geo-political tension between Russia and Ukraine remained volatile.

The frontline S&P BSE Sensex had crashed nearly 1,300 points intra-day but recouped most of the losses to end 383 points, or 0.6 per cent, lower at 57,300.6 levels today. The Nifty50 index, meanwhile, bounced back 248 points from the day's low to settle at 17,092, down 114 points or 0.6 per cent.

Market breadth improved remarkably by the end of the session as 16 stocks ended higher on the Nifty while 34 stocks closed in the red. For better part of the session, only ONGC had managed to eke out gains.

Among these 16 stocks, M&M, Eicher Motors, Hindalco, Bajaj Finserv, Hero Moto, ONGC, Kotak Bank, HDFC, and Cipla led from the front, rising between 0.5 per cent and 1.7 per cent.

On the downside, BPCL, TCS, Tata Steel, Tata Motors, SBI Life, SBI, Dr Reddy's, Bharti Airtel, and Indian Oil reeled under pressure and fell up to 4 per cent.

In the broader market, the BSE MidCap and SmallCap indices, which fell up to 2.5 per cent intra-day, settled 0.7 per cent and 1.6 per cent lower, respectively.

Sectorally, all the key indices ended with losses. The Nifty Realty index was the worst hit, down 3 per cent, followed by the Nifty Pharma, IT, Metal, and Bank indices, down between 1 and 1.5 per cent.

What changed in the market?

The decision by Russian President Vladimir Putin to order forces into separatist regions of eastern Ukraine has drawn international condemnation, with many world leaders threatening economic sanctions and others decrying a violation of international law.

While fears of sanctions pushed the Brent crude above the $99 a barrel-mark, global equities and US stock futures recovered after reports suggested that establishment of Russian military base in easter Europe "was not being discussed".

The Russian indices bounced back 5 per cent from the day's low, Indian markets recouped about 1.5 per cent, and futures linked to US equities also climbed over half a per cent from lows.

4:15 PM

Experts speak | Continued FII selling increasing volatility: Vinod Nair of Geojit Financial Services

"Escalation in Russia-Ukraine issue and a sharp surge in oil prices forced global markets to plunge sharply. Indian equities opened with heavy losses tracking overnight fall in the global market and its adverse spill over to commodity prices. However, the domestic market managed to trim down its losses during the late session. Continued offload by FIIs has increased volatility while DIIs are adding position", according to Vinod Nair, Head of Research at Geojit Financial Services.

 

4:13 PM

Expert comment on today's session from S Ranganathan, Head of Research at LKP securities

"The trend is your friend and the street keeps reminding investors and traders just how tough it is to focus on the famous quote of Peter Lynch when you have a confluence of factors swaying you away from your investee companies. Just when the global economy is beginning to recover and normalise from the impact of the pandemic, Russia has recognised the independence of separatist regions in Ukraine thereby inviting the possibility of severe sanctions being imposed by the US & EU. Today's trade saw selling pressure across several Pharmaceutical & Auto Ancillary companies with exposure to the EU. Despite a recovery in afternoon trade, almost all sectoral indices ended in the red with India VIX soaring over 20% today amidst geopolitical tensions and rising oil prices", said S Ranganathan, Head of Research at LKP securities.

 

4:09 PM

India VIX index soars over 16% to 26.66 levels

4:01 PM

Aarti Drugs hits 52-week low, ends 2% lower

3:57 PM

Metropolis Health rises 3% as promoter buys around 1.5 lakh shares

Metropolis Healthcare gained as the company's promoter Sushil Shah bought 1,49,573 shares between February 18 and 21.

3:54 PM

DCB Bank slips 5%; hits 21-month low on asset quality concerns

Shares of DCB Bank hit a 21-month low at Rs 74 on the BSE falling as much as 11 per cent in the past one week on assets quality concern.

3:52 PM

IndiaBulls Real Estate gains 10% after clarification on ED investigation

The company today clarified that Enforcement Directorate (ED) investigation did not pertain to the company and has no bearing on the business and operations of the company. On Monday, the stock had slipped 15 per cent after ED raided the premises of Indiabulls Finance Center in Delhi and Mumbai in connection with money laundering allegations made against the firm and promoter Sameer Gehlaut in April 2021

3:49 PM

Nifty Gainers & Losers: M&M rises 2%, while Tata Steel slides 4%

3:47 PM

Losses spread across broader markets: SmallCaps top drag for second day

 

3:41 PM

Sectoral movers | Nifty Realty slips 3%, Nifty PSB, IT other losers, Auto ends in green

3:37 PM

Sensex Heatmap: M&M, Bajaj Finserv, HDFC & Kotak Bank lift index from day's lows

3:36 PM

Closing Bell: Nifty loses 114 points, manages to hold 17,050

3:34 PM

Closing Bell: Benchmarks end in red for fifth day; Sensex sheds 383 points

3:20 PM

Sectoral uptick | Nifty Auto index erases most losses; MRF up 2%

3:14 PM

Digital currency | Cryptocurrencies slide on Russia-Ukraine woes

Source: coindesk